Pillarstone-backed Sirti buys Wellcomm Engineering

The deal was financed by Pillarstone Italy via a €12.5m capital increase. 

Wellcomm Engineering CEO Nino Marsanasco will retain the remaining 25% stake in the company and continue to lead the business, alongside Benedetto Di Salvo, Sirti's business unit digital solutions director, who will be appointed chair.

With this new add-on, Sirti intends to strengthen its product offering and consolidate its market position, primarily in the financial and industrial sectors. Sirti generated EBITDA of €34m from revenues €657m in 2018 and expects to reach a turnover of €700m in 2019 and €800m by 2022. The company employs 4,200 people across Europe and the Middle East.

Turnaround vehicle Pillarstone Italy acquired a controlling stake in Sirti in 2016 from Italian bank Banca Imi, part of the Intesa Sanpaolo group (which owned around 26.8% in the company), and  from other investors, including private equity firms Clessidra, 21 Investimenti and Emys Capital.

Company
Established in 1994 and based in Mazzo di Rho, near Milan, Wellcomm specialises in cybersecurity and systems integration. The company provides endpoint detection and response, behavioral attack detection, protection against advanced persistent threats, vulnerability management, source code analysis, network assessment, and inventory and application performance visibility. It generates revenues of around €25m.

People
Sirti – Roberto Loiola (CEO).
Wellcomm Engineering – Nino Marsanasco (CEO).

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