Panenco was founded in September of 2014 by Egwin Avau
and Maarten Baeten
. Following their studies at the faculty of Economics and Business at KU Leuven with a degree in Information Systems Engineering, they started out in the university's student incubator center - KU Leuven KICK
- to lay the foundations for their mixed service and product strategy. Teams started to shape up in Kiev, Ukraine as well as Leuven, Belgium.
The offices quickly moved towards the Innovation and Incubation Center from KU Leuven on the Heverlee campus, followed by a move towards the Van der Elst building
in Leuven in October of 2020. Over the years the activities kept broadening up from custom software engineering into a full-service product offering. Panenco has been following an organic growth trajectory, and aspires to continue to do so. The company's success will be the sum of the product successes.