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Tinexta enters the Cybersecurity market, creating a new hub of digital identity services and digital security

On October 12th 2020 the Tinexta Group announced the creation of a new national cybersecurity player that will assist private and public customers in digital transformation processes with the best technologies and most advanced protocols for digital security and digital identity.

The creation of this new player is made possible by three important acquisitions in Italy:

  • the Projects & Solutions/R&D Division of Corvallis, one of the most important solution providers in Italy;
  • Yoroi, a leading group specialized in cybersecurity;
  • Swascan, an innovative company with a security testing platform for small and medium-sized enterprises.

The three businesses will form the operational core of Tinexta’s new Cybersecurity business unit (BU), with expertise, highly specialized resources and advanced technologies to capture the growing opportunities in the rapidly expanding digital market.

The new BU will be endowed with the significant critical mass necessary to manage complex projects for large financial operators and companies, along with solutions for small and medium-sized enterprises. Tinexta thus significantly expands its offer of digital services and technologies creating a protagonist of national and international stature capable of, together with those of the Digital Trust Business Unit, offering unique solutions on the European landscape.

The Cybersecurity BU is entrusted to Marco Comastri, already head of Tinexta’s Sales& Marketing and Strategic Development Function, who has a long experience in the IT sector and will benefit from the close cooperation of the management of the acquired companies.

Tinexta’s consideration for the purchase of the majority shares of the three assets amounts to €47.8 million. The closing of the acquisitions is expected in early 2021, with the exception of the acquisition of the majority of Swascan, which should be finalised in 2020. The minority shares in the capital of the three companies can be acquired by Tinexta in 2024, based on specific put/call option rights.

The new Cybersecurity BU recorded in 2019, on a pro forma basis, revenues of approximately €61 million and an EBITDA of about €7 million. Its consolidation should therefore increase the Group’s revenues by more than 20% and EBITDA by almost 10%.

Chairman Enrico Salza commented: “What we are announcing today is the most important operation carried out by our Group since its founding. Thanks to these acquisitions, Tinexta’s grows considerably in dimensions, reaching 2000 employees, and enters a new area of business, cybersecurity, with expertise and technologies that will allow it to play a leading role in the market.”

CEO Pier Andrea Chevallard declared: ” At a time of great general uncertainty, Tinexta decides, with a clear strategy, to double its exposure in the digital sector, creating alongside its BU Digital Trust the new Cybersecurity BU, thus bringing the Group’s turnover related to digital activities to weigh about 55% of the total. I am confident that the growth strategy pursued, which will also leverage our leadership position in digital trust, will generate further value for our Shareholders through the rapid integration of the acquired businesses and the overall increased exposure to a strong growth market.”The “newco” that will include the Projects and Solutions division e the R&D Division of Corvallis S.p.A., which will be based in Padua, will continue to operate in the market under the Corvallis brand and will manage a sizeable customer base. The newco is one of the leading suppliers of high-value-added digital solutions in Italy to offer cybersecurity design solutions to large customers.

Yoroi S.r.l., which will incorporate Cybaze S.p.A. and S.r.l., is a reality capable of providing state-of-the-art solutions to companies and organizations that need to contain and manage all levels of cyber risk, in order to prevent or reduce the damage potentially resulting from a cyber-attack. The group also carries out an intense research and development activity, collaborating with the University of Bologna, the University of Rome La Sapienza and the University of Sannio.

Swascan S.r.l., based in Milan, is an innovative Italian Cybersecurity company that owns the Security Testing Cloud platform of the same name and a recognized Cyber Competence Center. The combination of the “SaaS ready to use” platform and vertical and highly specialized skills make it a reference point for SMEs for cybersecurity and legislative compliance needs.