November 2026
Largest IT Consulting Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Reply, Sesa, TXT Group, Sys-Dat and Circle Italy.
 | Reply is an Italian consulting, systems integration and digital services group headquartered in Turin. It is listed on Borsa Italiana, in the FTSE Italia Mid Cap and STAR indices, and is chaired by co-founder Mario Rizzante. The group operates as a network of specialised companies that design and implement solutions in artificial intelligence, big data, cloud computing, Internet of Things and cybersecurity. Founders of acquired companies join the group with the role of Partner Reply and keep developing their businesses inside it. Reply reported revenue of EUR 2.295 billion and net profit of EUR 211 million for 2024 and employed 15,660 people. It has grown through acquisitions in Germany, France, the United States and other markets, and has also invested in early-stage technology start-ups. | $146 | +10% | $5.3B | $4.9B | 1.8x | 9.6x | ||
| Sesa is an Italian technology group headquartered in Empoli, near Florence, whose shares trade on the Euronext STAR Milan segment. It supplies value-added IT, digital platforms, consulting and vertical software applications to businesses and organizations, with its integration arm Var Group carrying out most of its acquisitions. For the year to 30 April 2026 it reported revenues of EUR 3,620.8 million and EBITDA of EUR 260.4 million, with 6,770 employees. Its 2026-2027 industrial plan combines organic growth with targeted, high value-added acquisitions in Italy and abroad. Recent deals have taken it into Switzerland, Germany and Spain, typically through an initial stake with put and call options to reach full ownership. | $102 | +5% | $1.5B | $1.5B | 0.4x | 5.5x | ||
| TXT Group, legally TXT e-solutions, is an international IT group founded in 1989 and headquartered in Milan that provides consultancy, software services and solutions for the digital transformation of its customers' products and core processes. Its holding company has been listed on the STAR segment of the Italian Stock Exchange since July 2000. The group works in aerospace, aviation, defence, industrial, government and fintech markets, with divisions for software engineering, smart solutions and digital advisory, and it owns proprietary software such as the PACE flight optimisation products. It has subsidiaries in Italy, Germany, the United Kingdom, France, Switzerland and the United States. The chairman, Enrico Magni, became the relative majority shareholder in March 2018 through Laserline, and Daniele Misani is chief executive. The group has grown through a steady series of acquisitions since 2016, among them Cheleo, Ennova, TLogos, I Mille, Webgenesys, NetMediaClick and GCI System Integrator. | $53 | +48% | $672M | $789M | 1.8x | 12.1x | ||
| Sys-Dat is an Italian business and ICT consulting group listed on the STAR segment of Euronext Milan. It sells software and services for companies, with offerings in ERP, CRM, business intelligence, document management, cybersecurity, MES, IT infrastructure and artificial intelligence. The group grows by acquiring small Italian software and service firms at about five times EBITDA, and its acquisitions since 2024 include Flexxa, Matrix Solution, Glam, A&C Group and et.ics. In its first quarter of 2026 it reported consolidated revenue of EUR 26.0 million and EBITDA of EUR 5.1 million. Its 2026 to 2028 plan targets revenue of EUR 164 to 179 million by 2028, which would double the group's size every three years. | $9 | +47% | $272M | $230M | 2.3x | 12.0x | ||
| Circle is an Italian software group headquartered in Genoa that builds digital platforms for ports, intermodal terminals and logistics chains. Its products include terminal operating systems, port community systems, cargo and e-document tracking tools and customs digitalisation software, sold to terminal operators, shipping agencies, freight forwarders and port authorities. The group also advises public and private bodies on European funding and international communication. Its shares are listed on Euronext Growth Milan, having first traded on the AIM Italia market in 2018. Through its subsidiary eXyond it supplies telematics and infomobility services, and it has grown by buying small software and technology companies such as Progetto Adele, Cargo Start and QMAP. The group is led by chairman and chief executive Luca Abatello. | $20 | +107% | $94M | $92M | 4.0x | 13.9x | ||
