(Finance) – Italian post will promote, in agreement with some shareholders of the target company, a takeover bid (OPA) voluntary cash on all the ordinary shares and warrants of Sourcesense, a company listed on Euronext Growth Milan and operating in the IT sector on the Italian and English markets. Listed on Piazza Affari since August 2020, Sourcesense has a high level of expertise in the development of cloud-native solutions, based on open source technology. In 2021 it achieved revenues of € 22.6 million (+ 31% compared to 2020) and an EBITDA of € 3 million (+ 44% compared to 2020) with a margin of 13%.
The operation involves a corresponding offered for each share equal to € 4.20 (corresponding to a premium of 24% on the weighted average of the official daily prices of the Italian Stock Exchange in the last month) and a consideration offered for each warrant of € 0.78 (corresponding to a premium of 75.4% on the weighted average of the official daily prices of the Italian Stock Exchange for the last month).
The takeover bid is aimed at delisting and it is expected that Poste Italiane will hold a controlling interest in Sourcesense equal to 70%, and that the current controlling shareholders of Sourcesense (who act in concert with Poste Italiane in launching the offers) retain a minority stake of 30%. The completion is expected by the end of 2022.
The operation, it is explained in a note, will allow Poste Italiane to strengthen its own internal development skills of applications based on cloud technology and open sourcesignificantly increasing the level of internalisation of activities and evolving towards a “product factory” model, limiting the use of external personnel to specialized technology support activities and non-core activities.
It is emphasized that Poste Italiane will make use of Sourcesense’s contribution in the development of new generation cloud native solutions to support business innovation in the Public administrationand in particular of the Healthalso leveraging the initiatives envisaged in the National Recovery and Resilience Plan (PNRR).