The official has arrived. Tinexta, heir to the Tecnoinvestimenti group, has signed binding agreements for theacquisition of the majority share capital of three companies Italian. The initial investment is equal to 47,8 million euros and will allow the company that deals with digital transformation for businesses to make its entry into the cybersecurity market. The acquisitions concern the Corvallis group, an IT services and Research and Development company, Yoroi, a group specialized in cybersecurity, and Swascan, an innovative company with security testing platforms for SMEs.
The news was welcomed by the Stock Exchange, where Tinexta stock gains over 11% at 19,32 euros.
“The one we are announcing today it is the most important operation carried out by our group since its foundation”, commented the president, Enrico Salza. “Thanks to these acquisitions, Tinexta has grown considerably in size, employing around 2000 people, and is entering a new business area, cybersecurity, with skills and technologies that will allow it to play a leading role in the market”.
As far as Corvallis is concerned, the agreement provides that Tinexta acquires a majority stake, equal to 70%, of the Corvallis business unit which deals with IT and Research and Development and which weighs for around 51 million euros on the value of total production of the Paduan company.
Speaking of the other two companies, Tinexta will acquire 60% of the capital of Yoroi (which will include the companies Cybaze Italia and @Mediaservice.net) and 51% of Swascan Srl. against a total investment of 104,3 million which includes 47,2 million in initial cash out and 46,5 in debt put options. The closing of the acquisitions is expected at the beginning of 2021, with the exception of the acquisition of the majority stake in Swascan, which should be completed by 2020. The minority stakes in the capital of the three companies may be acquired by Tinexta in 2024, on the basis of put/call option rights.
"The three companies form the operational core of the new Cybersecurity business unit of Tinexta”, the company says in a note, underlining that the new area will be “equipped with the critical mass necessary to manage complex projects for financial operators and large companies, alongside solutions for small and medium-sized enterprises”. The leadership of the project is entrusted to Marco Comastri, former head of the Sales & Marketing and Strategic Development function of Tinexta.
The company also underlines that the new business unit achieved, on the basis of pro-forma data referring to the 2019 financial year, revenues of approximately 61 million euros and an EBITDA of approximately 7 million.
“In a moment of great general uncertainty, Tinexta decides, with a clear strategy, to double its exposure in the digital sector, adding to its Digital Trust BU the new Cybersecurity BU, thus bringing the Group's turnover linked to digital activities to weigh around 55% of the total. I am confident that the growth strategy pursued, which will also leverage our leadership position in digital trust, will allow us to generate further value for our shareholders through the rapid integration of the acquired businesses and overall greater exposure to a rapidly growing market." , he has declared the managing director, Pier Andrea Chevallard.
