Cegeka reports impressive growth figures for 2024 with revenue of 1.3 billion euros

Cegeka plans to continue investing in two key areas over the coming years: cybersecurity and artificial intelligence. These investments are crucial for the company’s further global growth and innovation.

“With the successful integration of the American company CTG, we can proudly say that Cegeka has become a global IT player in 2024,” says André Knaepen, founder and Chairman of the Board of Directors at Cegeka. “In Europe, CTG has been fully incorporated under the Cegeka brand. In the United States, however, we’ve chosen to retain the strong CTG name to continue supporting our clients’ digital transformation efforts in the best possible way,” Knaepen adds.

Financial Details of 2024

In its IFRS financial statements, Cegeka reports consolidated revenue of 1.3 billion euros, a 31.5% increase compared to 2023. This growth is attributed to a combination of the acquisition of the American CTG and organic growth. "It is important to note that despite challenging market conditions, which already emerged in 2024, we managed to achieve an organic growth of over 6%," emphasizes Stephan Daems, CFO of Cegeka.

The operating result in 2024 amounts to 78 million euros, and the EBITDA stands at 144 million euros. These financial figures do not include contributions from Smartschool, as it is not under Cegeka's exclusive control. Additionally, the financial results of Citymesh are no longer included, as Citymesh was spun off from the Cegeka Group in 2024.

Long-term Commitment by GIMV for Ambitious Growth Plans 

A significant highlight of the past months is the fact that investment company Gimv has transferred its 24.16% stake in Cegeka to a new anchoring vehicle. This is fundamental for Cegeka's future growth, as the intention is to keep Cegeka in the GIMV portfolio for a longer period. "This investment demonstrates GIMV's long-term confidence in Cegeka. It provides us with the stability to realize our ambitious growth plans," says Knaepen.

Investments in Cybersecurity and Artificial Intelligence

Cegeka will continue to invest in two key areas over the coming years: cybersecurity and artificial intelligence. These investments are crucial for the company's further growth and innovation.

"In recent years, we have invested heavily in cyber resilience and AI, with great results, as we are among the top in Belgium, as recently shown by the Whitelane survey. We will continue these investments. Cybersecurity and AI are forces that seemingly oppose each other - one can be a brake, the other an accelerator - but to be resilient in this unpredictable climate, you need to balance them. We can do that. Additionally, we see that what we excel at continues to bear fruit: unraveling complexity and deploying the right technology at the right time," says Stijn Bijnens, CEO of Cegeka.

In 2025, Cegeka will have a broad and integrated portfolio with a wide range of capabilities, ranging from nearshore, offshore to best shore. This makes Cegeka a truly global ICT player.