M&A advisory services in Italy
Italy is generating a growing pipeline of technology M&A, with Milan-founded companies in fintech, SaaS and consumer tech attracting PE houses and strategic acquirers from the US, UK and Northern Europe.
Bending Spoons' serial acquisition strategy and the exits emerging from the Satispay and Scalapay orbit have raised the profile of Italian tech, with Translated and Casavo among the next cohort drawing acquirer interest.
We advise both bootstrapped and venture-backed Italian companies through lean, end-to-end sale processes - bringing a strong network of PE and strategic acquirers, running KPI-driven preparation and managing each process to deliver the best outcome for founders and shareholders.
UK
Ireland
France
Germany
Spain
PortugalItaly
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
Norway
Finland
Iceland
Poland
Czech Republic
Slovakia
Hungary
Romania
Greece
Croatia
Estonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South Africa
Nigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand62
Italy tech M&A deals in the last 12 months
$56M
Italy median tech M&A valuation
1.6x
Italy median tech M&A revenue multiple
$1.8B
Italy biggest tech acquisition in the last 12 months
Selling your tech company in Italy
Italian M&A follows European mid-market conventions with country-specific overlays around the Golden Power regime, notarised closings and the participation exemption (PEX) for corporate sellers.
Completion accounts more common
Italian private M&A typically uses completion accounts with detailed working-capital adjustment mechanics. Locked-box is growing in PE-led and tech transactions but is not yet the default. Choice driven by sector convention and process design.
W&I insurance is increasingly common
Warranty & indemnity insurance is now standard in Italian deals above roughly €25M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
Golden Power review
Italy's Golden Power regime requires pre-completion notification for investments giving control of Italian companies in strategic sectors - defence, dual-use, energy, telecoms, AI, financial infrastructure. The regime has been expanding and now catches many tech deals at the AI / critical-infrastructure boundary.
Capital gains for founders
Italian individuals are taxed on share disposal gains at 26% (capital income flat tax). Specific structures and the substantial-participation rules can shape the bill - worth planning 12+ months ahead of a sale. Reinvestment relief available in limited circumstances.
PEX participation exemption
Sales of subsidiary shares by an Italian corporate seller are 95% exempt from corporate income tax under the Italian PEX (Participation Exemption) regime - requires 12-month holding, qualifying classification of the investment, and the target conducting an active trade. Often drives whether a transaction is share or asset-structured.
Merger control and notarised closings
AGCM (Autorità Garante della Concorrenza e del Mercato) reviews transactions where parties' combined Italian turnover exceeds €567M and at least one party has €35M+ Italian turnover. Most tech deals don't trigger. All Italian SRL/SpA share transfers require notarisation - a recurring closing-day cost.
Recently acquired tech companies in Italy
Biggest M&A recently in Italy was a $1.8B acquisition of Iveco Defence Vehicles by Leonardo in July 2025.
