Belgian scale-up Techwolf has been acquired by German software giant SAP, marking what the CEO calls the largest venture-backed software acquisition in Belgian history. Founded in 2017 out of Ghent, the artificial intelligence firm maps workforce skills for multinational employers, capping a growth trajectory that included a €40 million funding round in 2024.
The Bottom Line
- The Scale: The transaction marks the largest acquisition of a venture-backed software company in Belgium’s history, according to Techwolf CEO Andreas De Neve.
- The Ecosystem: Ghent solidifies its standing as a major technology hub, having produced four of Belgium’s seven unicorn companies.
From Ghent Student Rooms to Global Enterprise AI
Techwolf began in 2017 when co-founders Mikaël Wornoo, Andreas De Neve, and Jeroen Van Hautte launched an initiative to match university students with jobs using artificial intelligence. Over the following years, the company shifted its focus toward enterprise human resources, providing automated skill assessments for corporate workforces. By 2022, the scale-up secured major commercial contracts with financial institutions like KBC and energy firms such as Engie, alongside a €10 million capital injection.
Momentum accelerated significantly in 2024 with a €40 million funding round and the establishment of an office in New York. Financial terms of the transaction were not disclosed in the corporate announcements.
| Company Metric | Reported Figure / Status |
|---|---|
| Founding Year | 2017 |
| Key Founders | Mikaël Wornoo, Andreas De Neve, Jeroen Van Hautte |
| Notable Clients | HSBC, Paypal, Booking.com, KBC, Engie |
| Acquiring Entity | SAP |
Ghent’s Position in the European Technology Ecosystem
The transaction highlights the density of high-growth technology firms emerging from Ghent. According to data from analytics platform Dealroom, the East-Flemish capital ranks tenth among European density leaders for producing successful start-ups relative to its population size. Four out of Belgium’s seven unicorn companies—firms valued at least a billion dollars—originate from the city.
Strategic Integration Under SAP
Despite the buyout by a multinational parent, Techwolf will operate as an independent entity led by CEO Andreas De Neve.
The transaction also counters broader narratives suggesting Europe lacks relevance in the commercial artificial intelligence sector. While global attention frequently centers on foundational frontier models developed elsewhere, specialized European scale-ups continue to capture enterprise market share by embedding artificial intelligence directly into established operational workflows.
