Sys-Dat aims to double its revenue by 2028 through M&A and the boost from AI

(Il Sole 24 Ore Radiocor) - Solid organic growth of up to 10 per cent per annum in revenue and a robust M&A plan targeting acquired revenue of between 45 and 60 million euros between 2026 and 2028. These are the foundations of the three-year plan, which should enable Sys-Dat to double in size (from around 90 million euros in revenue in 2025 to a pro-forma range of between 164 and 179 million euros, including acquisitions) with the aim of consolidating its position in Italia. This was explained in an interview with Radiocor by Emanuele Angelidis, vice-president of the Sys-Dat Group’s ICT division, which specialises in the development of proprietary software for vertical markets.

A focus on M&A opportunities has always been an integral part of Sys-Dat’s DNA. Founded in 1977, the company – now led by the Neuroni family – “started out in fashion before branching out into various other sectors, and continued to grow by acquiring other small, similar businesses”, says Angelidis. It was precisely this desire to ‘accelerate’ acquisitions, alongside the aim ‘to test itself on the market in a transparent manner’, that led the group to list on the Milan Stock Exchange in 2024, specifically on the Star segment of Euronext Milan. Today, two years on from the listing – which raised over 32 million euros – Sys-Dat has carried out six M&A transactions totalling approximately €37 million in acquired revenue, of which around €7 million was generated in the first quarter of 2026.

This year, on the other hand, has got off to a good start, with the acquisition of Et.ics and Technis Blu, “two companies that perfectly match the profiles we usually look for”, says the group’s vice-president. The former, in fact, “will enable us to enter a new market where we do not currently operate”, namely that of on-site personnel management (companies with networks of maintenance technicians or strong sales networks). Technis Blu, on the other hand, will be useful for “enriching our offering from a technological perspective thanks to its solutions, which are aimed at high-end clients”.

Looking ahead, Sys-Dat has “a rich, high-quality pipeline”, Angelidis reveals, given that “the companies we are looking for are recognised leaders in their respective sectors”. “We do not carry out restructuring operations,” the vice-president points out, “but we want companies that are already performing reasonably well” and with which we can implement “a well-structured integration project”. The sectors under consideration are those “experiencing strong growth”, such as “private healthcare, logistics, banking and insurance”, whilst the target companies may “range from those with a turnover of a few million to larger firms”, such as A&C Group, which was acquired last year.

In general, for the current three-year period, the targets envisage acquisitions of between 45 and 60 million euros, including the approximately 7 million euros already incorporated in 2026 . These targets are “consistent with our past experience,” says the vice-chairman, “and for which the group has an investment plan of between 40 and 55 million euros”. “We already have a significant amount of cash, amounting to approximately €47.3 million at the end of the first quarter,” says Angelidis. “Clearly, over the course of the three-year period, we will also generate further operating cash flow, which will then be used primarily for M&A.”