See all M&A deals in Italy| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | Iveco Defence Vehicles | | Iveco Defence Vehicles is a Bolzano-headquartered brand of Iveco Group specializing in military vehicles. The company produces logistic trucks, protected mobility vehicles, and armoured platforms like the SuperAV amphibious vehicle and Trakker tactical trucks. Manufactured at its 170,000-square-meter Italian facility, IDV supplies forces in over 30 countries, including the Italian Army and NATO allies. Established in 1970, it adapts commercial IVECO trucks for defence with ballistic protection and C4ISR integrations. | Leonardo | $1.8B | - | |
Dec-25 | Fortidia | | Fortidia is a Milan-headquartered global commerce platform enabling e-commerce, fulfillment, and shipping for SMBs via networks like PrestaShop and Mail Boxes Etc. Operating 2,900 service centers in 53 countries, the company supports brands including PostNet and PACK & SEND. Fortidia processes orders through its open-source e-commerce software, serving over one million business customers annually. | BC Partners | $1.7B | 1.1x | |
Dec-25 | P | PagoPA | | PagoPA is a Rome-based public company operating Italy's national digital payments platform, enabling seamless transactions for public administration services, citizens, and businesses through integrated payment systems and open infrastructure. | Istituto Poligrafico e Zecca dello StatoPoste Italiane | $1.1B | 8.3x |
Oct-25 | Digital Value | | Digital Value SpA is one of the main IT solutions and systems integrator of Italian market. Its service range from activities of design, development and sale of IT solutions and services for the digitalisation of large account clients operating in various industrial sectors such as telecommunications, transport, utilities, finance, public administration and others. | One Equity Partners | $549M | 0.6x | |
Jan-26 | MSA Mizar | | MSA Mizar is a provider of technology platforms and business process outsourcing for insurance claims management across Europe. The firm serves traditional insurers and digital natives with operational consulting, claims handling software, and end-to-end BPO services. Headquartered in Italy, MSA Mizar partners with Columna Capital to fuel pan-European expansion. Its solutions emphasize transparent communication protocols to foster client trust in handling complex claims from motor to property lines. | TowerBrook Capital Partners | $470M | - | |
Jun-25 | SIFI | | SIFI S.p.A. develops ophthalmic pharmaceuticals, diagnostic tools, and surgical devices treating conditions like glaucoma, dry eye, and retinal disorders. Its portfolio includes anti-VEGF injections, viscoelastic solutions, and intraocular lenses for cataract surgery. Lavinio-headquartered near Rome, Italy, SIFI exports to over 80 countries with manufacturing in Europe and Asia. Founded in 1933, the company acquired CIBAVISION's Italian unit and partners with Bausch + Lomb for global distribution. | Faes Farma | $292M | 2.7x | |
Mar-26 | GEDI Gruppo Editoriale | | GEDI Gruppo Editoriale is Italy's largest digital media company and a key national news publisher. It owns newspapers including La Repubblica and La Stampa, reaching millions with news coverage. Expansion includes digital audio through OnePodcast, social media optimization via Stardust, and advertising sales by A. Manzoni & C. Spa. | Antenna Group | $153M | 0.6x | |
Dec-25 | Studio Ripamonti | | Studio Ripamonti delivers payroll processing, HR management, and employment consulting in Italy. It supports businesses with compliant workforce administration and advisory services. | TMF Group | $103M | - | |
Apr-26 | CareHub | | CareHub is a healthcare technology provider that delivers customized preventive and care services through advanced technology. | The Equity Club | $58M | - | |
Dec-25 | Edilportale.com | | Edilportale.com serves as Italy's premier online portal for construction professionals. The platform delivers news, product catalogs, BIM resources, regulations, and project showcases, alongside sister sites like Archiproducts. | Arnoldo Mondadori Editore | $55M | 1.9x | |
Sep-25 | Citieffe s.r.l. | | Citieffe s.r.l. is a Bologna-based medical device manufacturer specializing in orthopedic implants and fixation systems. The company develops and sells intramedullary nails for trochanteric fractures, external fixators for bone reconstruction, and patented devices for trauma and deformity correction. Acquired by Integra LifeSciences in 2016, Citieffe distributes its products globally through partnerships in Europe, Asia, and the Americas. | Poly Medicure B.V. | $36M | 1.8x | |
Sep-25 | Panini | | Panini supplies check scanners and payment processing hardware for teller capture, remote deposit, and remittance in the financial sector. Rochester-based since 1985, its products read MICR codes at 200 checks per minute with 99.9% accuracy. Panini partners with FIS and Jack Henry, selling through 500 resellers worldwide. It supports 10,000 banks in the US and Europe. | Matica Fintec | $28M | - | |
Feb-26 | Fantacalcio | | Fantacalcio is an Italian online platform delivering football statistics, player ratings, match reports, and fantasy league tools for Serie A and other leagues. | Lega Serie A | $21M | 2.0x | |
Apr-26 | Valyrian Enterprise Solutions | | Valyrian Enterprise Solutions delivers end-to-end Salesforce services managing sales, service, and marketing applications. Valyrian Enterprise Solutions handles software assessment, project management, functional analysis, testing, training, change management, and maintenance. | Lutech | $15M | - | |
Oct-25 | Orbit | | Orbit is a software platform integrating risk, compliance, and business continuity management with resource mapping and workflows. The UK-based tool automates incident response, audits, and scenario planning for enterprises. Orbit connects organizational assets to regulatory requirements, supporting ISO 22301 standards. | Nuburu Defense | $13M | 3.9x |
Who is buying tech companies in Italy?
