Italian natural gas destribution company Italgas has completed the acquisition of Seaside, a Bologna, Italy-based Energy Service Company (ESCo) at the forefront in digital services via its division specialized in Big Data, Business Intelligence and Machine Learning.
The overall valuation of the Seaside assets (enterprise value) has been set at €8.5m.
Established in 2010, Seaside serves a customer base of over 400 clients in Italy in different sectors: from large industry to SMEs, from service providers to public administration. Certified according to the UNI CEI 11352 Standard, the company has experienced a growth trend that has more than doubled its productivity indicators over the last two years. The company estimates that the financial year 2017 will close with revenues of about €13m euro and an Ebitda of about €2.6m.
According to Italgas CEO Paolo Gallo, “The acquisition of Seaside, as we announced in the 2017-2023 Business Plan, responds to the strategic decision of having a specialized know-how in the field of energy efficiency.
The inclusion of the company in the Italgas Group will bring important benefits.
In addition to the availability of a portfolio of innovative projects capable of generating energy savings, Italgas will also be able to offer local communities efficiency initiatives at the moment of the gas tenders. After the presentation of the 2017 financial statements yesterday, with the acquisition of Seaside Italgas confirms its commitment to invest in development and technological innovation in order to offer a better service to the country’s system and to all customers”.