IK Investment Partners’ (IK) IK Small Cap II Fund has reached an agreement with Peter Vermeesch, Stijn Stragier and Sofindev to acquire a majority stake in GeoDynamics, a SaaS provider specialising in location-based software solutions for mobile workforces. Financial terms have not been disclosed.GeoDynamics was founded in 2004 and is headquartered in Kortrijk, Belgium. The Company’s software solutions serve over 2,700 customers across construction, utilities, technical and manufacturing services, in addition to local municipalities. The proprietary cloud-based platform allows customers to manage their vehicle fleets in real-time and account for mobile workers’ time and activity registration.
IK will be acquiring a majority stake from Sofindev and the management team, led by founders and joint Managing Directors, Peter Vermeesch and Stijn Stragier. Following the transaction the business will continue to be led by both founders, who will also be reinvesting alongside IK.
Peter Vermeesch and Stijn Stragier, joint Managing Directors and co-founders of GeoDynamics, says: “We are excited to be partnering with IK as we look to expand beyond our home market of Belgium and bring our innovative solutions to SMEs further afield. With their strong track record and on the ground presence in our key target market of Belgium, we are confident we have the right team to help facilitate our growth. We are also very grateful to Sofindev for their support over the last four years.”
Sander van Vreumingen, Partner at IK Investment Partners and advisor to the IK SC II Fund, says: “GeoDynamics provides a unique proposition, particularly among SMEs operating in construction, utilities and technical services, who are looking to optimise the efficiency of their workforces and value the ability to integrate this software into their existing systems. We believe there is huge potential for GeoDynamics to replicate its success in Belgium across other adjacent regions and markets and look forward to working with Peter and Stijn to deliver this goal.”
Jan Camerlynck, Partner at Sofindev, says: “We have been proud to support GeoDynamics since 2016 in a partnership with Peter and Stijn. They have done a tremendous job, together with their team, to develop the company’s position as the number one provider in Belgium with a truly unique SaaS software solution for mobile workforce management. As the business has reached a scale to expand to new markets now is the right time to join with a new partner and we wish them every success with IK.”