Accenture, All Things Mobile and Txt E Solutions are the most active acquirers in Italy.
See all acquirers in Italy| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Accenture | | Accenture is a leading IT services firm that provides consulting, system integration, and business process outsourcing to enterprises around the world. Customers of Accenture come from a variety of sectors, including communications, media and technology, financial services, health and public services, consumer products, and resources. Accenture is the world's largest professional services company by headcount with around 800,000 employees in over 120 countries. | Cabel IndustryIQT ConsultingFibermind+2 | 5 | |
All Things Mobile | | All Things Mobile Analytic Inc is a technology firm. It has launched the PayToGo app, which operates in Brazil and helps consumers and businesses to manage their finances and process payments. The application is also currently in the final testing phase and is expected to launch near term in Peru, Argentina, Spain, and the United Kingdom. | NS12Alfa XXIPraesidiumnet+1 | 4 | |
Txt E Solutions | | - | WebgenesysFocus PLM Srlimille+1 | 4 | |
Apax Partners | | Apax Partners is a leading private equity firm dedicated to long-term investments in growth-stage companies across tech, services, healthcare, and consumer markets. Managing over $70 billion in assets, it has offices in London, New York, Munich, Tel Aviv, Stockholm, and Shanghai, with notable exits including Iron Mountain and Sedgwick. | Cabel IndustryQuid InformaticaFinwave+2 | 4 | |
Carol | | - | MindworkWelfood | 2 | |
Leonardo | | Leonardo is one of the largest European defense firms, with 30% of its shares owned by the Italian government. The group’s divisions include helicopters; defense, electronics, and security systems; and aeronautics. The helicopter division serves both military and civil markets through AgustaWestland. DES has access to the US defense market through the DRS subsidiary. The aeronautics division cooperates in international programs, such as Eurofighter Typhoon, F-35, and the new Tempest, and supplies aerostructures to large commercial aircraft programs. | Iveco Defence VehiclesGEM elettronicaAxiomatics | 2 | |
Namirial | | Namirial is an Ancona, Italy-headquartered provider of qualified trust services including electronic signatures, certified email, digital identity verification, and document management. The multinational firm ensures eIDAS compliance for businesses, public administrations, and individuals across Europe. | Future Technology LeadUnimaticaDigital Technologies | 2 | |
Arnoldo Mondadori Editore | | Arnoldo Mondadori Editore S.p.A., known as Mondadori Group, is Milan's largest book publisher and multimedia company in Italy. It releases trade titles, textbooks, children's books, and magazines like Grazia, Chi, and Panorama while operating over 600 Mondadori Store and Rizzoli bookstores. Divisions cover trade publishing, educational services, retail, and digital platforms compatible with Android and iOS devices. | Edilportale.comWaimeaHej! | 2 | |
One Equity Partners | | - | Digital ValueComauBozzetto Group+1 | 2 | |
Richemont | | Richemont is a luxury goods conglomerate with 20 brands. Jewelry and watch brands make up 87% of sales, but the group is also active in accessories, writing instruments, clothing, and online luxury retail. Richemont’s Jewellery Maisons, including Cartier and Van Cleef & Arpels, account for over 70% of revenue and the vast majority of profits. Its other brands include Vacheron Constantin, Piaget, Jaeger-LeCoultre, IWC Schaffhausen, Lange & Soehne, Officine Panerai, Chloe, and Montblanc. | VhernierGianvito RossiDelvaux | 2 |
Public tech companies in Italy
Leonardo is Italy's largest publicly listed tech company, with a market cap of $35B.
