Allcore S.p.A.

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CORE

IT0005461303

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Real-time Borsa Italiana Other stock markets 02:36:45 21/05/2024 pm IST			5-day change	1st Jan Change
1.54 ^EUR	-1.28%		-9.14%	-18.73%

26/04	Stock markets up; Tenaris good after quarterly report	AN
27/03	Futures on parity, eyes on MPS and yen	AN

Allcore signs agreement to acquire 51 percent of Gruppo Irec

March 26, 2024 at 01:28 pm IST

(Alliance News) - Allcore Spa announced Monday, in conjunction with its fiscal year 2023 results, that it has entered into a binding investment and sale and purchase framework agreement with Gruppo Irec Srl and founding partner Victor Ahmed Torres Khairredin.

This agreement has as its object the execution of an investment by Allcore in the share capital of Gruppo Irec and the simultaneous purchase and sale by Allcore itself of a shareholding held by the founding partner.

Upon completion of the transaction, Allcore will hold a 51 percent majority stake in Irec's share capital.

Irec Group, Allcore explains, is an innovative SME specializing and licensed in debt recovery and credit management. The company has been providing support to small businesses and vat holders to effectively recover bad debts for more than 30 years. Based on management data not yet approved by the corporate bodies, as of December 31, 2023 Irec Group shows a value of production of EUR1.5 million, Ebitda of EUR400,000, corresponding to approximately 27% of the value of production.

As of December 31, 2023, the company also had a Net Financial Position of EUR340,000.

"With this transaction, the company aims to enhance the growth of Irec Group by integrating artificial intelligence algorithms produced by Yuxme into the production cycle, as well as cross-selling initiatives on the database of the entire group with the goal of significantly increasing revenues and margins of this new business unit as early as 2024," the statement reads.

Gianluca Massini Rosati, chairman and chief executive officer of Allcore, said, "The entry of Gruppo Irec into the company perimeter will allow us to further expand the range of solutions offered to our clients, while also adding key activities, especially in this historical period, such as business information and debt collection. This is our second acquisition since becoming a listed company, and it testifies to the group's willingness to pursue a strategy of growth by external lines, which will allow us to strengthen our market positioning."

Allcore's stock closed Monday in the green by 4.9 percent at EUR1.84 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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Latest news about Allcore S.p.A.

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Company Profile

Allcore SpA, formerly known as Soluzione Tasse SpA, is an Italy-based company engaged in the tax consultancy sector. The Company is the reference operator for the tax planning of Italian small and medium enterprises. It allows entrepreneurs of Italian small and medium enterprises, as well as freelancers to reduce taxes and protect company assets, thanks to strategic tax planning and management control. The Company offers also services such as advising in strategic choices, specific to customer's needs. Its services are conducted by the professionals, specialized in business planning, management control, international tax planning and EEIG, mergers and acquisitions, trademarks and intellectual property and welfare and tax wedge reduction, among others.

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