High-potential SMEs

Egm in the X-ray: Metriks.Ai retains talent with stock grants and sustainability

In the artificial intelligence sector, it is necessary to have a strategy to retain talent. Lombardy-based Metriks.Ai is moving on several fronts

by Valeria Novellini

9 October 2025

6' min read

Translated by AI

Versione italiana

Key points

Numbers
Business focuses on Software-as-a-Service and consulting for SMEs
First post IPO acquisition in the Erp solutions sector
Very buoyant trading sector, but very low float

6' min read

Translated by AI

Versione italiana

Artificial intelligence is now everywhere? Well, Metriks.Ai, which was listed on Euronext Growth Milan on 30 May 2025, is no different, so much so that it makes one think of the gift of ubiquity. The company operates in the field of B2B IT solutions based (as its name suggests) on artificial intelligence, and is thus able to provide strategic consultancy to SMEs in the area of structured growth operations, M&A, IPOs, financial transactions and information in the field of EGMs. And indeed, it already made its mark before the listing as strategic advisor to Com.Tel, which made its debut on Euronext Growth Milan on 19 February.

Metriks.Ai was financial advisor to Braga Moro (at the Egm since 31 July) and advisor for the business plan of Ets Engineering & Technical Services (at the Egm since 26 September). In practice, there is almost no debut at the Egm that does not see the participation of Metriks.Ai in various capacities. Also in this market, it was financial advisor to Monnalisa as part of the restructuring and relaunch process begun in 2024. Added to this is the fact that it is a very young company (established as an innovative start-up in 2021 under the name Virtual Hr Srl, it is now an innovative SME), it is a benefit company and was the first company ever admitted to the 'Quota Lombardia' benefit, a bonus for the IPOs of Lombardy companies.

The numbers

A first in its class? Let's look at the numbers. Metriks.Ai closed the first half of 2025 (practically all pre-listing) with revenues of EUR 3.7 million, an ebitda of EUR 981,000, an ebit of EUR 689,000 and a net profit of EUR 359,000. Very small, then, and it should be remembered that it raised a good EUR 3.2 million (net of listing expenses of no less than EUR 1 million, which perhaps explains the low propensity of Italian SMEs to enter the stock markets given the level of onerousness).

Non vi sono raffronti con il primo semestre 2024 perché Metriks.Ai, come molte società di recente quotazione, è stata oggetto di significative trasformazioni ed infatti per l’esercizio 2024 sono stati predisposti dei conti pro-forma che includono fra l’altro le acquisizioni del 60% di Polo Informatico Srl e Fconn Srl, in realtà perfezionate a febbraio 2025. Sulla base di tali dati, Metriks.Ai nel 2024 avrebbe conseguito ricavi per 5,5 milioni, un ebitda di 1,02 milioni, un ebit di 517.000 euro e un utile netto di 284.500 euro. I proventi dell’Ipo hanno fatto sì che al 30/6/2025 l’azienda disponesse di liquidità netta per 2,2 milioni a fronte di un indebitamento finanziario netto di 2,06 milioni a fine 2024. Dato che la differenza fra i due valori è superiore a 3,2 milioni ne deriva che il cash flow operativo nel periodo è stato positivo.

The 'Quota Lombardia' non-repayable contribution of EUR 600,000 has not yet been disbursed and half of it will be used to support the expenses incurred for the admission to listing and the other half for expenses incurred in the following three financial years with a limit of EUR 100,000 per year, relating to specialised consultancy services, legal and tax assistance, financial communication and regulatory compliance.

The business focuses on Software-as-a-Service and consulting to SMEs

Quanto ai ricavi, va ricordato che al 30/6/2025 la maggior parte (1,9 milioni) derivava dalle soluzioni informatiche erogate in modalità Software-as-a-Service (ricavi ricorrenti; in tale ambito l’azienda dispone anche della piattaforma proprietaria di business analytics Metriks Suite che consente di monitorare in tempo reale dati e processi aziendali), seguiti a ruota con 1,5 milioni dall’attività di Embedded Advisory (la consulenza strategica alle Pmi a cui si è già accennato), naturalmente più volatile rispetto all’attività principale ma, se Metriks.Ai continuerà ad affermarsi nell’advisory delle Ipo sull’Egm, con un buon potenziale per il futuro. Infine 228.000 euro derivano dall’attività di Industrial Internet of Things svolta principalmente dalla controllata Fconn Srl che detiene la tecnologia proprietaria “Necto” in grado di collegare fra loro i macchinari industriali e raccogliere in tempo reale i dati produttivi, accompagnando le aziende clienti verso il modello di Smart Factor

