Talenom Plc Press release 23 December 2022 at 10:00 EET
Talenom expands to Italy by acquiring the business of Studio Gavazzi, an Italian accounting company
Talenom Plc has agreed on to acquire the accounting business of Studio Gavazzi located in Milan, Italy. With the acquisition Talenom will start operating on the Italian market. The acquired business will be transferred to Talenom on 1 January 2023.
According to our estimate, the size of the Italian accounting service market is around EUR 12 billion and the number of accounting firms in Italy is over 64,000. There are around six million companies in Italy, of which over 99 % are SMEs. The acquisition opens the possibility for Talenom to expand its business to one of the largest European markets and participate in the digitalization of the Italian accounting industry.
The net sales transferred to Talenom from the acquired business is some EUR 0.6 million annually. The company employs a total of ten persons who will continue to work for Talenom.
In the short term, the acquisition will not have any significant impact on Talenom’s financial position or future outlook.
"I'm really excited about our opening in Italy. The Italian market is on the threshold of digital transformation and there is demand for an operator offering clear and conceptual services to facilitate entrepreneurs’ financial routines. The strong faith of key personnel in Talenom's strengths and ability to together change the industry enabled the acquisition. We warmly welcome the new office as part of Talenom,” says Otto-Pekka Huhtala, CEO of Talenom.
Talenom combines software development with expertise in the accounting industry in a unique way. The aim of the company is to grow both organically and through acquisitions in Finland and in Europe.
Further information:
Otto-Pekka Huhtala
CEO, Talenom Plc
+358 40 7038 554
otto-pekka.huhtala@talenom.fi
Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to make daily life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services, as well as financing, account and payment traffic services. Our vision is to provide superior accounting, account and payment traffic services for SMEs.
Talenom's growth history has been strong – average annual net sales growth was 16.2% in 2005-2021. In 2021, Talenom had an average of 1,012 employees in Finland, Sweden and Spain at a total of 52 locations. Talenom's share is quoted on the Main Market of Nasdaq Helsinki. Read more: sijoittajat.talenom.fi/en/
