Icona Technology SpA: Icona Technology SpA announces the acquisition of EXPLAN - ISV focused on the digitalization of maintenance

Cinisello Balsamo (MI) (pta024/19.07.2023/14:30 UTC+2)

Cinisello Balsamo, July 19, 2023. Icona Technology S.p.A. ("Icona Technology") (ISIN IT0005465528 – ticker: CARE), an international scale-up focused on the after-sales digital transformation, announces to have completed today the acquisition of 80% of EXPLAN Consulting Srl ("EXPLAN").

Founded in 1999 and headquartered in Bollate (Milan), EXPLAN Consulting Srl is an independent software vendor (ISV) focused on the digitalization of maintenance, thanks to its flagship product Plangei. Plangei counts 40 customers, with a 20% growth in the customer base in the last year. EXPLAN notable customers include Azimut Benetti, Eletecno, Giva Group, Generali, Italgas, RCS, Venchi, Virgin Active.

In the last year (2022), EXPLAN grew by 20%, recording a turnover of 1,1M EUR (vs 933k EUR in 2021), an EBITDA of 140k EUR (vs 64k EUR in 2021), and a Net Profit of 55k EUR (vs 9k EUR in 2021). The Net Debt is 214k EUR, mostly due to the mortgage related to the office acquisition.
The company is cashflow positive, with a cash conversion rate (EBITDA/OpCash) of ca. 85%.

Today Icona Technology completed the first step of the transaction, the purchase of 80% of the share capital of EXPLAN from Alessandro Villani and Francesco Soatin, owners each of 50% of the share capital, and signed a shareholders' agreement through which it acquired the option right to purchase an additional 20% of the share capital within 90 days from the approval of the financial statements for the year 2025. The total value of the transaction for the acquisition of 100% of the share capital is 1,5M EUR, of which 1,2M EUR paid in cash at closing and 300k EUR to be paid in shares of Icona Technology at the completion of the second step of the operation.
Both Alessandro Villani and Francesco Soatin will remain as executive directors of EXPLAN after the acquisition and will join the management team of Icona Technology.

Giorgio Nepa, President of Icona Technology, comments: "We are very happy with this deal, which represents an important milestone in our entrepreneurial project, in line with the direction shared during our listing on the Vienna Stock Exchange. Together with EXPLAN, we aim to build a relevant player in the emerging field of the digitalization of after-sales processes. In Icona, we historically addressed the digital transformation of customer care and assistance departments. Today, with EXPLAN, we add the component and the expertise related to maintenance, thus becoming a full-stack player in the digitalization of the after-sales processes in the Manufacturing Industry and HoReCa markets. In this context, it's important to highlight that before the acquisition, we already tested on the market with success some significant common sales initiatives, thus creating a good ground for future synergies. Last but not least, a warm welcome to Alessandro, Francesco and their team. We are looking forward to the amazing journey we can build together."

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Emitter:	Icona Technology SpA Viale Brianza 20 20092 Cinisello Balsamo (MI) Italy
Contact Person:	Giorgio Nepa
Phone:	+39 02 6111981
E-Mail:	investor.relations@iconatech.com
Website:	www.iconatech.com
ISIN(s):	IT0005465528 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Vienna MTF)