New US owner KKR pledges millions to grow IQGeo into world leader

KKR vowed to combine its extensive technology and telecoms expertise to invest in the growth of the business by supporting international expansion, broadening its product range and strengthening its customer relationships.

It will build on the company’s strong revenue growth: Over the past five years the IQGeo share price increased by more than 900 per cent and revenues grew from around £10m in 2018 to over £44m in 2023.

IQGeo’s geospatial software and services support leading operators within the telecoms and utilities sectors to design and operate fibre and electricity networks.

It is well positioned for ongoing growth within industries driven by rapidly increasing demand for fibre rollout, as well as the transformation of electricity grid infrastructure and the impact of increasing electrification.

IQGeo recently won Business of the Year and the Quoted Company category of the Business Weekly Awards and is already recruiting for a range of roles in the UK, Belgium and Denver in the US.

An IQGeo spokesperson said: “The acquisition of IQGeo by KKR will fuel the aggressive growth plans of the company. This will include major additional investment in software product development and business evolution.

“Key to this growth are plans for a significant increase in staff across all areas of the business in our UK, European, North American, and Asian offices. It’s an exciting time for IQGeo customers, partners, and our team.”

Through investment in technology and organisational processes, IQGeo will scale its key operational areas, including sales and corporate development, to sustain its commercial momentum.

KKR brings combined expertise from its investment through both its Global Impact and Next Generation Technology funds to help support IQGeo in this next stage of growth. IQGeo will also draw on KKR’s network to strengthen its relationships with customers deploying fibre and developing grid infrastructure. And it will pursue further organic and inorganic expansion opportunities to grow internationally and expand the product range available to customers.

CEO Richard Petti said: “Partnering with KKR now gives us an even greater opportunity to accelerate investment in our people, processes, and products and increase our ability to respond to market momentum.

“It’s also important to us that there is close cultural alignment between KKR’s Global Impact and Technology Growth funds with IQGeo’s focus on innovation and mission to bridge the digital divide and build the net-zero energy networks of the future. Their investment will underpin the next phase of growth of IQGeo’s exciting journey.”

Rami Bibi, Managing Director and Head of EMEA for KKR Global Impact, added: “In our view, IQGeo is unique in its support for continued global efforts addressing the digital divide and transforming grid infrastructure, which is aligned with KKR’s strong focus of investing behind grid electrification for net-zero goals.

“To capitalise on the global growth potential ahead, increased investment and an acceleration of IQGeo’s strategy are imperative and private ownership under KKR will help facilitate this.”

KKR has invested $21.6 billion in technology-focused growth companies since 2014.