PRESS RELEASE

‘Digital twin’ software group Elsyca accelerates its growth ambitions with new investor Strada Partners

Leuven, 22 February 2024

Elsyca, an international leader in ‘Digital Twin‘ simulation software, welcomes Strada Partners as its new majority shareholder. Strada joins forces with the current management team and investor Think2Act. In addition to further organic growth in Elsyca’s international markets, Strada is also exploring several acquisitions to expand Elsyca’s product portfolio.

Strong international footprint

Elsyca’s simulation software models complex electrochemical processes. The software has a wide range of applications and is used to predict and prevent corrosion of critical oil & gas pipelines and other energy sector assets. It is also employed in the manufacturing of PCBs (Electronic ‘Printed Circuit Boards’) and for the application of decorative and functional metal layers in a variety of industries, including consumer and industrial goods, transportation, and healthcare. Elsyca’s digital twin clients include leading international companies such as Safran, Volkswagen, AT&S, Enbridge, Aramco, Calumet, Hansgrohe and Rohde & Schwarz.

“Elsyca was established in 1997 as a spin-off of the VUB’s computational Electrochemistry Group and the von Karman Institute for Fluid Mechanics and focuses upon pushing the frontiers of electrochemical process performance. Today, we generate more than 50% of our turnover in North America and approximately 15% in Asia”, states Jean-Marc Dewilde, CEO. “We want to solidify our growth in our niches to continue sharpening our unique positioning. In Strada, we have found a highly dynamic team that not only has a strong track record in software but also has international buy & build experience. With this new partner, the continuity for Elsyca’s customers and employees is guaranteed.”

Matthias Vandepitte, Managing Partner at Strada, adds, “Elsyca has already developed a strong product portfolio and has built up an impressive international customer base, both trajectories which we want to continue growing. In addition to autonomous growth, we will actively look for acquisition targets in Europe and beyond, in order to further strengthen Elsyca’s market position and to further develop their engineering and simulation software portfolio.”

A partner for the journey 

Strada Partners typically invests 5 to 50 million euros per transaction, and reserves capital for Elsyca for acquisitions. In addition to Strada, both Elsyca management and Think2Act are reinvesting. Strada was guided in this transaction by Eight Advisory, Linklaters, Athena and Brightwolves. The advisors of the existing shareholders were Drake Star Partners, Argo Law and Grant Thornton.

About Elsyca

Elsyca is a growing international software company with offices in Leuven (Belgium), the United States of America and Romania. Through a unique combination of innovative software and highly technical knowledge, Elsyca can model various electrochemical processes with a broad industrial application, ranging from the automotive industry to energy and electronic applications. Their solution guarantees assets integrity, reduction in operational costs and increased product quality.

Elsyca’s workforce consists of 30 employees and the company registered a turnover of almost 6 million euros in 2023.

Curious to know more? www.elsyca.com

About Strada Partners

Strada Partners is a European investment fund founded by Bart Wouters and Matthias Vandepitte, who have a combined track record in private equity of +25 years. The team focuses on growth companies in the software, healthcare and services sectors with a technological component. Strada is building a concentrated investment portfolio with companies that it can support in the long term to grow at a pan-European level. Elsyca is Strada’s 4th investment platform, joining TOBA HR, AXI and Invincible Software Holdings (ISH).

Curious to know more? www.strada-partners.com

About Think2Act

Think2Act is a Belgian based investment firm focused on Belgian and Dutch SME companies. Led by a team of skilled and enthusiastic professionals, Think2Act invests in profitable SME companies that have a strong or leading position in their market and that have both the opportunity and the ambition to further expand the business.

Curious to know more? www.think2act.be

For more information, please reach out to Strada Partners: info@strada-partners.co