Annual Report 2024

Ovidiu Pinghioiu leads Cegeka Romania, home to both Cegeka’s Global Delivery Center and a Profit Center specialized in custom application development. Under his leadership, the company navigates a challenging economic climate by strengthening customer relationships, adopting a more strategic approach and fostering industry communities.

Ovidiu, last year your team started to focus more on predictability in IT project delivery. What drove this shift?

Ovidiu Pinghioiu (OP): As the market evolved — especially during times of fiscal uncertainty — we saw the need for a more consultative approach. This allowed us to deliver better solutions and offer strategic advice aligned with our clients’ business goals. We also expanded beyond traditional team augmentation to include fixed-price projects and Team-as-a-Service, providing greater predictability and tailored solutions.

By collaborating more closely with clients, understanding their challenges, and sharing both risk and reward, we improved outcomes and reduced delivery surprises. Investments in structured processes like the Discovery Phase helped clarify scopes, timelines, and expectations. This shift has led to more stable, predictable deliveries and strengthened our position as a trusted partner.

How do you make sure projects stay on track?

OP: We’ve always been committed to keeping projects on track — something that doesn’t happen by chance. It requires a solid plan, clear communication, and the flexibility to adapt when needed. Every project begins with clear alignment on what needs to be done, by when, and what success looks like. From there, we break the work into priorities, closely monitor progress, and ensure continuous forward momentum.

Agile methodology plays a key role in helping us stay organized, maintain alignment across teams, and identify potential issues early — before they escalate. We also emphasize transparency and open communication, so that if any risks or blockers arise, we can address them immediately. Ultimately, it’s about staying proactive and responsive every step of the way.

You’re also investing heavily in industry communities. Why is that important?

OP: Investing in industry communities is about more than just staying relevant, it’s about creating a space where we can collaborate with other leaders, share insights, and learn from each other. These communities aren’t just for networking, they’re places where we can come up with creative solutions to the challenges we’re all facing.

Who are your key clients?

OP: Custom application development remains at the core of our business, making up around 90% of our revenue. We primarily work with mid-sized and large enterprises, especially in banking, insurance, and telecom, though we also serve other industries. Our expertise lies in building applications that enable our clients to deliver enhanced customer experiences — positioning us firmly in the b2b2c space. Key clients include NN and GarantiBank, ING, Carrefour, Vodafone, Orange, all known for their strong customer focus.

Are you expanding into other services?

OP: Yes, we also offer cybersecurity and infrastructure services, with infrastructure being a natural extension of our core offerings, adding even more value for our clients. As we continue to grow, we are also exploring opportunities to expand into other strategic areas that align with our expertise and the evolving needs of the market.

Romania is also part of Cegeka’s Global Delivery Center. What does that mean for your clients?

OP: With Cegeka’s acquisition of CTG, we’ve expanded beyond Europe to locations like India and Colombia, giving us a truly global delivery model. We now have access to a wider network of nearshore and offshore capabilities, allowing us to tailor the right delivery strategy for each client. Moving from a European to a global model means we can provide even greater flexibility, cost efficiency, and expertise, wherever our clients need it.

Cegeka delivered strong results in a difficult economic climate. What were the key drivers?

André Knaepen: In 2024, Cegeka reached consolidated revenues of €1.3 billion — a 31.5% increase over the previous year. That growth was powered by two key drivers: the successful integration of CTG and strong organic momentum, with over 6% growth despite tough market conditions.

Operating profit came in at €78 million — down from €168 million in 2023 — but that comparison needs context. Last year’s result included a one-off gain of €123.4 million from the sale of our Dutch real estate software business.

It’s also worth highlighting that Gimv transferred its 23.6% stake in Cegeka into a new holding structure, with WorxInvest acquiring a 25% share in that vehicle. That’s a clear signal of long-term confidence in our direction and ambition.

Shaping digital together — the Cegeka tagline. What does that mean in practice? 

Stephan Daems: Shoulder to shoulder with our clients, we design, build, and run resilient digital solutions. That’s our raison d’être. Shaping is about co-designing and co-creating — not in a traditional supplier-client setup, but as equals working toward a shared goal. Digital is what we shape: the platforms, architectures, applications, and ecosystems that help organizations move forward. It’s about building resilient and secure digital capabilities that align with our clients’ strategies and scale over time.