First post IPO acquisition in the Erp solutions sector

E adesso? In sede di Ipo Metriks.Ai ha dichiarato di voler destinare il 10% dei proventi dell’offerta alla progressiva espansione territoriale nel Centro-Nord Italia (in tale ottica si pone anche il recentissimo trasferimento della sede legale e operativa da Arezzo a Milano condividendo gli spazi con la controllata Fconn Srl), il 10% all’innovazione tecnologica (chiaramente imprescindibile data l’attività svolta ed al fine di ampliare ulteriormente il portafoglio dei servizi offerti per mitigare la volatilità delle fonti di ricavo) ed il 60% alle operazioni di M&A in settori ad ambiti territoriali contigui. Qui va sottolineato che a metà luglio è stato già siglato un accordo per l’acquisizione del 60% di Fanizza Group Srl con sede a Pontassieve (Firenze) attiva nelle soluzioni Erp per il customer engagement e la gestione del punto vendita (si potenzia quindi in questo caso l’attività Software-as-a-Service che dà luogo a ricavi maggiormente prevedibili).

L’importo iniziale dell’operazione è di 480.000 euro (di cui 280.000 in azioni Metriks.Ai e come si vedrà questo aspetto è particolarmente significativo), con un ulteriore earn-out in denaro fino a 120.000 euro sulla base dei risultati 2025 di Fanizza Group Srl. Quest’ultima ha chiuso il 2024 con un valore della produzione di 1,7 milioni e un ebitda positivo per 50.000 euro, mentre l’indebitamento finanziario netto ammontava a 215.000 euro. Ma prima del completamento dell’operazione sarà effettuata un’operazione di riassetto della struttura patrimoniale e finanziaria della società target. Sul residuo 40% Metriks.Ai disporrà di un’opzione put & call esercitabile in quote annue del 10% a partire dal 2026 (potrà però essere anche esercitata in blocco), sulla base dei multipli dell’ebitda e della posizione finanziaria netta di Fanizza Group Srl. Anche in questo caso il pagamento potrà avvenire in parte con azioni Metriks.Ai.

In the area of product innovation, the prototype of the 'Metriks Box', a device currently capable of automating document management for professionals, micro-enterprises and SMEs through the use of artificial intelligence, was recently presented to the market. The product will later be implemented with other functionalities.

In all of this, one might wonder what the statutory adoption of the status of benefit company means for Metriks.Ai, but among the strategies outlined at the IPO were also initiatives related to the protection and loyalty of staff (including the creation of multifunctional spaces dedicated to socialising and sharing, and even a company bistro). It also promotes training and dissemination events on issues related to environmental and social sustainability and has adopted energy-saving and circular economy measures, and a 2025-2027 stock grant plan has been activated through the assignment of treasury shares purchased on the market and intended for employees and collaborators.

Very buoyant operating sector, but very low float

Which for an Egm company almost always coincide with the low free float, and Metriks.Ai is certainly no exception, with 10.4 per cent of the share capital. Therefore, the use of newly issued shares within the M&A is also an opportunity to expand the shareholder panel, although in such cases the assignees of the new shares usually have to observe lock-up restrictions for long periods.

The market has enthusiastically welcomed Metriks.Ai, and the current quotations are almost double the 1.8 euro of the initial offer price. Even its 'assisted' companies Braga Moro and Ets are travelling above their respective offer prices (not so unfortunately Com.Tel, which Metriks.Ai had dealt with before its debut on the market). The sector of choice for its consulting services for IPOs seems to be for the time being the one related to services for strategic infrastructures in which both Braga Moro and Ets operate; and also in the area of Software-as-a-Service solutions the Metriks Suite platform was adopted at the end of July by Proedil Srl, a Tuscan company active in the engineering and construction sectors with a presence also in the seismic engineering and structural safety monitoring of buildings.

The sector in which Metriks.Ai operates is in great ferment; the almost homonymous Metreecs, a French start-up specialising in the development of solutions that use artificial intelligence to optimise the supply chain of companies in the retail sector, will soon open an office in Milan, and a seed round of financing underwritten by leading venture capitalists has raised a good 2.7 million, slightly less than the amount realised by Metriks.Ai's IPO.