Expert System sells the 17% stake in CY4GATE, which successfully concluded IPO placement with a total demand equal to almost 4 times the total offer
Expert System announces the total sale of its minority shareholding equal to approximately 17% of the share capital of CY4GATE, a company established in 2014 with Elettronica S.p.A., which operates in the cybersecurity industry in all-around mode, designing, developing and producing “Cyber Intelligence & Cyber Security”.
On 17 June, 2020, CY4GATE S.p.A. submitted an application for admission to trading of its ordinary shares on AIM Italia, a multilateral trading system organised and managed by Borsa Italiana S.p.A. With today’s total collection of € 21.1 million and the determination of the price of ordinary CY4GATE S.p.A. shares at € 3.15, the participation of Expert System equal to 1,706,469 shares was sold for a consideration of € 5,375,377.35.
Eugenio Santagata, CEO of CY4GATE and Domitilla Benigni, President, commented: “Developing a project like CY4GATE has been a rewarding experience and we are grateful for the support of Expert System, whose proven expertise has been both an inspiration and an example for us. We are happy and proud to have shared this part of the journey with Expert System. We will continue to grow and are confident that we will maintain this important partnership in the future.”
Stefano Spaggiari, Expext System S.p.A. CEO, commented: “We are honored to have contributed to the creation of such a unique industrial project. Sharing this vision and path with a leading organization like Elettronica has been a rewarding experience for us, and the positive response by the market to the CY4GATE IPO makes us proud to have been a part of this collaboration.”
The sale of the equity investment in CY4GATE is in line with the objectives underlying the 2020-2024 “Path to Lead” strategic plan, whose goal is to position Expert System as the reference platform in the artificial intelligence market for Natural Language Understanding and Natural Language Processing. CY4GATE will work directly with Expert System to continue leveraging the potential of the artificial intelligence platform in its suite of products designed to give an effective answer to an unconventional demand for cyber security services.
Expert System will use sales resources to further accelerate the strengthening of its business in the United States and of the Group’s global growth.