ICOR Group
ICOR Group is a privately held Lithuanian conglomerate founded in 1990 operating more than 100 subsidiaries across facilities management, industrial services, ultrasonic metering, real estate development, and petroleum trading, with €300M in group turnover, 3,000 employees, and active presence in 60+ countries.
- Company typePrivate
- Founded1990
- HeadquartersVilnius, Lithuania
- Headcount11–50
- GTM typeB2B
- OfferingServices
What ICOR Group does
ICOR Group (UAB ICOR) is a privately held Lithuanian diversified conglomerate founded in 1990 and headquartered in Vilnius, operating more than 100 subsidiary companies with approximately 3,000 employees across 60+ countries. The group is organized as a holding company with wholly owned subsidiaries spanning four core verticals: public utilities and facilities management (City Service, ~1,500 employees, €110M turnover), industrial equipment servicing and automation (Axioma servisas, 400 employees, €40M), ultrasonic heat and water metering devices (Axioma Metering, 400 employees, €60M, producing ultrasonic meters since 1992), and real estate development (Realco, 40 employees, €40M). A fifth subsidiary, Oilead (10 employees, €10M), operates a petroleum products terminal in Marijampolė and exports to other EU countries. Group consolidated turnover is reported at €300M.
The group's underlying technology mix is heterogeneous across subsidiaries. Axioma Metering develops and manufactures ultrasonic heat, water accounting, and data management devices and is described as a pioneer in Baltic ultrasound technology. Axioma servisas delivers industrial equipment maintenance, process automation, modernization, and IT products for process efficiency, data collection, and accounting. City Service generates recurring revenue from integrated facilities management and utility service contracts across Europe. Around this industrial core, ICOR has assembled a digital ecosystem of five smaller PropTech and energy subsidiaries: InHouse Digital (PropTech services), Mainlink (smart metering), PortalPRO (maintenance services platform), Iglu tech (comfort and energy solutions), and Exergio (energy efficiency solutions).
ICOR's revenue model is a portfolio of distinct B2B streams rather than a single platform: recurring facility management contracts (City Service), transaction-based petroleum trading (Oilead), professional services and project work (Axioma servisas), hardware sales of metering devices (Axioma Metering), and one-time real estate development sales (Realco). The group is sales-led, with direct field/enterprise sales targeting property owners and managers, industrial enterprises, petroleum buyers, and real estate investors. Pricing is not publicly disclosed and operates on a quote-based, contract-by-contract basis. Leadership is concentrated with Chairman Andrius Janukonis, Board Member Gintautas Jaugielavičius, and CEO Artūras Gudelis; no external PE/VC backing or public listing is identified. The stated group strategy is to acquire promising private or state-owned companies in European markets to expand the facilities management footprint.
ICOR Group firmographics
Firmographics- Name
- ICOR Group
- Legal name
- UAB "ICOR"
- Website
- https://icor.lt
- Company type
- Private
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- ICOR Group is a privately held Lithuanian conglomerate founded in 1990 operating more than 100 subsidiaries across facilities management, industrial services, ultrasonic metering, real estate development, and petroleum trading, with €300M in group turnover, 3,000 employees, and active presence in 60+ countries.
- Ownership category
- akta.pro rank
ICOR Group industry classification
Industry- Product category
- Diversified Corporate Holding / Conglomerate
- NAICS
- Corporate, Subsidiary, and Regional Managing Offices (551114), Management of Companies and Enterprises (55111), Steam and Air-Conditioning Supply (221330), Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (423720)
- SIC
- Special Industry Machinery, Nec (3559), General Industrial Machinery & Equipment (3560), Wholesale-Industrial Machinery & Equipment (5084)
- akta.pro primary industry
- Instrumentation, Controls & Automation Engineering Consulting (BPAHAIAM)
- akta.pro secondary industries
- Underground Distribution (Cable, Duct Bank & Vault) EPC (EUAEACAB), Captive/Global In-House Center (GIC) Setup & Managed Services (BPAEAMAK)
Keywords
Where ICOR Group is headquartered
LocationHeadquarters
- HQ city
- Vilnius
- HQ country
- Lithuania
- HQ region
- Europe
Offices1 record
Markets served
ICOR Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Facilities Management Services: City Service provides integrated facilities management and utilities services to properties across Europe, generating recurring revenue from service contracts.
- Petroleum Products Trading: Oilead trades petroleum products and exports through its terminal in Marijampolė to other EU countries, generating transaction-based revenue.
- Industrial Equipment Services: Axioma servisas provides equipment maintenance, automation, and IT solutions to industrial clients, generating service-based and project-based revenue.
- Ultrasonic Metering Devices: Axioma Metering manufactures and sells ultrasonic heat and water metering devices, generating product sales revenue.
- Real Estate Development: Realco develops commercial, retail, and residential real estate projects in Lithuania, generating development and sales revenue.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels2 records
ICOR Group product offering
Product offeringCore offering
ICOR Group is a diversified Lithuanian corporate holding company founded in 1990 that owns and operates more than 100 subsidiaries delivering integrated facilities management and utilities services, industrial equipment handling, maintenance and process automation, ultrasonic heat and water metering device manufacturing, real estate development, international petroleum products trading, PropTech services, smart metering, and energy efficiency solutions. Consolidated turnover is approximately 300 million EUR across 3,000 employees and operations spanning 60+ countries.
