Gimv leads €8.5m round for Itineris

Gimv invested a total of €6.5m in the round, some of which was contributed by the Gimv Arkiv Technology Fund II, a €25m vehicle managed by Gimv under the Arkimedes initiative of the Flemish government.

PMV and the founder and CEO of Itineris, Edgard Vermeersch, committed €1m each to the funding round. PMV is an existing investor in the company.

The fresh capital will be used by Itineris to finance its international expansion strategy, predominantly supporting the company in growing further within the US market. Itineris entered the US market in 2012.

Previous funding
In July 2011, PMV and Itineris CEO Vermeersch injected €4.5m into the company. PMV provided €3m of the funding, with Vermeersch supplying the balance.

Company
Founded in 2003, Itineris is headquartered in Deurle, Belgium, with an additional office in Oosterhout, the Netherlands. The company employs 200 staff and generates a turnover of €25m.

Itineris provides business software, and consultancy and IT services to power, gas and water distributors and retailers. Its software product Umax is a customer information system (CIS) and enterprise resource planning (ERP) solution designed to manage a utility company's entire meter-to-cash process.

The company's software is currently directly available in Belgium, the Netherlands and the US, and is also available through partners in several other countries including the UK, France, Russia and Slovenia.

Customers include Delta, E.ON, GDF Suez, Eneco and AGL Resources. The company is also a Microsoft Gold Partner for ERP.

People
Edgard Vermeersch is the CEO and founder of Itineris. Matthias Vandepitte is a principal at Gimv.

Advisers
Equity - Baker McKenzie, Peter Leys (Legal); Grant Thornton, Steven Pazen (Financial due diligence, tax).
Company - Ambos, David Dessers (Legal).

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• Topics
• Benelux
• Expansion
• Technology
• Belgium
• Gimv