What will Credem do with Andxor
Credemtel ( Credem group ) has acquired in recent months 20% of Andxor, the Lombard SME of It. All the details of the operation, Credem's tech objectives and Andxor's accounts
It always makes noise when a bank enters the capital of some startup or SME. But the news is destined to have a greater echo when the reality of the case deals with technology, given that the Italian panorama is still quite traditional, supported by the classic manufacturing. We are talking about the digital investment made by Credito Emiliano (Credem) in the small but promising Andxor. “The approach of companies towards digital services has seen an important acceleration in recent months”, commented Giancarlo Caroli , general manager of Credemtel. “Even the most resistant to change companies have become aware of the need to innovate”.
CREDEMTEL HAS ACQUIRED 20% OF ANDXOR
The news that Credemtel (a company active in the offer of digital services and in the implementation of innovative projects for businesses), of the Credem group , has acquired 20% of Andxor Srl, was made known last week. The acquisition of the SME of Cinisello Balsamo, however, took place in May. The agreement, from what is learned, provides, in addition to the purchase of 20% of Andxor by the group of the Emilian credit institution founded in 1910, also the option to acquire a further 20% in the course of 2021. In addition, the same act also decided to appoint the former general manager of Credemtel, Paolo Zavatti , to the board of directors of Andxor, chaired by one of the two partners of Andxor, Romano Pedroli .
WHAT DOES ANDXOR DO?
Andxor is a Lombard SME founded in June 1992 operating in the IT sector “which – reads their website – makes its technological skills available by participating as a system integrator in the implementation and finalization of projects with the end customer”. Andxor moves "in various sectors with particular attention and dedication to the creation of solutions that involve cryptographic areas, electronic and digital signature, time stamping, data compression, long-term storage of information and production and visualization of images with stereoscopy" .
INVESTMENT IN AN INNOVATIVE SME
In short, it offers companies solutions and products to ensure the integrity and authenticity of data stored online and stored digitally. This is why it can only be of interest to those who work in the banking, financial and insurance fields or, as Andxor herself knows, also "pharmaceutical, health, military and public administration". If it is natural that banks rely on this kind of services, given the need to keep not only their customers' money, but also their data in a safe, it is a little more unusual, at least in the Italian ecosystem, than an institute can act personally by purchasing one of these realities. The operation – let Credemtel know – aims to “strengthen the partnership with Andxor to offer customers cutting-edge technological solutions. The strategic value of the agreement is linked in particular to the signature platform, whose functionality makes it possible to manage any electronic underwriting process, facilitating the complete digitization of company documentation ".
ANDXOR IN NUMBERS
The company of Raffaello Galli and Romano Pedroli (equal partners with a 40% stake) recorded an EBITDA of around 362 thousand euros in 2019 (with revenues of over one million euros), up on 2018 when it stopped at 244 thousand euros euros and an EBIT of 358 thousand euros, with a profit of almost 253 thousand euros.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/andxor-credem/ on Mon, 07 Sep 2020 06:35:14 +0000.