The Belgian scale-up Itineris raises another 10 million euro in a follow-up round led by GIMV. The specialist in operational software and services for the utility industry is more ready than ever to conquer the American market.
The new investment round of 10,3 million euro is led by existing investors Gimv and Gimv Arkiv Tech Fund II, which - less then two years ago - collectively invested 7,8 million euro, while Itineris ceo and founder Edgard Vermeersch and Flemish investor PMV contributed 2,5 million.
The scale-up, which employs more than 350 people worldwide, topped 43 million euro in revenue in 2016, a record for the company. “2016 was a key year for us”, stresses ceo and founder of Itineris Edgard Vermeersch. “We were very successful in North America, with an important go live of our first American client at the City of Baltimore. This success gives us real momentum in North America and allowed us to sign additional deals such as Georgetown Utility Systems and Cape Fear Public Utilty Authority. On top of this we are currently in final negotiations with another large city in the US.”
“Itineris also invested strongly in dedicated leadership for the UMAX North American business and welcomed Burrell Kilmer, a utility veteran with nearly 30 years of utility industry experience, as president for the North American UMAX business.”
The UMAX Customer Information System of Itineris is a solution that helps utilities engage with customers, empower employees and optimize operations. In Europe in 2016, Itineris geographically extended its focus market to UK, France, Iceland and welcomed new customers such as Gazprom, Dunea, HZEB, HS VEITUR, Save Energies and GreenYellow.
“We were already a rewarded strategic isv partner of Microsoft and we extended our partnership by entering the Microsoft cloud service provider program. This enabled us to realize our first go-life of a subscription based UMAX cloud service at Delta in The Netherlands,” sais vp strategy Koen Breemersch.
“The funds will be used to further support the growth of the company. We invest heavily in our UMAX product to improve our solution for our existing UMAX-customers and to extend our reach with new customers in Europe and North America.”