Annual Report 2024

With growing visibility in Sweden and a new market entry in Denmark, Cegeka is making significant progress in the Nordics. At the heart of this momentum is Soazig Hamon, who leads multidisciplinary teams focused on Microsoft Dynamics, IFS, and data solutions. Their approach? Deep customer proximity and a strong emphasis on value delivery.

Soazig, last year you mentioned that Cegeka was still relatively unknown in Sweden. Has that changed?

Soazig Hamon (SH): It has — and quite significantly. We’ve put a lot of effort into telling our story, and it’s clearly paying off. Clients are finding us, and competitors are starting to take notice. The story resonates: while we may be a young player in the region, we’re backed by a family-owned business with over 9,000 people. That “big enough to handle things, small enough to care” philosophy really strikes a chord here.

What sets Cegeka apart from other players in the market?

SH: It’s how we work — with and alongside our customers. The ‘together’ in shaping digital together isn’t just a phrase; it’s how we operate. How? By listening really well. By sharing knowledge openly. By prioritizing contact over contract. By earning trust through action. And by leading with a pragmatic mindset, accessible leadership, and teams that don’t just execute — but deliver solutions that fit our clients’ needs and ambitions, in and beyond technology.

Can you give an example of that approach in action?

SH: As digital leaders, we drive a proactive culture focused on preventing problems, not just fixing them. The best problem is still the one that never occurred. One of the ways to achieve this is to make the gap between IT and business as small as you can. By integrating diverse expertise within unified teams — technical, functional, … — we ensure alignment and deliver results that propel the business forward.

ERP is a key offering for Cegeka. How does that play out in the Nordics? 

SH: Correct. We work with both Microsoft and IFS, each with a clear industry focus. With Microsoft Dynamics, our sweet spot is the pharma and life sciences sector, Sweden’s second-largest export industry, projected to grow up to 10% over the coming decade. At IFS, we focus on empowering businesses in retail, services, and manufacturing, providing industry-specific solutions that drive efficiency, resilience, and innovation. These are our strategic priorities, and in each, we’re now seen as a trusted brand.

What have been some of the key milestones over the past year? 

SH: A big focus has been helping clients migrate from IFS Applications to IFS Cloud. One highlight was the migration we led for One Nordic — from IFS Applications 10 to IFS Cloud. One Nordic manages essential infrastructure services across Sweden, and the shift to cloud enabled greater agility, enhanced configurability, and a stronger customer-centric focus. Two other milestones I’m proud of are our first truly global IFS Cloud implementation, for Eltel, and the successful go-live with IFS Retail at Blomsterlandet.

As part of our newly introduced Application Managed Services, we support customers in running and continuously improving their business, working closely with our local teams and offshore partner Inivos. Last but not least, in 2024 we officially entered the Danish and Swedish markets with our Dynamics 365 Pharma & Life Sciences solution — and secured our first customer in each country immediately.

Data is increasingly part of the conversation. What’s happening there? 

SH: Absolutely. While data and AI often follow naturally from ERP implementations, our capabilities in this area stand on their own. With a strong track record in the public sector, we’re now focused on increasing visibility and showcasing our impact. A prime example is our work with Nordic Paper, where we deployed a data platform using Microsoft Fabric integrated with their IFS system.

Your team seems to be expanding as well. 

SH: Yes, we’re now around 100 people across Sweden and Denmark. And it’s important to highlight our long-standing, successful collaboration with Inivos in Sri Lanka. Their offshore team allows us to deliver high-quality solutions. They’re truly appreciated, not just for their technical craftsmanship, but for their empathy and strong soft skills, which are not always a given in offshore setups.

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.