The augmented reality of Icona Technology is listed in Vienna, after the business combination the search company Errera
Technology spa icon, scaleup focused on augmented reality for remote assistance, will arrive tomorrow at Vienna Stock Exchange, on the Direct Market segment, in the direct list, with a capitalization of 28.2 million euros, corresponding to € 4.1 per share, after collecting € 2,225 million from investorsme, thanks to business combination with the company research Errera Technology srl (see here the press release).
Errera Technology srl is a vehicle halfway between the search fund and the Spac, in the sense that it is a company that has raised capital from a group of investors, to identify a target company in which to invest. Unlike Spac, however, it is not listed on any market. In particular, Errera was founded last May with the aim of investing in the tech sector and was promoted by Grafoventures (holding down Giandomenico Sica, with which he had also invested in Digital Magics before the hypo), together with DHH spa (a group listed on Piazza Affari since 2016, founded by Grafoventures and focused on cloud computing, for which this investment is the first in terms of corporate venture capital, see here the DHH press release), Luca Giacometti (serial founder of Spac, partner of Digital Magics), Massimo Grosso (venture capital investor,) e Stefano Miari (venture capital investor, Azimut partner, former Digital Magics partner). Errera raised € 2,225 million from 23 different investors. Fomarte supported the project as a consultant.
Errera Technology therefore conducted the business combination with Icon srl, an Italian Independent Software Vendor founded in 1996 by Giorgio Nepa, Paolo Rossi And Francesco Riglietti and vertically focused and specialized in remote assistance and customer support. After the business combination, Errera Technology srl was renamed to Icona Technology spa, which in turn owns 100% of Icona srl, with Icona’s entrepreneurs who have become the main shareholders of Icona Technology, collectively holding approximately 70% of the society.
You are explained in the presentation to investors, Icona’s objective is to use the capital raised thanks to the business combination (also giving in exchange listed Icona shares and also resorting to leverage), to acquire a company of similar size in order to give life to a new reality that by 2025 will reach 10 million euros in revenues and 3 million ebitda, that is almost double what it would be able to do alone. After that, the new group aims to go public at Euronext Growth.
Icona srl has developed three products: Acty, a remote video support tool supported by augmented reality; Livecare Support, remote desktop access software; and Deskoala, cloud CRM for support teams. The company recorded a turnover of 2.2 million euros in 2020 with a CAGR of 32% in the last 3 years and an ebitda of 383 thousand euros. The company has sold its products internationally to around 2,300 customers in 30 countries (among others: ABB, Amada, Iveco, Pensplan, Saudi Aramco Korea, Schneider Electric, United Nations) and has a business model based primarily on recurring revenues.
Giorgio Nepa, president and CEO of Icona Technology, commented: “The listing on the Vienna Stock Exchange is a source of great emotion and satisfaction for us. We started with a dream, to think of a company that would help companies improve their customer service through technologies such as augmented reality. Now that we have become a reality, thanks to the help and constant commitment of the entire company team, we have more ambitious goals, to grow and become an Italian excellence in the world. Technology, innovation and research characterize our proposal, but loyalty, heart and passion characterize our soul. We want to take this opportunity to create a story to tell in which everyone can be a protagonist and feel part of a global company that produces well-being and remains creative and successful over time. I hope and wish the whole team to enjoy this wonderful journey! ”.
Giandomenico Sica, managing partner of Grafoventures and former CEO of Errera Technology, added: “I met Giorgio, Paolo and Francesco for the first time in 2013, and since then I have started following the company with periodic updates and contacts. What has struck me in recent years is the resilience of the entrepreneurial team, combined with a unique ability to develop and sell forward-looking proprietary technology all over the world, which is not common, considering that 90% of ICT companies in Italy are system integrators and service-oriented businesses. We believe that Icona, which is already a local champion with an international perspective, has the potential to become one of the main players in Europe in the field of digital transformation for remote assistance. We are happy and very honored to have the opportunity to support the team and to work together with them to make this happen ”.
The pricing scheme used for Icona Technology is exactly the same as that used in the spring of last year for Creactives Group spa, scaleup that develops artificial intelligence technologies, listed on the Vienna Stock Exchange Direct Market segment, in direct listing, in May 2020, after the business combination with the search company Balaban Technologies spa (see here the press release of that time). Creactive Group had raised 2.3 million euros in capital increase from Balaban and had landed on the market with an initial capitalization of 33.94 million at a price of 3.11 euros per share. Balaban was founded in 2020 by the duo Giandomenico Sica and Massimo Grosso.