Astorg invests in fleet software company Sofico

Investment firm Astorg has taken a stake in fleet and leasing software company Sofico.

The new partner joins existing investment firm Apheon to help drive its next stage of growth. 

Since Sofico’s partnership with Apheon in 2020, Sofico’s team has managed to double the company’s turnover, initiate a transition towards more subscription- based revenues, strengthen the leadership team and establish a presence in the US. 

Apheon and Sofico view Astorg as more than just an incoming investor; the pair say it is a strategic partner that mirrors its culture, values, and mission, bringing deep software expertise to the table.

This alliance aims not just to secure the company's future but also to foster the growth of its dedicated workforce, they said. 

Pieter Lambrecht, partner at Apheon, explained: “Sofico's success has always revolved around a deep-rooted commitment to values, innovation, and most importantly, customers.

“Together with Sofico’s management team and Astorg, we aim to achieve new milestones and further Sofico's success.” 

All Sofico's longstanding shareholders — co-founders Gémar Hompes (CEO) and Piet Maes (chief technology officer), the entire leadership team, as well as Apheon — remain fully (and financially) committed for this next phase alongside Astorg in Sofico’s ongoing expansion and innovative pursuits, a statement announcing the news said.

Together, they aim to “turbocharge product development”, enhance service offerings across regions, amplify business outreach, and tap into uncharted customer segments and markets. 

Hompes said: “The interest shown by a renowned company like Astorg in Sofico is a testament to our drive for excellence, our adherence to strong company values and the pivotal role of our passionate people.

“Over the years, the trust and continued support of our customers have been integral to our success, and our dedication remains in providing them with superior products and services.” 

Piet Maes, CTO and co-founder of Sofico, added: “This partnership isn’t a change in direction, but a boost in momentum.

“Now counting Astorg as another partner, we are gearing up for a future where we continue to lead, innovate, and set benchmarks in the automotive and mobility software sector.” 

Financial terms were not disclosed. The transaction is subject to customary regulatory approvals and is expected to close during the first quarter of 2024.