Itway announces that its subsidiary 4Science S.p.A. enters the VIenna Stock Exchange

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Itway announces that its subsidiary 4Science S.p.A.  enters the Vienna Stock Exchange with a funding – in the form of Debt and Equity in cash – of Euro 5,800,000.

Start of trading at the Direct Market on Thursday 29 December 2022, with a reference price of Euro 4.0 per share, for a POST-MONEY capitalization of Euro 28,000,000 mln and a free float of 28.57%.

Ravenna, 28 December 2022 – Itway S.p.A., the parent company active in the IT, Cyber Security, AI and Big Data sectors, listed on the Euronext Milan market, announces that its subsidiary 4Science S.p.A.   (hereinafter also “4Science“),  an innovative SME specialized in Data Science, Data Management and Data Repository for the market of Scientific Research, Cultural Heritage and Big Data, has been admitted to listing on the Vienna Stock Exchange in the MTF Direct Market  ,   organized and managed by Wiener Borse AG.

The first trading day on the Vienna market will be Thursday, December 29, 2022. The market capitalization will be equal to Euro  28.0 million, corresponding to a price of Euro 4.0 per share.

In total there are currently 7,000,000 4Science ordinary  shares  outstanding, of which 6,000,000 of “EX Ordinary Shares, Isin Code IT0005503989” and 1,000,000 of “ordinary shares,  Isin Code IT0005503997“. The latter entitle holders to receive free of charge 2 new ordinary shares for every 10 held continuously until the end of the third year from the subscribing, i.e. 5 July 2025.

4Science was assisted by Fomarte as  Financial Advisor, Promoter of the transaction and Co-investor.

4Science, established in 2016  by Itway S.p.A. and currently controlled by it with a stake equal to 71.43% of  the share capital, has its registered office in Milan and offices in Ravenna and Rome and operates with a team of over 30 resources.

4Science closed 2021 with Euro  2.44 million  in Revenues (+35%  on the previous year) and an Ebitda of Euro 0.73 million (+78%, with Ebitda margin 30.0%) and  a Net Profit of Euro 0.33 million (+38%,  with a Net Income margin of  13.5%). The NFP at the end of 2021 (which obviously does not include the contribution of the July 2022 capital increase of Euro 2.8 million) was equal to Euro 0.48 million (net debt).

The Board of Directors, appointed on 5 July 2022, is composed of Giovanni Andrea Farina (Non-Executive Chairman), Cesare Valenti (Chief Executive Officer), Massimo Grosso, Maurizio Di Costanzo and Sebastiano Missineo while the Board of Statutory Auditors, appointed on the same date, is composed of Andrea Magnani (Chairman of the Board of Statutory Auditors), Stefano Sgarzani and Silvia Caporali.

In particular, the Board of Directors sees the pooling of complementary experiences and skills from a technological, managerial and managerial point of view, as well as on ordinary and extraordinary finance, capital markets (debt and equity) and relations with investors.

The listing follows a broader and more articulated maneuver to strengthen 4Science’s capital and financial position achieved through a  funding endowment for a total  of Euro 5.8 million, consisting of a part of debt, through the signing of a loan with Banca Progetto S.p.A. of Euro 3  million with 5-year repayment, assisted by the guarantee  for Euro 2.5 million  provided by Medio Credito Centrale in favor of innovative SMEs and largely equity, through the subscription of a capital increase reserved for professional and institutional investors with the collection of  Euro 2.8 million from 34  several international investors. The free float is 28.57%.

These resources will be allocated to finance the 2023-2026 business plan, to meet both 4Science’s working capital needs, as well as for investments in people, technology and marketing as well as growth through internal and external lines. The first operation implemented was the opening of the American subsidiary 4Science USA based  in Kansas City in the  state of Missouri in April 2022, with important expectations to be developed in the North American market.

The status of “listed” will allow the company to increase international visibility, and specifically to strengthen its positioning on Central European markets, where there are already important existing customers; it will also open the possibility of dialogue not only with Italian Institutional Investors but also from Central and Northern Europe , as has already happened to other small Italian companies listed on Vienna; Last but not least, there will be the possibility of financing part of the possible acquisitions also with a listed card; Finally, the listing gives strength and value to the stock option plans already approved and future, allowing greater retention of the existing management team and being able to attract new talent.

“We are very satisfied with the growth and results obtained by 4Science, also considering the difficulties faced over the last few years, such as  the Covid-19 pandemic and  the war in Ukraine” comments G. Andrea Farina,  President and CEO  of Itway and President of  4Science . “The listing is a departure towards further ambitious development and consolidation goals, following the numerous successes achieved in these 5 years of continuous growth since the foundation of the company.”

Cesare Valenti, Executive Director of Itway and CEO  of 4Science  declares: “4Science is  establishing itself as a leader in the Data Science market and is the world reference of the specialized DSpace Open Source community.     4Science today boasts over a hundred customers, 70% of  which are international, in continuous growth as is also the highly specialized technical staff able to develop and enrich the two suites of DSpace CRIS and DSpace GLAM products born as a digital repository of the highest level for the scientific research market such as CRIS – Current Research Information System – and the Cultural Heritage market with GLAM – Gallery  Library Archive Museum.

G. Andrea Farina, adds: “We have invested heavily in the Community, in our products, in the specialist expertise and the continuous growth of 4Science –  which is confirmed in the year that is going to end – demonstrates our ability to innovate and to position ourselves successfully in the international markets we oversee. To confirm this, obtaining the status of Innovative SME represents a further recognition for 4Science. We are also convinced that great opportunities open up for 4Science if we take into account the investments that  the PNRR foresees in the field of digitization and conservation of cultural heritage over the coming months”.

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This press release is available at the Company’s registered office and website at www.itway.com, at Borsa Italiana and at the centralized authorized storage mechanism called “Emarket Storage” managed by Spafid Connect S.p.A., and can be consulted at the www.emarketstorage.com address.

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Founded in Ravenna on 4 July 1996 by G. Andrea Farina, Itway SpA is the head of a Group that operates in the IT sector for the design, production and distribution of technologies and solutions in the cybersecurity sector , artificial intelligence (AI) cloud computing and big data. For over 25 years, the group has been the benchmark in the field of Digital Transformation solutions and services. Since 2001 Itway has been listed on the Mercato Telematico Azionario (MTA) of the Italian Stock Exchange.

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