The company of technological services for enterprises Tinextathrough the subsidiary Co.Mark, acquires 8,75% of Queryo for approximately 60 million euro, a web marketing company. "The transaction also envisages a variable price component of a maximum of 1,2 million euros which will be paid as an earn-out in consideration of the 2021 performance", specifies the note.
Co.Mark's goal is to "extend its offer and support the company's development plan over the next few years, which expects to close 2020 with revenues of around 4,8 million euros and an Ebitda of around 2,5 .XNUMX million euros”.
For the remaining 40% stake in Queryo “a put/call mechanism based on variable multiples based on the results actually achieved is envisaged. To date, the estimated debt for this option is approximately 6,9 million euros”, reads the note from Tinexta.
“This operation represents a fundamental step in the development path of the innovation & marketing service business unit of the Tinexta group which started with the acquisition of Co.Mark in 2016 – comments the CEO of Tinexta, Pier Andrea Chevallard – With the investment in Digital Marketing, in line with the guidelines declared in the 2020 plan, the group confirms its broad and structured offer in a digital key to support Italian companies with the possibility and willingness to grow, in Italy and abroad 'abroad".
The execution of the contract is not subject to conditions precedent and is expected by the end of January.
“Queryo represents a significantly developing reality that has been able to build a data and result-driven approach to digital marketing, positioning itself in an optimal way to grasp current trends, accelerated by the ongoing pandemic, linked to the path of progressive digitization of companies and Italian consumers – underlines the managing director of Co.Mark, Mark Sanfilippo – With the entry into the capital of Queryo, Co.Mark will be able to consolidate technical, commercial and organizational expertise in the management of digital channels, a strategic know-how that is now fundamental to support the development of client companies”.
