Gimv : Cegeka steps up as a global ICT player with over 1 billion euros in revenue for 2023

The ICT group Cegeka continues to grow strongly. The technology specialist, both an integrator and operator, and a key player in the SaaS field, closed the fiscal year 2023 with a consolidated turnover of 1.03 billion euros. This represents an increase of 18% compared to the annual figures of 2022. Cegeka is also on track to achieve its ambitious revenue target of 1.4 billion euros by 2024.

Reaching new heights
"The year 2023 can be described as one of the most significant years since the founding Cegeka's inception. For the first time, we've crossed the threshold of over 1 billion euros in revenue," says André Knaepen, founder and chairman of Board of Directors of Cegeka.

Another milestone was undoubtedly the acquisition of the American-listed company CTG. "We've catapulted from a European to a global ICT player overnight," says Stijn Bijnens, CEO of Cegeka, which operates in about 20 countries with more than 9,000 employees. "We now have a strong presence in regions where we were previously inactive, such as the United States, Canada, Colombia, and India."

Financial figures in 2023
In the IFRS financial statements, Cegeka reports a consolidated revenue of 988 million euros, a growth of 19% compared to 2022. This revenue does not include contributions from nexuzhealth and Smartschool, as they are not under Cegeka's exclusive control.

"If we were to include the pro forma figures for nexuzhealth and Smartschool, we would reach a group revenue of 1.03 billion euros. The operating result amounts to 168 million euros (63 million in 2022) and includes significant one-time revenues and costs. On the positive side, there's the capital gain from the sale of shares in Cegeka Real Estate Solutions in the Netherlands. On the cost side, there were mainly advisory and transaction costs related to the acquisition of CTG," says Stephan Daems, CFO of Cegeka. The operating result also does not include the outcome of nexuzhealth and Smartschool. The acquisition of CTG was completed in December 2023, and consequently, CTG will be included in the results starting from 2024.

"The profit from the sale of Cegeka Real Estate Solutions has strengthened our financial position, ensuring a strong balance sheet even after the acquisition of CTG," explains Stephan Daems.

Investing in the right technology at the right time
"We've heavily invested in technologies like AI, Cloud, and 5G over the past few years, and we will continue to do so. But it's more than just an investment. It's about deploying that technology - or the synergy between these different technologies - at the right time to help our customers. There's a lot of hype around tech currently. Moreover, complexity is increasing. While there are significant leaps forward technologically, it's becoming increasingly difficult for organizations to keep up. This creates a critical gap. At Cegeka, we bridge this gap by helping our customers make the right technological choices at the right time, all while keeping a close eye on the bigger picture," says Bijnens.

Finally, all this must happen in a secure IT environment. "That's why we will continue to invest heavily in all aspects of cybersecurity to enhance our clients' long-term cyber resilience," says Bijnens. Cegeka has already done this successfully in recent years, as evidenced by maintaining the top spot in Belgium and Luxembourg in the Whitelane Report for cybersecurity services.