Fondo Italiano invests €10m in Seco

The fresh capital will enable the company to pursue an international expansion strategy and pursue potential bolt-on acquisitions.

The firm drew capital for the transaction from FII Tech Growth, a venture fund that held a €50m first close in September 2017. The vehicle typically makes investments of €5-15m in businesses in the technology, media and telecommunications space.

As part of the deal, former Eurotech vice-president Massimo Mauri will take a seat on the Seco board and adopt an operational role at the company.

Company
Founded in 1979 and headquartered in Arezzo, Seco designs and produces embedded electronics, including single-board computers, carrier boards and development kits. The business has additional operations in the US, Germany and Taiwan.

The business generated a turnover of around €50m in 2017, according to a statement, and has a headcount of 250. Its clients include Cimbali, Esaote, Technogym and Vimar. It also has partnerships with universities including the National University of Singapore, the Politecnico di Milano and University of San Diego, as well as technology businesses including Intel, Microsoft, Google and AMD.

People
Fondo Italiano d'Investimento – Carlo Mammola (CEO); Claudio Catania (senior partner).
Seco – Daniele Conti, Luciano Secciani (founders).

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• Topics
• Expansion
• Southern Europe
• Technology
• Italy
• Fondo Italiano di Investimento
• Venture