Bencis Capital acquires Geo Square

Geo Square, which with its subsidiaries (including Suivo, Geo Solutions, Aptus, Freebility and Localyse) is a leading eco-system in G.I.S. (geographic information systems), IoT (Internet of Things), Google Maps, Track & Trace and Mobile Workforce, after several years of strong organic growth, is taking on board an experienced partner to help accelerate its ambitious future plans. Investment firm Bencis will support Geo Square in consolidating its position in its home markets and further focusing on European growth.

Bencis is an independent investor that for more than 20 years has supported entrepreneurs and management teams in realizing their growth ambitions, both organically and through acquisitions. The stake in Geo Square is an investment by Bencis VI, Bencis' now sixth fund with which it raised €575 million by the end of 2020.

Geo Square recorded sales of approximately 30 million euros in 2020 and works with more than 750 customers, of which there are already more than 150 in the Netherlands. Geo Square is mainly active in sectors including government, utility, large industry, construction, transportation and service companies, where it offers a complete range of services, products and solutions.

Geo Square's management team, also co-shareholders, remains unchanged and is enthusiastic about this collaboration. Dirk Lambrechts, founder and CEO: "We currently have a strong position in our home market, and we are convinced that we can duplicate this success story outside Belgium. To realize those ambitions, we found in Bencis a strong party that will help us take those growth steps with the right knowledge and resources. Moreover, it was also important for us to find a partner that recognizes and preserves our unique ecosystem and innovative, dynamic culture. Bencis will leverage its network and resources for continued organic growth, and at the same time they will support us in a selective buy-and-build strategy."

Benoit Graulich, Managing Partner at Bencis: "We see Geo Square as one of the most complete and relevant players at the level of geo-information services, they have both broad knowledge and expertise in the latest technologies, as well as proprietary products and solutions. We are therefore very pleased to strengthen them and help them grow, both in the Benelux and in Western Europe. We are convinced that thanks to our expertise and our international presence, we can provide the necessary support to further explore these markets."

Together with the Cronos Group, Geo Square has been on a nice growth trajectory over the past 17 years. Based on a broad portfolio of services and solutions around Location Intelligence and IoT, Geo Square grew from a team of 2 to almost 200 employees. Dirk Deroost, co-founder of The Cronos Group: "We are very proud of what Geo Square has achieved within our group in recent years. We see it as a great crowning achievement to our unique business model that a company like Geo Square is now ready to spread its wings to Europe and take the next steps. We will follow their further growth story with great interest and wish them every success in this new step towards internationalization with Bencis."