Press releases

Errera Technology completes the business combination with Icona, renames into Icona Technology and goes public on the Vienna Stock Exchange

In less than 4 months from the initial investment, the startup backed by DHH, completes its business combination with Icona, a scale-up focused on Augmented Reality for Remote Assistance, and successfully goes public with a market capitalization of 28M EUR

Milan, 19 November 2021. DHH S.p.A. (“DHH” or the “Company”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622), the cloud computing provider of Southeast Europe, announces that Errera Technology, the special purpose vehicle backed by DHH (ref. “Press release - 30 July 2021”) completed the business combination with Icona, a scale-up based in Milan area and focused on Augmented Reality for Remote Assistance.

Founded in 1996, Icona is an Italian vertical-focused Independent Software Vendor specialized in remote assistance and customer support. It has developed 3 products: Acty (www.acty.com), remote video support tool backed by Augmented Reality; Support (www.livecare.it), remote desktop access software; Deskoala (www.deskoala.com), cloud CRM for support teams. The company recorded a turnover of 2,2M EUR in 2020 - 383k EUR of EBITDA and 142k EUR of net income and 336k EUR of net cash -  with a 32% CAGR in the last 3 years. Icona sells its products internationally to ca. 2.300 customers in 30 countries and has a business model mostly based on recurring revenues.

After the business combination, Errera Technology Srl - which raised 2,225M EUR to support the initiative - has been renamed into Icona Technology SpA. Icona Technology SpA owns 100% of Icona Srl and the entrepreneurs of Icona became major shareholders of Icona Technology, collectively owning ca. 70% of the company.

Icona Technology SpA will list on the Vienna Stock Exchange (Direct Market) on November 24, 2021 (ticker: CARE) with a stock value of 4,1 EUR and a market capitalization of ca. 28M EUR.

DHH will own 300.000 shares at the listing date  (equivalent to 4,35% of the share capital), worth 1,23M EUR, out of an initial investment of 500k EUR (ROI at listing: +145%). DHH has the right to get additional 40.000 shares (ref. bonus shares) if it holds the investment for 3 years after the listing.

This project is the first experiment of Corporate Venture Capital within DHH.