Belgian technology company aims to accelerate growth and change the way the world works with its advanced manufacturing solutions.
13 September 2024 – On the occasion of its 20th anniversary, I-care Group (I-care), the market leader in predictive maintenance for industrial machinery, is proud to announce that it will go public in 2025. The company has been meticulously preparing for its IPO for several months, and now claims to be commercially, financially and operationally ready for the next stage. The operation will be almost exclusively primary, and the funds raised will enable I-care to continue its strong growth, not only organically but also through acquisitions, as well as by increasing investment in sales and marketing. I-care, which already operates in Europe, the United States and Asia, intends to increase its share in the global market, valued at €5.5 billion.
It’s no coincidence that I-care announces it is in the final preparation stage for an IPO. The co-founders have been aspiring to a listing for several years, but wanted to wait for the right moment. Today, they report that their solutions based on patented cutting-edge technologies, Wi-care IOT, hardware and software connectivity, the I-see Big Data platform and artificial intelligence, and the company itself – which now has over 850 employees in 16 countries – are ready to scale up.
“We have never hidden our ambitious growth plans. An IPO has long been the next logical step for us, but we’ve waited patiently until we were ready for the full 100%”, explains Fabrice Brion, co-founder and CEO of I-care. “In the meantime, I-care has been growing at a rate of between 25% and 35% a year for several years relentlessly, even during the Covid crisis. What’s more, 95% of our customers report a return on investment in less than 3 years, including 27% in less than a year.”
I-care intends to pursue both organic growth and targeted acquisitions. This is why management is aiming to raise a minimum of €100 million. An IPO is therefore the key to securing a prime position in a fast-growing global market, in which the forthcoming consolidation is seen as an opportunity.
Today, I-care is already active in a wide range of sectors, including biotech, agri-food and energy, in Europe, Asia and the United States. The geographical expansion will not only accelerate its growth, but also further diversify I-care’s customer portfolio. “The potential is enormous. Several studies show that our market will grow 10 to 12 times over the next few years. What’s more, consolidation is inevitable, as no player has more than a 2% market share,” adds Brion.
“The exact timetable for the 2025 IPO will depend on the ‘open windows’ offered by the financial markets over the course of the year, and on the final approval of FSMA. But our teams are ready, motivated and looking forward to taking on this new challenge” concludes Arnaud Stiévenart, co-founder of I-care.
To learn more about our IPO, please visit our Investors page.
Press contacts
Sarah Heuninck – sh@gosselindewalque – +32 491 15 05 09
About I-care
The I-care Group is the market leader in predictive maintenance, monitoring hundreds of thousands of industrial machines worldwide. Our mission is to change the way the world works. Our AI and data-driven solutions predict industrial failures months or even years before they occur. Thanks to I-care, machines around the world are safer, more productive and more sustainable. Founded in 2004 in Mons, Belgium, I-care employs more than 850 people, has 36 offices in 16 countries (Asia-Pacific, EMEA and the United States) and has customers in more than 55 countries. I-care was named EY Company of the Year in Belgium in 2020.