André Knaepen: The together part speaks to how we do it. We work closely with our clients — not just delivering a project, but thinking alongside them and getting things done. It’s a hands-on, no-nonsense way of working that’s been in Cegeka’s DNA from the very beginning. That’s how we make complexity manageable and transformation achievable.

Navigating complexity, timing, visibility: these are core to the Cegeka story. How do you help clients manage them?

Stephan Daems: Over the past three to four decades, IT has created a lot of complexity — multiple IT stacks, programming languages, siloed systems, shadow IT. At Cegeka, we simplify. We make complexity manageable — and where possible, we remove it altogether. We integrate, streamline, and connect the dots. The best complexity is the kind that’s no longer there.

Then comes timing. Technology moves exponentially, but organizations don’t. Legacy systems, culture, compliance — they slow you down. That disconnect creates a gap where organizations have to figure out what technology to adopt and when. We help clients pace their transformation: right technology, right time, right sequence. Timing is an art — and It’s one we master well.

Finally, visibility. You can’t navigate what you can’t see. Clients need insight — high-level and granular, real-time and actionable — across IT operations, security posture, ESG footprint and so on. That’s what our client engagement platform, Horizon, delivers. It’s a single pane of glass designed to give clients clarity and control. It’s a massive corporate investment — and a true game changer for our clients.

In a broad portfolio, we set great focus on AI and cyber resilience as opposing forces — one pushing companies forward, the other keeping them grounded. 

André Knaepen: Cyber resilience and AI are fundamentally horizontal across all of IT. AI is no longer isolated; it’s integrated into almost everything — software development, business process optimization, decision-making, content generation. It has the potential to truly accelerate. It gives wings.

Cybersecurity, on the other hand, keeps organizations grounded. As cyber threats evolve rapidly — with AI used both offensively and defensively — robust end-to-end cyber resilience is absolutely essential. We know how to help clients innovate with AI — while staying secure, compliant, and in control. That’s the balance we bring.

What milestones stood out in those two areas the past year? 

Stephan Daems: We opened a brand-new modern Security Operations Center in the US this April, expanding our global footprint alongside our existing SOCs in Belgium and Romania. We’re not just growing — we’re leading in cyber. For the third consecutive year, we ranked number one in Belgium’s Whitelane survey, a recognition that reflects our expertise.

On the AI front, we’ve accelerated efforts across all our markets. For example, in Belgium, we’re supporting the Flemish government with the rollout of Microsoft Copilot to 10,000 users, backed by hands-on adoption programs. We also made a strategic hire by appointing Gregory Verlinden to lead our Data & AI unit, strengthening our capabilities even further.

Where does Cegeka stand in the ‘sovereign cloud’ debate? 

Stephan Daems: We take a pragmatic approach. Our clients want both control and flexibility — and that’s exactly what we deliver. With over 20 years of experience managing multi-cloud environments, we’ve built strong partnerships with hyperscalers while continuously investing in our own private cloud infrastructure. 

Our own data centers remain a key strength, allowing us to offer clients genuine choice and freedom from vendor lock-in. Additionally, our applications are designed to be cloud-agnostic, ensuring clients always retain full control over their environment.

The integration of CTG was a major focus in 2024. What progress did we make?

André Knaepen: We delivered on ambitious integration goals. CTG Europe is now embedded within the Cegeka brand, creating a unified identity and stronger market presence. In the Americas, we retained the CTG name, leveraging its deep-rooted brand equity, but we’ve aligned its visual identity with Cegeka. For French-speaking markets, NSI continues to be our powerhouse — actively serving Wallonia, Luxembourg, France, and expanding into Canada. 

Crucially, we’ve shifted from a European Delivery Center to a Global Delivery Center model. With new strategic hubs in Colombia and India, we’re scaling up to meet worldwide delivery demands with speed and precision.

What’s next? How do you see the path forward?

Stephan Daems: Our journey is accelerating. Beyond the rebrand, we’re reinventing our IT stack and strengthening global capabilities to position ourselves for what’s next. New markets, evolving challenges — our approach demands sharp strategic focus, operational balance, and smart execution. And while organic growth remains our primary engine, we’re actively evaluating acquisition opportunities to accelerate and deepen our impact.

André Knaepen: And truly, none of this ambitious progress would be possible without the very essence of what drives us: the loyalty of our clients, the commitment of our people, and the meaningful partnerships we’ve built along the way. ‘Shoulder to shoulder’ is more than just a phrase — it’s a mindset. To everyone who’s part of this journey, I extend my gratitude and deep appreciation.