Pieter Janssens
Pieter Janssens recounts starting iO (formerly Intracto) in 2005 as a 20-year-old student with €400, combining studies with a web agency until 2007, then growing ~30% organically per year while doing small acquisitions. In 2018 he partnered 50-50 with private equity firm Waterland and executed 34 acquisitions between 2019 and 2022, then spent 2022-2025 on an intense transformation rolling all companies into one brand, one P&L and one organization. He explains in depth what 'AI-native' means — rethinking business processes, agents and workflows rather than just deploying tools like Copilot — and how iO built its own AI orchestration layer (Bonsai) to keep clients LLM-agnostic and data-secure. He also shares a detailed M&A due-diligence framework (client type, recurring revenue, human capital, organic growth and margin drivers), the rebrand rationale from Intracto to iO, and personal reflections on delegation, work-life boundaries and what drives him.
Insights & takeaways
Pieter Janssens's throughline is restlessness treated as a management principle rather than a personality quirk. "Stilstaand water begint te stinken" is the phrase he returns to, and it explains almost everything else he does: the acquisitions, the AI push, the refusal to let iO settle into a comfortable shape 1. He is explicit that this is deliberate self-engineering, not accident: "Ik hou ervan om mezelf zo net op de rand van de afgrond te zetten" 1. Early on that meant hiring ahead of a full pipeline so he'd be forced to go hunt for new business; later it became the logic behind building a €220M, five-country agency out of 34 acquisitions with Waterland 1. The common thread is that Janssens distrusts stability as a sign of health. He says it outright about leadership itself: the day the list of things still to fix gets shorter than the list of things going well is "de dag dat ik denk dat ik blind geworden ben voor onze eigen gebreken" - and at that point, he suggests, a CEO should be walked out the back door 2.
On AI his position is sharper and more contrarian than the industry default. He rejects the idea that rolling out Copilot or ChatGPT across an organization counts as being AI-native - done that way it just creates shadow AI and no real data ownership. His definition is structural, not tool-based: "AI is geen tool hè. AI is het herdefiniëren van je proces heel vaak" 1. He frames the market as moving through waves - first the large-language-model wave, then the compute and chips wave - with the real value now shifting to actual business applications, a phase he thinks most companies are stuck short of, still running failing experiments 1. His advice to nervous entrepreneurs is blunt and repeated almost verbatim in two forms: "Stop chasing the hype. Het is echt niet omdat er een nieuw lkt dat je dat moet gaan exploreren" 1. He tells them to stop chasing every new model, translate AI into their own business context, and lean on an implementation partner rather than build in-house, since home-grown fixes are, in his account, why many AI projects fail 1. Crucially, he ties this back to expertise rather than tooling: "Ten tijden van AI moet je als agency meer dan ooit de business van uw klant kennen" 1 - agencies that approach AI from fear just bolt tools onto existing services and hit a revenue wall, whereas his edge is pairing that business knowledge with a genuine technology mindset in software architecture and AI orchestration 1.
His M&A philosophy is where the abstractions turn into something like a checklist. He is openly critical of how most buy-and-build rollups work, where a holding company centralizes shared services while every acquired label keeps operating as its own fiefdom. iO chose the harder path deliberately: one brand, one set of propositions, one P&L, one backbone from lead to invoice 1. That ambition requires a specific kind of ego management from the people running it, which he names directly: "Je moet over uw eigen schaduw kunnen stappen, want we gaan echt wel alles oprollen naar één" 1. He also insists that valuation multiples are a shallow filter; real diligence has to go a level deeper into client concentration risk, recurring revenue, whether middle management has real depth, whether pay is fair enough to keep people loyal, and whether organic growth is keeping pace with the market 1. And he's adamant that alignment on the long-term plan has to happen in the very first conversation with a seller, not after signing - springing the post-acquisition transformation on a founder later, in his account, just causes misery 1.