Product overview
ICOR Group is a diversified corporate conglomerate operating multiple independent subsidiary companies across property management, industrial services, metering technology, real estate, energy, and digital PropTech services. Rather than a unified platform with integrated modules, the group operates as a portfolio of separate brands: City Service (facilities management), Axioma servisas (industrial equipment maintenance and process automation), Axioma Metering (ultrasonic metering devices), Realco (real estate development), Oilead (petroleum products trading), InHouse Digital (PropTech), Mainlink (smart metering), PortalPRO (maintenance platform), Iglu tech (comfort/energy solutions), and Exergio (energy efficiency).
Differentiator
Problem solved
Functional benefit
Brands
- City Service: One of the largest facilities management and integrated utilities company groups in Europe
- Axioma servisas
- Axioma Metering
- Realco
- Oilead
- InHouse Digital
- Mainlink
- PortalPRO
- Iglu tech
- Exergio
Companies that use ICOR Group
Customer profileSegments4 records
Ideal customer profiles4 records
ICOR Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
ICOR Group partnerships and signals
Strategic signalScale indicators5 records
Recent moves5 records
Expansion highlights4 records
ICOR Group competitors and assessment
Company assessmentDirect peers
- Mitie Group: UK-based facilities management and property services company; directly comparable to City Service in the B2B property/building services market with similar contract-based recurring revenue model.
- Diehl Metering: German manufacturer of metering solutions for heat, water, and electricity; directly comparable to Axioma Metering in ultrasonic and electronic metering technologies serving European utilities.
- ISS A/S: Global facilities management services company headquartered in Denmark; directly comparable to ICOR's City Service subsidiary in FM service delivery and integrated utilities offerings across European commercial properties.
- Kamstrup: Danish manufacturer of ultrasonic heat, water, and electricity meters; directly comparable to Axioma Metering's ultrasonic metering product line and similar European/Baltic utility customer base.
- Bilfinger: German industrial services provider offering process automation, maintenance, and consulting; directly comparable to Axioma servisas's industrial equipment handling, process automation, and IT solutions business.
- Apleona: German integrated facilities management provider operating across Europe; comparable to City Service's integrated FM and utilities services targeting commercial and residential property owners.
- Landis+Gyr: Swiss smart metering and grid management company; comparable to Axioma Metering's metering hardware and Mainlink's smart metering solutions, focused on enabling utilities' energy transition.
Broad incumbents
- Sodexo: French multinational food and facilities management company; overlaps with City Service's integrated FM and utilities services, though Sodexo operates a much broader services portfolio and larger global footprint.
- Itron: US-based global smart metering and utility IoT company; comparable to Axioma Metering's ultrasonic meters and Mainlink's smart metering software, with broader portfolio across electricity, gas, and water.
Regional players
- Wisag: German facilities management and industrial services company; comparable to City Service's FM offerings and Axioma servisas's industrial services, with primary focus on the German/Austrian market rather than Baltic/European reach.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
ICOR Group social profiles
Digital presenceICOR Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
ICOR Group leadership team
Management profileNumber of profiles
Profiles3 records
ICOR Group subsidiaries and ownership
Company hierarchySubsidiaries10 records
ICOR Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ICOR Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ICOR Group
What does ICOR Group do?
ICOR Group is a diversified Lithuanian corporate holding company founded in 1990 that owns and operates more than 100 subsidiaries delivering integrated facilities management and utilities services, industrial equipment handling, maintenance and process automation, ultrasonic heat and water metering device manufacturing, real estate development, international petroleum products trading, PropTech services, smart metering, and energy efficiency solutions. Consolidated turnover is approximately 300 million EUR across 3,000 employees and operations spanning 60+ countries.
Is ICOR Group a public or private company?
ICOR Group is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was ICOR Group founded?
ICOR Group was founded in 1990. It employs 11 to 50 people.
Where is ICOR Group based?
ICOR Group is headquartered in Vilnius, Lithuania, in the Europe region.
How does ICOR Group make money?
Five revenue lines are on record. Facilities Management Services are the primary driver. The others are petroleum Products Trading, industrial Equipment Services, ultrasonic Metering Devices and real Estate Development.
Who are ICOR Group's main competitors?
Direct peers on record are Mitie Group, Diehl Metering, ISS A/S, Kamstrup, Bilfinger, Apleona and Landis+Gyr. Broad incumbents are Sodexo and Itron. Wisag is listed as a regional player.
Does ICOR Group have an API?
No public API is recorded for ICOR Group.
What industry is ICOR Group in?
ICOR Group's product category is Diversified Corporate Holding / Conglomerate. Its primary akta.pro industry code is BPAHAIAM, Instrumentation, Controls & Automation Engineering Consulting, with a secondary code of EUAEACAB, Underground Distribution (Cable, Duct Bank & Vault) EPC. Its NAICS code is 551114 and its SIC code is 3559.