Apax, NB-backed Engineering buys Digitelematica

Alessia Argentieri
22 October 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Engineering Ingegneria Informatica, an Italian software developer backed by Apax Partners and NB Renaissance, has acquired an 80% stake in software provider Digitelematica.

With this acquisition, Engineering expects to strengthen its digital retail and fashion unit, and expand its product and technology offering while expanding into new markets.

As part of the deal, Maurizio Pecori, head of industry and services market at Engineering, will be appointed president of Digitelematica board.

Engineering was listed on the FTSE segment of the Italian stock exchange in 2000. One Equity Partners acquired a 29.9% stake in the business for €116.6m from the management team in June 2013.

NB and Apax bought a 37% stake in the company in February 2016 at €66 per share, representing an 18.1% premium at the time. Subsequently, the GPs acquired an additional 8% stake for €68m from existing shareholder Bestinver in April 2016 and then bought One Equity's 29.9% stake, reaching a 75% ownership.

More recently, NB and Apax acquired a 24% stake in the business for €175.3m, gaining control of 99% of its shares. Subsequently, they bought the remaining shares and delisted the company.

Following the take-private, Apax and NB controlled an 88% stake, while the founding Cinaglia family held the remainder.

Engineering provides software and IT services, including business integration, outsourcing and consulting. The company employs 11,000 staff across 65 offices located in Italy, Belgium, Germany, Norway, Serbia, Spain, Sweden, Latin America and the US, and generated EBITDA of around €150m from revenues of €1.2bn in 2018. It is valued at around €1.5bn.

Company
Established in 2004 and based in Lomazzo, near Como, Digitelematica is an e-commerce software provider for the retail sector. Its client base includes several Italian retail and supermarket chains such as Alì, Basko, Iper Montebello, Gruppo Finiper, Gruppo Poli, Iperal and Tigros.

People
Engineering Ingegneria Informatica – Paolo Pandozy (CEO).
Digitelematica – Federico Dell'Acqua (CEO).