Empoli (FI), January 22, 2024

Sesa (“SESA” – SES.MI), reference player in technological innovation and digital services for the business segment, with about Eu 3 billion consolidated revenues and 5,000 employees, has acquired through Var Group S.p.A. (Sesa wholly owned subsidiary) the 51% stake of SmartCAE S.r.l. (“SmartCAE”), that will be integrated in the Var4Industries Business Unit, strengthening skills and software solutions for the engineering sector.

SmartCAE, based in Florence, with revenues in Year 2023 of about Eu 3 million, an Ebitda Margin of approximately 20% and 15 skilled resources, develops engineering software solutions on Siemens Industries Software platforms (Simcenter 3D, StarCCM+, Simcenter Femap, Simcenter Nastran).

The company, combining specialized Computer-Aided Engineering software with design and consulting services, operates with a customer set of about 200 engineering intensive international enterprise customers, operating in the electronics, aerospace, automotive, automation, robotics and energy sectors, providing structural, thermo-fluid dynamics and composite materials performance simulation solutions.

Var Group, thanks to the aggregation of SmartCAE in its Var4Industries Business Unit, established in 2017 with the acquisition of Tech Value S.p.A., and developed thanks to the following acquisitions of PBU CAD-Systeme GmbH in February 2019, Cadlog Group S.r.l. in May 2021 and TRIAS Mikroelektronik GmbH in October 2023, will generate revenues of approximately Eu 60 million as of April 30, 2024 in the Digital Engineering sector, of which 40% abroad, mainly in the DACH Area, with about 200 skilled human resources.

The corporate acquisition has been closed on evaluation criteria in line with those usually adopted by Sesa Group, in application of an EV/Ebitda evaluation criteria equal to about 5x, with long-term operative involvement, also through equity commitment mechanisms of the Managing Partners and founders Simone Ragionieri, Francesco Palloni, Luca Andreini, Alessio Signorini, targeting sustainable growth of skills and specializations and the progressive integration in Var4Industries.  

The corporate partnership integrates the wider Sesa Group strategy of investment in the industrial development of its vertical digital skills in strategic sectors for the European economy, to support the digital transformation of Enterprises and Organizations.

Sesa Group continues to boost its development path in human resources and digital skills, driven by bolt-on industrial M&A and great organic growth capability, with the following CAGR in the last four-Year period (FY April 30, 2020 – FY April 30, 2023) at consolidated level: Revenues +17.0%, Ebitda +29.6%, EAT Adjusted 33.6%.

 

“Thanks to the acquisition of SmartCAE, we strengthen our presence alongside the Italian and European manufacturing districts, supporting the digital transformation of engineering intensive manufacturing companies. We strengthen our European digital engineering centre supporting the industrial design, thanks to the most innovative technologies. With the aggregation of SmartCAE, in the Fiscal Year ending on April 30, 2024, we will develop a perimeter of about 200 human resources and Eu 60 million revenues in the main European countries, with the aim of further growth and consolidation, enabling technological innovation and digital transformation of manufacturing Industry” stated Francesca Moriani, CEO of Var Group S.p.A. and Filippo D’Agata, Head of Var4Industries.

“We are glad to join Sesa Group organization, to accelerate our skills development and to contribute with our know-how to the development of Var4Industries organization, improving all the digital skills of our human capital, with innovative solutions developed for the benefit of engineering-intensive excellences of the main European and international engineering districts” stated Simone Ragionieri, Francesco Palloni, Luca Andreini, Alessio Signorini, Founders of SmartCAE.

“We extend our path of skills aggregation, strengthening our specializations in the electronic design software solutions sector and further enriching our offering of skills and software solutions for the engineering sector, expanding our customer base and human capital. We will continue to boost our long-term and steady growth in revenues, human resources and digital skills, driven by bolt-on industrial M&A in strategic development areas and targeting long-term sustainable value generation for our stakeholders”, stated Alessandro Fabbroni, CEO of Sesa.