SIA
Communications & Digital

SIA

  • Status Active
  • CDP Equity Start of the investment 05/28/2014
  • CDP Equity Investment size € 1,035 mln*
  • CDP Equity Shareholding 83.1%
CDP Equity

Overview​

SIA is a leading company in Europe in the implementation and management of infrastructure and technological services for financial institutions, central banks, companies and public administrations, in the areas of payments, e-money, network services and capital markets. The company mainly operates as a supplier of B2B payment services in three areas: processing of transactions using cards (both issuing and acquiring), payments (SEPA transfers) and institutional services (MTS securities management platform and central bank clearing houses). In 2020, the company had a turnover of more than € 748 mln and an EBITDA of about € 285 mln, with a margin of 38%.

Rationale​

The electronic payments sector has a significant potential for growth (in Italy 80% of transactions are still carried out in cash). SIA performs a strategic role for the Italian and European financial system as an operator of the Rete Nazionale Interbancaria (National Interbank Network), the manager of the compensation system of the Bank of Italy and the exclusive EBA - Step 2 manager (International interbank clearing platform) on behalf of the European Banking Authority (EBA). It is an important platform for digital innovation in Italy with proven technological leadership in the market and that particularly focuses on system initiatives (i.e. PagoPA, BancomatPay, digitisation of PA relations and the fight against cash).

Results

With the purchase of the SIA shares held by F2i SGR (17%), HAT Orizzonte SGR (9%), Intesa Sanpaolo (4%) and Unicredit (4%), CDP Equity became the majority shareholder of a strategic asset for Italy. CDP Equity’s majority share in SIA allowed a better protection in support of the company’s organic and inorganic development strategy in a sector that benefits from significant economies of scale and in which growth is important in order to continue to compete with major European players. In particular, in a sector subject to strong consolidation, SIA played an active role in this process through the signing of a binding agreement with Nexi happened in February 2021. This operation, which also take  benefits from the previous merger with Nets, will establish a european champion in the digital payments sector. The new company will be the biggest player in Europe by number of merchants served and payment cards managed.

Note

*57.42% of the shareholding is held indirectly through FSIA Investimenti, a company 70% owned by FSI Investimenti, the remaining 25.7% is owned directly.