Paris-based growth investor, Verto Growth, takes a 40 percent minority stake in Liège-based AI accounting software scale-up, Horus Software, after five years of relationship-building.
According to Verto’s managing partner, Antoine Dary, the deal is the outcome of five years’ relationship-building with Horus Software’s founding family. Founded in Liège in 2016 by Philippe Tailleur (CEO) and his sons Benjamin and Jérôme, Horus Software builds an AI-based accounting suite for accounting firms and SMEs. Horus Office automates bookkeeping for accounting firms, Falco lets entrepreneurs send and receive e-invoices via Peppol and follow their figures in real time, and Nebra simplifies year-end closing. Verto met the Tailleur family around the same time Horus launched Falco.
Antoine explains what drew Verto in: “Horus Software has established itself as the reference solution in the Belgian market thanks to an innovative solution, built with artificial intelligence from the outset, that delivers significant productivity gains to accounting professionals. This success also rests on the exceptional quality of its leadership and teams, who have anticipated market developments remarkably well.”
Verto's own story started around the same time as Horus's. Thomas Fort, Alexis Kemlin and Antoine ran the NewAlpha Verto growth equity strategy at NewAlpha Asset Management from 2017, raising €100 million at a first close in November 2018. Verto Growth I closed at €140 million in December 2020. In 2023, Verto was spun off from NewAlpha and is now owned and managed by its four partners. In July 2025, Verto Growth II closed at its €330 million hard cap. The fund backs profitable, fast-growing B2B software and healthtech companies, with tickets of €15 million to €60 million as a majority or significant minority shareholder, mainly in France, the Benelux and Switzerland.
Horus, in turn, chose Verto for its B2B SaaS specialisation and its AI experience. The timing suits the Belgian market, where e-invoicing has been mandatory since 1 January 2026, making structured data the norm. “Verto's support will enable us to structure our organisation and accelerate the execution of our strategy as we enter a new phase of our development," notes Horus COO Benjamin Tailleur.
Belgian ambitions
With Verto on board, Belgium is first on the agenda for Horus’s growth. “Verto Growth shares our ambition and gives us the means to achieve it. Our priority is Flanders…which still only accounts for 20 percent of our revenue. There is enormous potential there,” Benjamin says. Horus is opening an office in Ghent, with Gunther Slaets responsible for Flanders, where it competes with Exact, Odoo, Billit, Accountable and Dexxter.
In Luxembourg, where Horus localised its software in March 2026, Benjamin sees room for several hundred more accountants. “In less than a year, AI has evolved enormously and the applications have exploded. With our experience, that opens a lot of new doors,” he shares.
As such, Horus will expand its teams, keep investing in its software and “may also consider targeted acquisitions to broaden its offering and reinforce its leadership in the Belgian and Luxembourg markets”.
Benjamin adds that, if Horus keeps up this pace, it will reach €50 million in recurring revenue next year.
“Our ambition is clear: to become a Belgian unicorn within five years.”
Horus's roots in Belgian accounting go back further than the company itself. Philippe created the Bob accounting software in the 1990s. After Bob Software went to Sage in the early 2000s, he managed Sage Belgium and Luxembourg for more than ten years. He started Horus on the advice of his son Jérôme, who is now – fittingly – the company’s sales director.
Horus describes itself as “a passion, a love for accounting passed down from generation to generation”, built by “this Belgian family” that set out to create from scratch what did not yet exist.
AI was part of the plan from the start. “Recognising invoices and booking them automatically with AI is something we have been doing successfully for eight years, long before it became a standard feature,” Benjamin points out. “The idea was to help accountants save time so they could advise their clients.”
The Luxembourg launch followed in January 2020, through distributors Ace Group Luxembourg and IBLux. In 2021, Horus launched Falco and broke even.
In 2025, Horus more than doubled its revenue (to €12.5 million) and the Tailleur family bought out the Walloon investor that had supported them through this growth period, Investsud (now ORSA), taking back control of the company. “We accompanied it, supported it and guided it to maturity,” Investsud CEO Philippe Degive said in a joint interview on Horus's blog at the time.
The ties did not end with the exit. Investsud’s representative on the Horus board, Benjamin Cupers, stayed on until 19 August 2026, two months before the Verto transaction.
Today, the scale-up exceeds €25 million in annual recurring revenue (ARR), with growth of more than 100% per year since 2024. The team numbers nearly fifty employees and serves more than 130,000 customers, including over 1,500 accounting firms.
