OverIT, software company targets US utility market and thinks stock market

(Il Sole 24 Ore Radiocor) - An Italian software company is aiming to conquer the US utility market. It is OverIT, a company specialising in field service management software (i.e. the optimisation of the work of professionals in the field with products that increase efficiency and safety), founded in 1999 as a spinoff of the German frozen food market group Bofrost. Today, after a series of corporate transitions, OverIT is equally owned by the Reinassance and Bain Capital funds - which acquired it from Engineering in 2021 - and sees some of Italy's leading energy companies, such as Enel, Hera and Italgas, among its clients. In 2024 it exceeded 54.5 million in turnover and for the current year it will see 'grow to 60 million, while in the next three years we should cross the 100 million threshold', explained CEO Paolo Bergamo, who after twenty years of experience in Silicon Valley took the reins of OverIT in 2021, in an interview with Radiocor.

After the first few years in the negative or break-even range, with revenues of around EUR 47 million and an initial investment of between EUR 10 and 20 million aimed at internationalising the management and strengthening the foreign sales team, "we are registering explosive growth that should take us to an Ebitda margin of between 15 and 20% at the end of the year", but above all should lead the IT company to expand its presence in foreign markets. "When I took over the company in 2021, we were making 90% of our turnover in Italy," explained Bergamo. "In 2024 we have reduced this percentage to 72%, and for this year I foresee that the recurring revenues will be unbalanced towards the United States, which over the course of a few years will come to weigh in at 50% of our business volumes. OverIT is in fact not worried by the tariffs announced by Donald Trump, because 'despite the geopolitical upheavals, investments in energy and infrastructure are not slowing down' in Europe as in the US, 'and we have the right product,' Bergamo continues.

Part of OverIT's growth will come through acquisitions: 'We are looking at the software field, because we do not want to distort the company' both in Italy and abroad. On the other hand, a listing on the stock exchange 'remains among the things we are considering doing, although at this stage when the company is growing very organically it is good to keep it private for a while longer,' explained the CEO. 'But when the growth settles down, it is an eventuality we are evaluating.