TA-backed List acquires IT Software

Following this add-on, List plans to broaden its portfolio of products, enhance its market presence and further expand outside Italy. The combined group expects to exceed revenues of €67m and reach EBITDA of around €25m in 2019.

Headquartered in Pisa, List specialises in helping companies manage the increasing operational complexity of electronic trading, compliance and risk management. It has subsidiaries in Europe, North America and Asia, and claims to serve more than 150 customers in 25 countries worldwide.

TA acquired a stake in List in January 2019 via its TA Fund XII, which held a final close on $5.3bn in June 2015, exceeding its original target of $4bn. The vehicle invests in mid-market companies across a range of geographies and sectors, including business services, financial services, consumer, healthcare and technology. Following the deal, TA managing directors Morgan Seigler and Naveen Wadhera, and vice-president Stefan Dandl joined the company's board.

Company
Established in 1993, IT Software develops software for risk management and surveillance, market data distribution and trading. Its flagship products are EasyTrade and Janus, which are adopted by investment banks, brokers and stock traders in 10 countries worldwide.

IT Software is headquartered in Milan, has two subsidiaries – The Technancial Company and Exocet – as well as support and sales teams located in London, Hong Kong, Chicago and Singapore. It generated revenues of around €6m in 2018.

People
List – Alvise Insalaco (CEO).
IT Software – Roberto Grande (president).

Advisers
Acquirer – Fineurop Soditc (corporate finance); KPMG (financial due diligence); Latham & Watkins (legal). 
Vendor – Cartella & Manzoni (legal); Pirola Pennuto Zei & Associati (tax).

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