Xenon-backed Impresoft bolts on Progel

Following the deal, Progel's founders will stay on with the business and reinvest in the combined group.

With this add-on, Impresoft plans to strengthen and expand its digital transformation offering and improve synergies between its different business units, while building a strong aggregation platform across the software and ICT industry.

Impresoft was established  in November 2019 with the merger of five companies: Impresoft, 4ward, Brainware, Gruppo Formula and Qualitas Informatica. Xenon backed the company with its €300m seventh fund. The vehicle deploys equity tickets in the €15-40m range in Italian mid-market companies generating revenues of €30-80m and EBITDA of €2-15m.

Following the bolt-on of Progel, the group expects to reach EBITDA of €13m from revenues of €65m in 2020. Headquartered in Milan, Impresoft specialises in enterprise resource planning, digital transformation, customer relationship management software, cloud-based data centres, corporate performance monitoring, digital transformation, digital workplace and business intelligence. The group serves 3,000 clients, employs 430 staff and has 19 offices.

Company
Founded in 1988 and based in Argelato, near Bologna, with an office in Reggio Emilia, Progel is a digital transformation specialist offering cloud infrastructure, user endpoint management, identity management, data protection and security, and processing automation.

The company employs 70 staff and generates EBITDA of around €2m from revenues of €10m.

People
Xenon Private Equity – Danilo Mangano (CEO); Franco Prestigiacomo (managing director).
Impresoft – Rossano Ziveri (CEO).
Progel – Alberto Trigari (CEO).

Advisers
Equity – LCA Studio Legale (legal).
Company – Studio La Croce (legal).

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