According to Vice President Emanuele Angelidis in an interview, the sectors under scrutiny are those “experiencing strong growth,” such as “private healthcare, logistics, banking, and insurance”
Solid organic growth of up to 10% annually in revenue and a robust M&A plan that calls for acquired revenue of between 45 and 60 million euros between 2026 and 2028. These are the foundations of the three-year plan, which should enable Sys-Dat to double in size (from approximately 90 million euros in revenue in 2025 to a pro forma range of between 164 and 179 million euros, including acquisitions) with the aim of consolidating its position in Italy. Emanuele Angelidis, vice president of the Sys-Dat Group’s ICT division—which develops proprietary software for vertical markets—explained this in an interview with Radiocor.
A focus on M&A opportunities has always been an integral part of Sys-Dat’s DNA. Founded in 1977, the company—now led by the Neuroni family—started in the fashion industry before expanding into various other sectors and continued its growth by acquiring other small, similar companies,” says Angelidis. It was precisely this desire to “accelerate” acquisitions, along with the desire “to test itself in the market transparently,” that led the group to list on the Milan Stock Exchange in 2024, specifically on the STAR segment of Euronext Milan. Today, two years after its IPO—which raised over 32 million euros—Sys-Dat has completed six M&A transactions totaling approximately 37 million euros in acquired revenue, of which about 7 million euros were generated in the first quarter of 2026.
This year, on the other hand, has gotten off to a good start with the acquisition of Et.ics and Technis Blu, “two companies that perfectly match the profiles we usually look for,” says the group’s vice president. The first, in fact, “will allow us to enter a new market where we currently have no presence”—namely, the market for on-site personnel management (companies with networks of maintenance technicians or strong sales networks). Technis Blu, on the other hand, will help “enhance our offering from a technological standpoint thanks to its solutions, which are aimed at high-end clients.”
Looking ahead, Sys-Dat has “a rich, high-quality pipeline,” Angelidis notes, given that “the companies we’re looking for are recognized leaders in their respective sectors.” “We don’t engage in restructuring,” the vice president clarifies, “but we want companies that are already performing quite well” and with which we can implement “a well-structured integration plan.” The sectors under consideration are those “experiencing strong growth,” such as“private healthcare, logistics, banking, and insurance”; as for target companies, they can “range from those with a few million in revenue to larger companies,” such as A&C Group, which was acquired last year.
In general, for the current three-year period, the targets call for acquisitions ranging from 45 to 60 million euros, including the approximately 7 million euros already incorporated in 2026. These targets are “consistent with our past experience,” says the vice president, “and for which the group has an investment plan ranging from 40 to 55 million euros.” “We already have a significant amount of liquidity—about 47.3 million euros at the end of the first quarter,” says Angelidis. “Clearly, over the course of the three-year period, we will also generate additional operating cash flow, which will then be used primarily for M&A.”
For the time being, from a geographic perspective, the focus for upcoming operations remains on Italy, where the group generates approximately 95% of its revenue. “Once we’ve built up a critical mass in terms of scale, we’ll be able to evaluate other opportunities,” explains the vice president. Any growth objective through external expansion, in fact, cannot be achieved without a significant strengthening of the workforce, which will also benefit from the boost provided by AI. “We began investing in this technology in 2021,” says the vice president, “and for us, it represents a twofold opportunity: on the one hand, for the solutions we offer the market; on the other, in terms of internal processes and tools.” For this reason, artificial intelligence appears to the group more as an opportunity than as a concern. On the other hand, Sys-Dat is not “a generalist player, but a specialist in its sector. Therefore, deep expertise in various vertical markets and close relationships with customers will be key differentiators for the future.” Furthermore, the group has always been innovation-oriented: “We conduct R&D to develop products and services,” and, in this sense, artificial intelligence can be an important ally in driving progress.
Where the situation is expected to remain stable, however, is in Sys-Dat’s shareholder structure, where the four individual shareholders are Chairman Vittorio Neuroni—who holds approximately 24.8% of the shares—CEO Matteo Neuroni (just over 15%), Marta Neuroni (just under 6%), and Emanuele Angelidis, who owns approximately 9.3%, for a total of about 55%. The remaining 45% of the shares are publicly held, and “this is a positive sign,” says the vice president, especially considering that “about 50% of the investors are international.” In addition to the U.S.-based Barca Capital and Alkemia Capital Partners (holding 8% and 7.5%, respectively, as of the date of the last shareholders’ meeting), there are shareholders from Spain, France, Switzerland, the United Kingdom, Germany, and the Scandinavian countries. “This is a sign of strong confidence and interest from abroad.”
Source: Il Sole 24 Ore
Share