Thomas Bilocq, managing director of Fulll Belux, formerly LuxApps, met with Laurent Falorni, chief operating officer of Fulll, at his office in France. Photo: Fulll Belux

Thomas Bilocq, managing director of Fulll Belux, formerly LuxApps, met with Laurent Falorni, chief operating officer of Fulll, at his office in France. Photo: Fulll Belux

The merger of In Extenso and VO Consulting leads to the merger of their companies, Fulll and LuxApps. In Extenso becomes the majority shareholder, holding 76% of parts in the renamed firm Fulll Belux.

The Luxembourg fiduciary VO Consulting joined the French accountancy group In Extenso at the beginning of the year. This means that the former’s company dedicated to the development of digital solutions--LuxApps--is joining forces with the latter’s company, Fulll.

“The fact is that we are in the same business: to prepare the digitalisation of the relationship between fiduciaries/accounting firms and their clients. It made sense for us to join forces,” sums up Pascal Lienal, Fulll’s commercial director.

The Lyon-based company, which employs 230 people and has an annual turnover of around “twenty million euros” with 1,000 firms and 200,000 corporate clients, has become the majority shareholder in LuxApps, renamed Fulll Belux. The company now holds 76% of the shares. The remainder is held by Vecter, the company's digital consultancy arm, owned by , the managing director of the Luxembourg entity. The amount of the transaction was not disclosed.

Enriching LuxApps’ solutions, developing Fulll’s markets

Through this merger, LuxApps will “enrich its star product, the FXP (Fiduciary Experience Platform), with tools that meet the needs of its market, such as invoicing or the budget monitoring table, already developed by Fulll. The Luxembourg publisher will also increase its expertise in cutting-edge technology such as artificial intelligence and its use for predictive purposes.” In addition, “we will benefit from Fulll’s support if we need to invest in financial or human resources,” explains Bilocq. The team of five people is thus set to “double in size over the next few years.”

For its part, the French company sees an opportunity to develop two new markets. “This is a very good signal. In IT, there is a lack of resources. Developers are interested in this type of initiative, because they see that the company is not purely French, but has a European call. Until now, exports accounted for about €400,000 of Fulll’s turnover. It had customers in Africa, Denmark and Austria.”

Developing the trust customer base

Although he would like to “gradually” expand throughout Europe, Lienal doesn’t want to rush into anything. The priority objective is to “succeed in this first step in Luxembourg and Belgium.” Bilocq adds: “The idea is not to come in and shake up the market but to focus on the portal solution, which completes the offer compared to the players already present and in place.”

With a turnover of €400,000 thanks to about fifty clients, LuxApps is aiming for €1m in the next few years by transforming itself into Fulll Belux.

Its business is currently split 50/50 between companies, for which it develops B2B applications, and fiduciaries. The latter should, however, represent 70% of its customers in the future. In parallel, it will continue to develop its payroll portal, in partnership with Apsal and published by Telindus.

The merger has already been in place at the operational level since the beginning of the year. It will be completed from an administrative point of view at the end of June, the date on which Fulll closes its accounts.

This story was first published in French on . It has been translated and edited for Delano.

Related articles