A new national hub of digital identity and digital security services is born.
Tinexta announces the signing of the agreements of three important acquisitions in Italy, for an initial investment of € 47.8 million. This is the projects and solutions and R&D division of Corvallis, one of the most important solution providers in Italy; of Yoroi, a leading group specialized in cybersecurity; and Swascan, an innovative company with security testing platforms for small and medium-sized businesses. The estimated revenues of the new Cybersecurity Business Unit amount to over 60 million.
The binding agreements concern the acquisition of the majority of the capital of the three companies, which thus become the operational nucleus of Tinexta’s new “cybersecurity” business unit, which supports the digital trust business. The new unit, the company explains, 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 responsibility of the new Business Unit is entrusted to Marco Comastri, formerly responsible for the Sales & Marketing and Strategic Development function of Tinexta.
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 can be acquired by Tinexta in 2024, on the basis of put / call option rights.
On the basis of pro-forma data referring to 2019, the new Cybersecurity BU achieved revenues of approximately 61 million euros and an EBITDA of approximately 7 million euros. Its consolidation should therefore increase the Group’s revenues by more than 20% and EBITDA by almost 10%.