Cedacri Acquisition, Valuation, Funding & Investors

Cedacri was acquired by ION Investment Group for $1.8B in March 2021, a 3.7x multiple on $481M of revenue.

Cedacri acquisition price

$1.8B

Acquired by ION Investment Group · Mar 2021

Cedacri revenue at acquisition

$481M

Last twelve months · Mar 2021

Cedacri revenue multiple at acquisition

3.7x

EV/Revenue · Mar 2021

Cedacri EBITDA multiple at acquisition

15.0x

EV/EBITDA · Mar 2021

Cedacri Overview

About Cedacri

Cedacri is an Italian company that provides outsourcing of information technology and back-office services to banks. In 2018 it was owned by 14 main client banks, led by Banca Mediolanum with 15.6%, the Cassa di Risparmio di Asti group with 11.1% and Banco di Desio e della Brianza with 10.1%. Renato Dalla Riva was its chairman and Salvatore Stefanelli its general manager at that time. It reported revenue of EUR 382.9 million in 2019 and EUR 410 million in 2020, with EBITDA of EUR 100 million in 2020. In 2021 control passed to the ION Investment Group, with Corrado Sciolla as chief executive.


HQ

ItalyItaly

Status

Acquired

Customer focus

B2B

Revenue model

Services, Subscription

Revenue

$481M (Mar 2021)

Valuation

$1.8B (acquired Mar 2021)

Cedacri Acquisition

Cedacri was acquired by ION Investment Group for $1.8B on 8 March 2021.

The acquisition price implies a 3.7x revenue and 15.0x EBITDA multiple on $481M of revenue.

ION Investment Group agreed in March 2021 to acquire control of the Italian bank IT outsourcer Cedacri, with FSI selling the 27.1% it had bought in January 2018. The deal was based on an enterprise value of EUR 1.5 billion and about 30% of it was financed with debt. FSI will reinvest directly in the capital of the buyer as a minority shareholder, with a reported reinvestment of about EUR 200 million. FSI chief executive Maurizio Tamagnini said the fund achieved a return of about three times the capital invested in just over three years. Cedacri chief executive Corrado Sciolla said the transaction strengthens the market positioning of the company, which becomes part of the ION group. Cedacri reported revenue of EUR 410 million and EBITDA of EUR 100 million in 2020, up from revenue of EUR 382.9 million in 2019.

Cedacri acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
8 Mar 2021PE buyout$1.8B3.7x15.0x

Sources: bebeez.eu

Cedacri Funding History

Cedacri has raised 1 funding round.

Cedacri funding rounds
DateStageInvestorsDeal Summary
Jan 2018Undisclosed stageFSIFSI entered the share capital of the Italian bank IT outsourcer Cedacri in January 2018, buying 27.1% through a company controlled by its FSI Mid-Market Growth Equity Fund, managed by FSI SGR. The equity invested was EUR 99 million. The remaining 73% stayed with 14 main client banks, the largest being Banca Mediolanum with 15.6%, the Cassa di Risparmio di Asti group with 11.1% and Banco di Desio e della Brianza with 10.1%. After the purchase the board was renewed for three years, with Renato Dalla Riva confirmed as chairman, Giovanni Pirovano as vice chairman and Salvatore Stefanelli remaining general manager. Chairman Dalla Riva said FSI joining the shareholders strengthens Cedacri's leadership in services for the financial sector and opens new development prospects. Cedacri provides outsourcing of information technology and back-office services to banks.

Who has invested in Cedacri?

1 investor has backed Cedacri across its funding rounds, including FSI.


Cedacri Investors

Investors in Cedacri by funding rounds participated
InvestorHQRoundsRoleFirst check

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Cedacri Competitors

Cedacri competitors include listed companies like Computer Age Management Services, Pagaya, Alkami Technology and iFAST Corp, and private ones like Micro Connect and DailyPay.

Public and private companies comparable to Cedacri
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Computer Age Management ServicesIndiaIndiaPublicly listed$159M$75M$1.8B9.9x
Micro ConnectHong KongHong KongPrivate--$1.7B-
DailyPayUnited StatesNew York City, NYPrivate$235M-$1.8B7.8x
PagayaUnited StatesUnited StatesPublicly listed$1.3B$33M$1.6B0.9x
Alkami TechnologyUnited StatesUnited StatesPublicly listed$444M($27M)$1.6B3.7x
iFAST CorpSingaporeSingaporePublicly listed$348M$105M$1.9B2.0x

Cedacri Public Comps

Cedacri is no longer listed, but its public comps include Computer Age Management Services, eClerx Services, Amano, Pagaya, Alkami Technology, Concentrix, iFAST Corp, Yusys Technologies, Aisino and Insperity.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Computer Age Management Services$159M$75M10.6x9.9x22.5x21.5x
eClerx Services$433M$118M4.1x3.7x15.0x14.6x
Amano$1.1B$230M1.2x1.2x6.0x6.3x
Pagaya$1.3B$33M1.1x0.9x40.6x3.0x
Alkami Technology$444M($27M)4.3x3.7x(71.8x)21.2x
Concentrix$9.8B($231M)0.6x0.6x(26.0x)4.9x
iFAST Corp$348M$105M2.8x2.0x9.2x6.5x
Yusys Technologies$544M$67M2.3x2.3x18.9x17.1x

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Common questions about Cedacri

Where is Cedacri headquartered?Cedacri is headquartered in Italy.
Is Cedacri publicly listed?No, Cedacri was acquired by ION Investment Group in March 2021.
Who acquired Cedacri?Cedacri was acquired by ION Investment Group in March 2021.
How much was Cedacri acquired for?Cedacri was acquired for $1.8B in March 2021, a 3.7x revenue multiple.
What was Cedacri's last funding round?Cedacri's last funding round was a undisclosed-stage round in January 2018.
Who are Cedacri's investors?Cedacri's investors include FSI.
Which companies are comparable to Cedacri?Companies comparable to Cedacri include Computer Age Management Services, Micro Connect, DailyPay, Pagaya, Alkami Technology and iFAST Corp.

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