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Piteco acquires 56% of Myrios

MILANO (AIMnews.it) - Piteco has signed a binding offer for the acquisition of 56% of Myrios srl, a company active in the design and implementation of high value software solutions dedicated to the Financial- Banking industry. The company has developed Myrios FM, which is software that supports complex processes and calculations in the Finance and Risk Management areas of industrial and service companies and banks. Founded in Turin in 2010 by Marco Pecetto with 4 other partners, the company presents a very interesting growth trend and generates important margins. In 2017, the value of production amounted to 2.8 million euro, + 27% compared to 2016, with an Ebitda of 1.5 million euros (+ 58% in 2016) and a net profit of 1.1 million euros (+ 68% year on year). The Net Financial Position in 31 December 2017 was positive and equal to 0.5 million euros (0.2 million euros in 31 December 2016). The business model, based on the license of the 'user fee' software and on consultancy for methodology and function, guarantees high visibility of revenues due to the already acquired customer portfolio. "The acquisition of Myrios - states Paolo Virenti, CEO of Piteco - gives a highly strategic value for the competitive strengthening of the Piteco Group. Since its establishment we have started a business relationship that has led us over the years to distribute an integrated solution to large Italian companies, Piteco - Myrios, which fully covers the functional processes in the finance and risk management areas. The objective now is to exploit synergies and propose the innovative Myrios FM solution on the corporate market by using the commercial network of the parent company Piteco SpA and on the banking market both through Myrios and through the American subsidiary Juniper."