(Alliance News) - TXT e-solutions Spa has announced the acquisition of 100% of the capital of Refine Direct Srl, a company founded in 2016 from a project of the current selling partners that to date boasts proprietary technologies and specialized expertise in the field of digital marketing, with an offering linked to a multi-channel platform based on artificial intelligence algorithms for data analysis.

The base consideration paid at closing for the purchase of 100 percent of Refine, net of earnouts and NFP that will be settled in cash, was EUR21.8 million, of which EUR12.1 million was paid in cash and EUR9.7 million through TXT e-solutions shares sold at EUR23.00 per share.

In 2023, Refine's sales revenue stood at EUR16.7 million, up 12 percent year-on-year, with adjusted Ebitda of about EUR3.4 million and adjusted Ebitda margin of 20 percent.

For the current year and in the two-year period 2025-2026, the company expects a double-digit CAGR, driven by organic growth and synergies with the TXT Group, which include further investments in the MarTech hub and international expansion of the offering.

"The investment in Refine complements and strengthens the TXT Group's MarTech offering initiated with the recent acquisition of I MILLE and Uasabi and represents an important milestone for the growth and diversification of TXT's Smart Solutions offering to the MarTech segment," the statement said.

TXT e-solutions advances 0.2 percent to EUR24.30 per share.

By Chiara Bruschi, Alliance News reporter

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