(Finance) – Itwaya company listed on Euronext Milan and active in the IT, Cyber Security, AI and Big Data sector, announced that the 4Science subsidiary signed a binding agreement for the acquisition of 60% of Seacom shares, ICT player founded by Stefano Pampaloni, based in the Tecnopolo of Navacchio (PI) with over 20 years of experience in open source innovation with significant skills in the architectural field (Leading Open Source Architects) Big Data. Seacom has partnered with 4Science on some major projects and there are “many synergies” between the two companies, it said in a statement.
In 2023 Seacom expects to revenues for 5.3 million euros and boasts a organic highly qualified of 34 people. In particular, the Seacom business model integrates two distinct business units: i) data management, log and data analysis and security (Business intelligence) services with approximately 2.45 million euros expected in 2023; and ii) the value-added distribution of Zimbra, of which it is the EMEA leader with approximately 2.85 million euros expected in 2023. Zimbra is collaborative software (groupware) designed to facilitate and make cooperative work by groups of people in complete IT security more effective and easier.
It is expected transfer of the Zimbra distribution contract currently in existence in Seacom, in favor of Itway International, who heads the Cybersecurity Products VAD and Project Services Business Unit currently represented in Greece and Turkey; in 2022 it made around 41 million euros.
“We are pleased to welcome the highly qualified people and organization of Seacom into the Itway Group – he declared Andrea Farina, president and CEO by Itway – The entry of Top Managers such as Stefano Pampaloni and Valentina Del Prete certainly add value to our Group. We aim to enhance the skills acquired and further enrich our offer in an area of strategic development such as that of Big Data Management, with over 100 specialized human resources at Group level on the entire supply chain of software and infrastructure Data Management and Cyber security & Cyber resilience. We will continue to fuel our growth path through built-on industrial M&A“.
The terms of payment agreed with the Seacom partner are mixed and provide for both one cash portion paid at closingbe one share as Earn-out subject to the achievement of pre-determined EBITDA thresholds for 2023 and 2024. At the same time as the execution of the operation, the subscription is also expected – in the logic of the reinvestment of the founding partner of Seacom and, therefore, of the full alignment of interests in the 4Science industrial plan – of a paid share capital increase, indivisibly with the exclusion of the option right for a total amount of 450,000 euros (including share premium) through the issue of a total of 150,000 new ordinary shares of 4 Science without par value, at the subscription price of 3.00 euros (including premium) per share, reserved for subscription, Stefano Pampaloni, to be paid in cash, also through compensation.