Waterland invests in Ad Ultima Group and Pylades and creates a strong European business software partner with deep market knowledge and a focus on Microsoft Dynamics and PTC


The international investment firm Waterland brings together Ad Ultima Group and Pylades, and takes a majority stake in the combined group. The group realizes sales of € 50m and counts more than 350 employees. Waterland as a strategic partner will help accelerate growth, both organically and by means of acquisitions.

Ad Ultima Group and Pylades are both specialists in the implementation of business software. They support companies in their “Digital Transformation” through a broad range of solutions with key partners Microsoft and PTC. The group opts for a deep sector focus to realize their role as a “trusted advisor”. The broad customer portfolio attests to this and includes companies such as Ghelamco, Van Hoecke, Van Heede, Schréder, L-Acoustics, Huisman and SIF Group.

Ad Ultima Group was founded 20 years ago in Belgium by current CEO Filip Bossuyt and has since realized a strong growth trajectory. Historically Ad Ultima Group’s focus was on the implementation of Microsoft ERP systems at companies active in the logistics, manufacturing or construction sector. To this day these sectors remain the clear focus of Ad Ultima Group. Along the way the company grew into a long term partner supporting ‘end-to-end’ digital transformation projects, including challenges around industry 4.0. In this light Ad Ultima Group also offers services around product lifecycle management, CAD design, CRM and document management (through her own software platform ‘Ex Arte’).

Pylades was founded in the Netherlands in 1986 by Michiel Nijsse, but has been led by Managing Partners Pieter Duyvenvoorde and Mark Gooijersince 2008. Pylades is the Dutch specialist in Microsoft Dynamics 365 implementations (ERP, CRM, BI) and was one of the first Microsoft Gold Certified partners in the Netherlands. Pylades supports her customers in their transition to the cloud and with the digital transformation and optimization of their company processes. Through a continuous focus on its sectors (Services, Trade & Logistics & Industry, Organisations and Import Distribution Service & Maintenance) Pylades supports its customers with a lot of knowledge and dedication.

Both companies are complimentary on multiple levels. Ad Ultima has a strong position in Belgium, a growing activity in France, and a limited presence in the Netherlands. Pylades has been active for more than 30 years in the Netherlands, with a leading position in specific sectors through both national and international customers. Both companies are frontrunners in helping their customers in their digital transformation trajectory through a strong focus on ‘cloud’ applications. Next to Microsoft Dynamics 365 and PTC solutions they offer significant added value for customers through proprietary software solutions. Together with Waterland the group wants to reinforce its position in its home markets, as well as expand its international footprint.

Filip Bossuyt (Group CEO) states: “The combination of Ad Ultima and Pylades, two very complimentary companies, immediately creates a strong group. This is a first step in a broader consolidation play in the Western European market, which to date is still very fragmented and in which we want to act proactively. We are operating in exciting sectors where companies are in large part dependent on efficient and innovative solutions to improve and/or maintain their competitive position. We view our customers as long term partners and look forward to reinforcing that partnership even further. The proven experience of Waterland in supporting companies in an accelerated, international growth strategy by means of ‘buy & build’ makes them the best suited partner for the group.”

Mark Gooijer (MD Pylades) states: “Building a larger, international group together with Ad Ultima and Waterland is a logical next step for Pylades, which has already built out a strong market position in the Netherlands.”. Pieter Duyvenvoorde (MD Pylades) adds: “I look forward to writing the next chapter together with Ad Ultima and Waterland”.

“Ad Ultima and Pylades have both built out a strong reputation in the field of business software implementation, with a focus on Microsoft Dynamics 365 and PTC products combined with their own ‘Intellectual Property’. This partnership fits perfectly with our strategy to support the international growth of leading businesses.” states Cedric Van Cauwenberghe, Managing Partner Waterland.

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