Cerved Information Solutions S.p.A. (“CIS”; MTA: CERV), parent holding company of the Cerved group, the leading player in Italy in credit information and credit management, has today completed – via its subsidiary Cerved Group S.p.A. (“Cerved Group”) – the acquisition of a 55% stake in Major 1 S.r.l. (“Major 1”).
Major 1 has been operating in Italy for the last 25 years in the development and sale of software for the management and monitoring of credit exposures, the last 12 years alongside Cerved which represents its largest client. In 2015 Major 1 reported revenues of Euro 1.7 million and an EBITDA of Euro 0.5 million.
For Cerved Group the transaction is in line with its strategic guidelines, aimed at executing bolt-on acquisitions in all sectors in which it operates, and extending and completing its product offering to clients in order to consolidate its leading market position.
Marco Nespolo, Chief Executive Officer of the Cerved Group, commented: “The acquisition enables Cerved to strengthen the technological know-how and value-added within the Business Information segment for corporate clients, also allowing it to on-board a successful team that will continue to manage Major 1 to ensure its successful integration into the Cerved group.”
The structure of the transaction envisages the residual 45% stake being held by the former shareholder Alberto Lamberti, who will continue to act as Chief Executive Officer of Major 1. The acquisition of the residual stake will be subject to a put & call mechanism exercisable following the approval of financial results in 2016, 2017 and 2018.
Source: CERVED Press Release