BREAKING NEWS – 03.08.2023

In a press release of August 1st, 2023, SolidWorld Group, a company head of the Group leader in digital technologies, 3D printing as well as additive manufacturing, announced the closing, as of the date of the release, of the acquisition of 100,0% of the share capital of Valore BF 3D Srl, a newly established company into which the technology business unit of BF Forniture Ufficio Srl, active in the marketing of SolidWorks 3D CAD software, developed by Dassault Systèmes SE and of which Solid World is a reseller in the country, was incorporated. The operation, with an economic value of about € 2.60 million, is particularly strategic for the company, as it will enable SolidWorld to acquire about 1,000 additional customers, increasing its market share and margins. In addition, the team of 12 employees that will become part of the Group will be able to guarantee a further capillarization of the commercial offer in terms of software, new licenses and services. As for the acquired business unit, it should be noted that as of June 30th, 2023, it generated revenues from the sale of new licenses, maintenance contracts and support services for € 1.90 million, with a margin of 13.7 %.  The structure of the operation, described in detail in the press release of July 27, 2023, involves the acquisition by SolidWorld of 100,0% of the share capital of NewCo (Valore BF 3D) into which BF Forniture Ufficio Srl has contributed the business unit concerned. Equipment and warehousing for service activities, as well as leases of physical space, have also been incorporated into Valore BF 3D. It should also be noted that Valore BF 3D will remain operational in the Gallarate (VA) office. The payment of the fee will be held as explained: a first tranche was paid on August 1st, 2023, in the amount of €1.40 million, €1.2 million of which was funded through a bridge loan arranged by Red Fish 4 Listing Srl with a maximum expected maturity of 60 days; the remaining part will be paid with cash within 60 days from the closing date of the operation. While waiting to evaluate the closing of the operation, we confirm our recommendation: target price € 9.15, rating BUY and risk MEDIUM.

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