Underneath the M&A machinery he keeps insisting organic growth is the real engine and acquisitions only the accelerator - if all your growth is coming from deals, something is wrong with either your proposition or your culture 1. He's candid that iO's own organic story has changed: the famous run of 30% yearly organic growth from 2005 to 2020 is gone, and since the geopolitical turbulence of 2022 the company has only been slightly positive organically as client budgets tighten 1. That candor extends to how he talks about the Waterland deal itself: the 50-50 equity split was structured deliberately non-traditionally so the founders would never feel they'd "sold" the company or handed over the keys, which he presents as the thing that preserved their autonomy for the next growth phase 1. On team-building he's equally direct about wanting people who outclass him rather than merely complement him: "Je moet ook proberen te zoeken naar mensen die niet alleen complementair zijn maar in een bepaald domein gewoon 10 keer beter zijn dan ikzelf" 1, and he frames the whole growth logic in a line that reads almost like a personal motto: "Je hebt misschien beter inderdaad een kleiner deel van een groter geheel dan een groter deel van een kleiner geheel" 1.
Two more things round out how he thinks about pace. He deliberately runs two time horizons in parallel - a long-term view and a short-term one - and pushes the whole organization to focus on the next quarter specifically "om vooral die actie mindset in het bedrijf te hebben" 1. And he states his aversion to stasis almost as a personal credo: "Als ik tegen één ding niet tegen kan, dat is dat de dingen blijven zoals ze zijn. Want in mijn beleving gaan ze dan eigenlijk achteruit" 1. Set against the boundary-setting he describes elsewhere - no weekend work, laptop closed by Friday 4pm, a fixed minimum of family dinners each week 2 - the picture that emerges is of someone who treats both business momentum and personal limits as things you have to engineer on purpose, because left alone, in his view, they drift the wrong way.
- Simply rolling out tools like Copilot or ChatGPT is not being AI-native; it creates shadow AI and no data ownership. AI-native means rethinking business processes and automating them with agents and workflows, both internally and in customer interaction.
- Most buy-and-build trajectories only centralize shared services in a holding while each label keeps doing its own thing; iO deliberately chose the harder route of one brand, one proposition set, one P&L and one backbone from lead to invoice.
- A third AI wave is coming: after the LLM-model wave and the compute/chips wave, the value shifts to building actual business applications — and too many companies are stuck in the exploration phase with failing experiments.
- His early growth hack was deliberately putting himself 'on the edge of the abyss': hiring a new employee whenever the pipeline was comfortably full, recreating sales pressure so he had to hunt for work for more people.
- M&A due diligence should go one level deeper than 'multiple times EBITDA': check client type fit, client concentration risk, recurring revenue, human capital loyalty and pay fairness, middle management depth, and whether organic growth matches or beats market growth.
- From the very first acquisition conversation you must align the seller on the long-term plan and the post-acquisition transformation — surprising founders after the deal causes misery.
- Organic growth must be the main engine; acquisitions are only an accelerator. If all your growth comes from acquisitions, something is fundamentally wrong with your proposition or culture.
- Agencies that approach AI from fear just bolt tools onto existing services and face a revenue problem; iO's advantage comes from a business mindset (knowing the client's business) combined with a deep technology mindset (software architecture, AI orchestration).
- The 50-50 equity split with Waterland was deliberately non-traditional so the founders never mentally felt they had 'sold' or handed over the keys, preserving autonomy for the next growth wave.
- iO organizes by capability, not location: one new-business team and capability teams across Herentals, Antwerp, Ghent and Brussels, with 98% of revenue from clients whose decision center sits in one country.
- iO's famous 30% yearly organic growth (2005-2020) has been abandoned; since the geopolitical turbulence of 2022 the company is only slightly positive organically because client budgets are under pressure.
- Entrepreneurs afraid of AI should stop chasing every new model, focus on translating AI possibilities into their business context, and work with an implementation partner rather than DIY — home-grown solutions are why many AI innovations fail.
- Hard, concrete boundaries protect family life: no weekend work, laptop closed Friday 4pm, minimum three dinners at 6pm per week, bringing kids to school weekly — scheduled as strictly as business targets.
- The day the list of things to improve becomes shorter than the list of things done well is the day a CEO has gone blind to the company's flaws and should be carried out the back door.
Media & appearances
2- 1podcastBen's Mentors · 24 Jun 2026
iO founder/CEO Pieter Janssens explains how he grew from a €400 student startup to a €220M, ~2,000-person AI-native digital agency across five countries via 34 acquisitions with Waterland, and shares his playbook for M&A, AI transformation and organic growth.
- 2podcastConnexi · 19 Dec 2022
Connexi's 2022 year-in-review compiles the best moments from a year of Bert Vandebuerie's interviews with Belgian entrepreneurs — covering burnout, cofounder conflict, family succession, bankruptcy, company culture and work-life boundaries.