| Matica Fintec is an Italian technology company that designs, develops and sells hardware and software solutions for payment systems and digital identity to banks and government institutions. Its products cover central and desktop card issuance, personalisation software and secure identity document systems. It is part of the Identis group and its shares trade on Euronext Growth Milan. The company reinvests more than 10 percent of revenue in research and development. Growth has come through acquisitions, among them NBS Technologies and UbiQ in 2022, Panini, a check scanner maker, in September 2025 and a 51 percent stake in Credence ID in December 2025. It reported 2025 revenue of EUR 41.4 million, up from EUR 22.1 million the year before, and signed the merger of Panini into Matica in February 2026. | $2 | +12% | $79M | $123M | 2.6x | 32.4x | ||
| Creactives Group is an Italian company based in Verona that builds artificial intelligence technology for procurement and supply chain data. It was established in April 2020 through the business combination of Balaban Technology, a search marketing company, and Creactives S.p.A., a provider of AI technologies for procurement that had been on the market since the beginning of the 2000s. Its software creates semantic digital twins of master data and spend analytics for large multinational organisations in energy and utilities, manufacturing, oil and gas, chemicals, food and beverage, and aerospace and defence. The group listed on the Vienna Stock Exchange multilateral trading facility on 20 May 2020 and moved to Euronext Growth Milan Professional in March 2023. For the year to 30 June 2026 it reported EBITDA of EUR 665 thousand, against EUR 186 thousand a year earlier. | $3 | -- | $51M | $50M | 5.0x | 78.2x | ||
| Com Tel is an Italian ICT systems integrator based in Milan that describes itself as a leader in the integration of ICT systems in Italy, with more than 30 years of activity. Its business areas cover customer and user interaction, infrastructure technology, networking and security, audio and video and cybersecurity, with solutions that include voice over IP and unified communications, session border controllers, modern work, cloud, data centres, data networking, network security and transmission. The company is listed on Euronext Growth Milan. It has grown through acquisitions: a majority of Novanext in 2025, the Italian and Dutch NEC unified communication businesses in July 2025, a minority stake in Gruppo SAE in December 2025 and the remaining 40 percent of Novanext in 2026. | $2 | +55% | $41M | $41M | 0.5x | 4.9x | ||
| Siav is an Italian software company based in Rubano, near Padua, that provides document management, enterprise content management and business process outsourcing solutions. It operates as a benefit corporation, a Societa Benefit, and its shares trade on Euronext Growth Milan. The company serves more than 4,000 clients and offers a Document Intelligence platform that uses artificial intelligence to read and process business documents. In 2026 it widened that platform by taking a 9.1 percent stake in the automation start-up Atacod and by buying the document software house IT Consult. It also sold its holding in the consortium Consis and bought Consis activities in document management for public healthcare. Siav builds its products in a dedicated development unit and reinvests a large share of revenue in research and development. | $3 | +4% | $28M | $43M | 1.1x | 4.7x | ||
| Reti is an Italian information technology consulting company based in Busto Arsizio and listed on Euronext Growth Milan. It is a B Corp and a benefit company. The company provides system integration services in three areas: IT solutions, business consulting and managed services, delivered through key enabling technologies. It has served mid-sized and large corporate clients for more than 25 years and reports a portfolio of over 100 clients, mainly in banking, financial services and insurance, information technology, telecommunications and manufacturing. It maintains long-standing partnerships with international technology vendors such as Microsoft, Apple and Cisco. In 2024 it also made two small investments of about 10,000 euros or dollars each through venture vehicles with indirect exposure to the AI companies xAI and Anthropic. | $2 | -3% | $21M | $25M | 0.6x | 6.9x | ||
