Tinexta creates a new national cybersecurity pole to support Italy in digital transformation processes with the most advanced technologies and protocols for digital security and digital identity. It does so by acquiring, for 47.8 million euros total, the majority of the capital of three Italian companies: the project and solution division of Corvallis (cybersecurity projects), Yoroi (risk management solutions) and Swascan (
The closing of acquisitions is expected at the beginning of 2021, except for the acquisition of the majority share of Swascan, which is expected to be finalised by 2020. The minority shares of the capital of the three companies may be acquired by Tinexta in 2024, based on put/call option rights.
Who is Tinexta Tinexta, listed at the STAR segment of the Milan Stock Exchange at 31 December 2019 has had revenues of 258.7 million euros, Ebitda of 71.3 million euros and Net profit of 28.8 million euros. Tinexta Group operates on three business areas: Digital Trust, Credit Information & Management and Innovation & Marketing Services. The Digital Trust Business Unit provides, through InfoCert, Visura, Sixtema and the Spanish company Camerfirma, products and solutions for digitalization: digital signature, digital identity, onboarding of customers, electronic invoicing and certified email. As of December 31, 2019, the Group’s staff was 1,293.
The new Cybersecurity Business Unit has achieved revenues of around €61 million and €7 million on the basis of pro-forma data for the 2019 financial year. Its consolidation is expected to increase the Group’s revenues by 20% and by almost 10% l/Ebida.
The three companies become the operational core of Tinexta’s new Cybersecurity business unit, which will be equipped with the critical mass to manage projects for financial operators, large companies, up to solutions for small and medium-sized enterprises.
The new Business Unit is entrusted to Marco Comastri, who is already responsible for the Sales & Marketing and Strategic Development of Tinexta, who has a long experience in the It sector. Comastri has previously been President and General Manager of CA Technologies EMEA and apical roles in Poste Italiane, Microsoft and Ibm.
The newco, which includes the Projects and Solutions division and the Research and Development division of Corvallis will be based in Padua, will continue to operate on the market under the Corvallis brand and is configured as one of the main suppliers in Italy of digital solutions for
Yoroi, who will incorporate Cybaze S.p.A. and Mediaservice.net S.r.l., supports companies that need to contain and manage all cyber risks. It carries out research and development activities and has an offer that covers the entire chain of the value of cybersecurity.
Swascan, based in Milan, owns the cloud-based security testing platform and a Cyber Competence Center. Combines a SaaS platform and specialized vertical skills for cyber security and legislative compliance needs.