MILANO ( – Circle, an innovative SME founded in 2012 and listed on the AIM Italia market from October 26th, 2018 at an IPO price of € 2.40, is a management consulting firm with distinctive vertical expertise in the port sector and of intermodal logistics, specialising in the development of automation solutions and for the digitalisation of the supply chain. In November 2017, Circle acquired 51% of Info.Era, a software house with twenty years experience in the world of maritime and shipping. The operation has guaranteed the strengthening of software products, and which complements what both companies are targeting, respectively, to the intermodal logistics sector (Milos® of Circle), and in diverse Mediterranean ports, inland terminals and port terminals (Sinfomar® of info.era, Port Community System of the Port of Trieste). Circle has three business units: Innovative & Smart Supply Chain, Connecting EU and Specialised Digital Multichannel Marketing. The group closed 2017 (pro-forma figures) with a production value of 4.1 million euros (+ 74% vs. 2016), EBITDA margin of 24%, group net income of 0.5 million and net cash of about 1 million. In the first half of 2018 Circle reported consolidated revenues of 2.4 million, EBITDA margin of 26.5%, Group net profit of 0.3 million and net cash of 0.9 million. According to IRTop Research estimates, Circle should close 2018 with consolidated revenues of 5.0 million euros, EBITDA of 1.3 million (EBITDA margin of 26%), a group net profit of 0.7 million and a net cash increase of 3.1 million. The stock, which capitalises around 8 million euros, has a multiple EV/EBITDA 2018 of 3.7x compared to a median value of 11.5x of the Small & Mid Cap peers and of 7.2x of the AIM Italia peers considered.