See all public companies in Italy| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Leonardo | Leonardo is one of the largest European defense firms, with 30% of its shares owned by the Italian government. The group’s divisions include helicopters; defense, electronics, and security systems; and aeronautics. The helicopter division serves both military and civil markets through AgustaWestland. DES has access to the US defense market through the DRS subsidiary. The aeronautics division cooperates in international programs, such as Eurofighter Typhoon, F-35, and the new Tempest, and supplies aerostructures to large commercial aircraft programs. | $60.64 | -3.1% | $35B | $34B | 1.4x | ||
Technoprobe | Technoprobe SpA operates in the production of electronic circuits and mechanical interfaces for electrical contacting of hybrid circuits and semiconductor devices, and it specializes in the design, development, and production of probe cards used to test the operation of chips. The company operates in Asia, America, Europe, and Italy and derives a majority of its revenue from Asia. | $34.16 | +330.5% | $22B | $21B | 24x | ||
INWIT | Inwit is an Italian wireless tower company born from the spinoff of Telecom Italia’s tower assets in 2015. In 2020, Inwit merged its tower assets with those of Vodafone Italia, creating a tower leader in the Italian market with a high-quality portfolio derived from the networks created by Telecom Italia and Vodafone over the past two decades. Inwit owns 25,000 towers, having the highest tenancy ratio and EBITDA margin among the European tower firms. Cellnex is Inwit’s main competitor in Italy, owning a similar number of towers. | $7.95 | -33.3% | $7.2B | $13B | 10x | ||
Lottomatica Group | Lottomatica Group SpA is an operator on the gaming market authorized by the Customs and Monopolies Agency. The group operates in various sectors namely Online (sports betting and online games); Betting (sports bets and games on a physical network); Gaming (AWP and VLT entertainment machines, direct management of gaming halls and proprietary AWPs) and d VLT (video lottery terminals) entertainment device networks and management of owned gaming halls and AWPs (Gaming Franchise). | $29.71 | +11.2% | $7.0B | $9.2B | 3.4x | ||
TaTaTu | TaTaTu Enterprises is a video-on-demand platform rewarding users with tokens for watching movies, sports, music, and gaming content. | - | - | $5.3B | $5.3B | - | ||
Fincantieri | Fincantieri is one of the world’s largest shipbuilding groups, operating across the defense, commercial, and specialized maritime sectors. The company designs and builds a wide range of vessels, including cruise ships, naval combatants, submarines, and offshore and specialized ships. It also provides lifecycle support and system integration services. Fincantieri is organized into four main divisions—shipbuilding; equipment, systems, and infrastructure; offshore and specialized vessels; and underwater systems—covering the full spectrum of defense and commercial shipbuilding. | $13.44 | -25.8% | $4.8B | $6.9B | 0.6x | ||
Technogym | Technogym SpA is a fitness equipment manufacturer. The company offers integrated solutions for personal wellness consisting of equipment, services, and digital solutions that can be personalized and adapted to specific needs of end users and professional operators. The company offers a range of wellness, physical exercise, and rehabilitation solutions to the segments of the fitness equipment market and the overall wellness industry. Its geographical segments are Europe (except Italy), APAC, Americas, MEIA, and Italy. | $24.11 | +75.1% | $4.8B | $4.6B | 3.8x | ||
Nexi | Nexi is a payment services provider offering merchant acquiring, card issuing, and digital banking services across Europe. Nexi’s services cover the entire payment chain excluding the card scheme. It offers its acquiring and issuing services either in partnerships with banks, providing point-of-sale terminals, processing, or issuing services on their behalf or directly to merchants. | $3.97 | -35.0% | $4.7B | $5.7B | 1.4x | ||
Reply | Reply SpA specialises in consulting, digital services, and the integration of processes, applications, and devices. Reply serves clients in the telecommunication and media, banking, insurance, financial, industry and services, energy and utilities, and public administration industries. The company provides its services mainly through platforms such as X-Rais Reply, Discovery Reply, Brick Reply, TamTamy, and SideUp Reply. Reply researches, selects, and markets solutions through channels such as data analysis, digital communication, e-commerce, mobile, and social media. Its business segments are defined based on geographical areas of operation and include Region 1 (including Italy, USA, Brazil, Poland, Romania, and Nanjing), which derives key revenue, Region 2, Region 3, and IoT Incubator. | $120.32 | -29.8% | $4.5B | $3.7B | 1.3x | ||