| HUI is an Italian software company based in Pescara that sells a software-as-a-service platform and super app for startups, small and medium enterprises, venture capital investors and accelerators. The platform bundles more than 20 apps covering functions such as sales, human resources, fundraising, project management and crowdfunding, and gives investors access to indicators for evaluating and investing. It grew out of the venture builder Enry's Island, which is listed in Vienna, and its founder Luigi Valerio Rinaldi also founded Enry's Island. In July 2024 HUI announced an equity capital commitment of EUR 25 million from Nimbus Capital. In June 2026 the company announced that its shares were trading on the Vienna Stock Exchange. | $78 | -6% | $19M | $22M | - | - | ||
| Dedem is an Italian group based in Ariccia, near Rome, that makes and operates automatic passport-photo booths and vending machines, runs children's entertainment areas in shopping centres, sells and services 3D printers and offers ICT services to small and medium-sized businesses. It installed the first Italian photo booth in 1962 and in 2023 reported about 4,000 machines in Italy and 2,200 in Spain, with operations also in the Czech Republic. Managers led by Riccardo Rizzi took control in a 2017 management buyout, and the company listed on Euronext Growth Milan on 24 July 2025, raising EUR 10 million at a market capitalisation of EUR 38.5 million. Alberto Rizzi is chief executive. The group says it has made about ten acquisitions since the buyout, spread across its photo booth, leisure, 3D printing and ICT business units. Consolidated revenue was EUR 110.0 million in 2025, down 3%, with EBITDA of EUR 16.0 million. | $2 | -- | $16M | $53M | 0.4x | 3.3x | ||
| Itway is an Italian information technology group headquartered in Ravenna. It was founded there on 4 July 1996 by G. Andrea Farina, who is chief executive and chairman, and has been listed on the Italian stock exchange since 4 July 2001. The group designs, builds and distributes technology in cyber security and resilience, artificial intelligence, cloud computing, big data and infrastructure. It is organised in autonomous business units that include value added distribution in Greece and Turkey, the listed data science subsidiary 4Science, its Seacom unit and the Icoy artificial intelligence safety platform. The website reports 213 employees and collaborators in five countries. For 2023 the group reported revenue of EUR 49 million and EBITDA of EUR 1.7 million. | $1 | -44% | $9M | $11M | 0.1x | 7.4x | ||
| Vantea Smart SpA is an Information Technology company that operates mainly in the Cybersecurity sector. It also offers consultancy in the field of System Integration and Software Development and Project development and Product development activities. | $1 | -43% | $8M | $12M | 1.3x | 6.1x | ||
| Impianti is an Italian system integrator in information and communication technology and audio and video. It was founded in 1992 by Simone Lo Russo and Simona Castelli, was converted from a limited company into a joint stock company in 2011 and opened a Rome branch office in 2005. The company designs and installs video conferencing, collaboration, security, cloud networking, defence communication and drone systems, mainly for public administrations and large organisations, and it set up a United States subsidiary in 2015. It listed on Euronext Growth Milan on 16 December 2022, raising EUR 1.75 million in the placement at a market capitalisation of EUR 9 million at admission. Revenue for the first half of 2026 was EUR 3.78 million, up 21 percent. | $1 | -13% | $8M | $8M | 0.9x | 34.7x | ||
| Beewize is an Italian digital marketing and technology company based in Milan and listed on Borsa Italiana, where it is included in the FTSE Italia Small Cap segment. It was known as FullSix until it changed its corporate name on 10 January 2023. The group operates as a network of companies specialised in digital innovation, which pool their strategic and technological skills. It is subject to the direction and coordination of Orizzonti Holding, the holding of its majority shareholder Costantino Di Carlo. In the first nine months of 2024 it reported net revenues of 3.73 million euros, down 6.2 percent on the same period of 2023, and it said it continued to look for aggregation opportunities after talks with a potential partner ended in June 2024. | $0 | -8% | $3M | $6M | ||||
| Median | $2 | +4% | $34M | $46M | 1.1x | 7.4x |
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