BREAKING NEWS

On May 2, 2025, Siav S.p.A. Società Benefit, a leading Italian company in the Content Service Platform sector (according to Gartner’s classification) and listed on Euronext Growth Milan (EGM), announced the establishment of Siav Connect FZE, a newly incorporated wholly-owned subsidiary based in Dubai. This initiative is part of the Group’s international expansion strategy, launched following the completion of Connect, the new cloud-native software platform developed by Siav, which represents a significant technological advantage for the Group. With a share capital of AED 0.3 million (approximately € 0.08 million), Siav Connect will serve as the Group’s operational hub for business development in the Middle East and Africa (MEA) markets. The company will handle business development, software deployment, delivery, and post-sales support for the Connect platform locally. The company appointed Dr. Massimiliano Botta as General Manager. Dr. Botta, currently Head of Partners and Alliances at Siav, is a highly experienced professional with an extensive international background gained at leading companies. Initially, Siav Connect will work closely with Mindware FZ LLC, a well-established and leading IT distributor in the Middle East and Siav’s exclusive partner for marketing the Connect platform in the MEA region since July 2024. The new company will immediately benefit from a team of five highly qualified professionals, coordinated by Dr. Botta. On May 5, 2025, Siav announced the signing of a binding agreement for the sale of a 51.0% stake in the share capital of Mitric Srl, indirectly held through the Swiss subsidiary Mitric SA, to Archiva Srl. Archiva is a company specialized in document digitalization and process automation and is controlled by the private equity fund Progressio Investimenti IV, managed by Progressio SGR S.p.A. Mitric is an Italian software house specializing in the development of mobile-oriented solutions for the B2B sector, focusing on business process efficiency. Since 2014, it has operated as an Independent Software Vendor (ISV) in the mobile app market, offering both SaaS and on-premise solutions. Its main products include: Checker (for quality control and audit management); Solve’ngo (for incident reporting and corrective actions); RMAhero (for reverse logistics and returns management); AccrediQ (for supplier qualification and management). As of December 31, 2024, Mitric recorded revenues of € 1.23 million, EBITDA of € 0.26 million, and a positive net cash position of approximately € 0.20 million. The book value of the stake sold amounted to € 0.79 million as of the same date. The transaction is part of a broader corporate reorganization plan aimed at strengthening the development of Siav’s core business and supporting the Group’s external growth strategy. To this end, Mitric SA, a Swiss holding company controlled 51.0% by Siav since the end of 2021 and holding 100.0% of Mitric Srl, underwent a proportional demerger in favor of the newly established Mitric 2 SA. Following the demerger and the subsequent share exchange, Siav acquired full control of Mitric SA, which will now enter voluntary liquidation due to the absence of any further operational or strategic roles. This reorganization allows Mitric Srl’s founding shareholders to remain involved in the industrial project through their participation in the newly established Mitric 2 SA, which now holds 49.0% of Mitric Srl’s share capital. The sale of the 51.0% stake in Mitric Srl to Archiva Group will be completed by May 31, 2025, for a total consideration of € 1.05 million, based on an enterprise value of € 2.00 million, calculated on a debt and cash free basis and according to standard valuation criteria applied to comparable transactions in the sector. The payment will be made entirely in cash at closing. Overall, these transactions are part of a broader growth strategy defined by the management and already initiated in 2024. The strategy focuses on enhancing high-margin and recurring business lines, investing in Connect, and securing a strong presence in international high-potential markets. Based on the information disclosed, we confirm our recommendation: target price € 6.30, BUY rating, Medium risk.

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