Carel Industries | Carel Industries SpA manufactures control systems and humidification for air conditioning and refrigeration. The group provides control solutions for the commercial, industrial, and residential air-conditioning and refrigeration (HVAC/R) markets. Its geographical segments are Europe, the Middle East and Africa, North America, South America, and APAC. The company's industrial applications for the air-conditioning sector are designed for data centers. Its products include programmable controls, room terminals, Isothermal Humidifiers, Sensors and protection devices, Sensors and protection devices, and others. It derives maximum revenue from Europe, the Middle East, and Africa segment. | $38.01 | +59.1% | $4.3B | $4.3B | 5.6x | ||
Amplifon | Amplifon SpA provides customizable hearing solutions and services through a distribution network of network affiliates, corporate shops, franchises, and shop-in-shops. The company operates in three segments based on geography: the Americas; Europe, the Middle East, and Africa; and Asia-Pacific. It generates the majority of its revenue in the EMEA region. It operates under a variety of brands in these regions, including Amplifon, Beter Horen, Maxtone, and Miracle-Ear. | $12.34 | -47.1% | $2.7B | $4.4B | 1.6x | ||
Sesa | Sesa SpA and its subsidiaries are in the business of the distribution of value-added IT solutions and products. The firm functions through the Business Services Sector, Value Added Distribution, Corporate Sector, and the Software and System Integration segment. The activities of these segments include the distribution of software and hardware technologies, the supply of IT services and solutions, administrative and financial services, organization, planning, and control, management of information technologies, human resources, general, corporate, and legal affairs, activities related to logistics services and cloud computing. | $103.47 | +9.6% | $1.6B | $1.5B | 0.3x | ||
El.En. Group | El.En. SpA is engaged in the research and development, manufacturing, distribution, and sales of laser systems. The company operates in two divisions: medical and industrial. In the medical division, the application of laser is used as a healing treatment for aesthetic, surgical, physiotherapy and dental. Industrial division develops solutions for laser material processing applications through cutting, marking, laser sources and restoration. The company generates the majority of its revenue from the medical division. Geographically, it derives maximum revenue from the Rest of the World. | $17.15 | +38.4% | $1.4B | $1.2B | 1.7x | ||
Playtech | Playtech PLC specializes in gambling software for various online gambling networks that include online casinos, online bingo, mobile gaming, and online sports betting. The company's open platform software allows customers to build and market casino games that include blackjack, baccarat, slots, and roulette. The company's business segments are gaming B2B and B2C - Snaitech, B2C - Sun Bingo and Other B2C, and B2C - HAPPYBET. The company generates majority of its revenue from B2B segment. It generates majority of revenue from Italy. | $4.90 | +15.6% | $1.4B | $1.3B | 1.4x | ||
Moltiply Group | Moltiply Group SpA will be operating in two separate and independent business segments, through specialized Divisions, each composed of several dedicated subsidiaries: The Moltiply Division and The Mavriq Division. The Moltiply Division one of the main Italian players in the provision of complex BPO and IT services for the financial sector. The Mavriq Division is one of the main international players in the provision of online comparison and intermediation services, with businesses in Italy, Spain, France, and Mexico. | $36.27 | -35.9% | $1.4B | $1.8B | 2.2x |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Italy and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Italy.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO in Italy
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising in Italy
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO