Mavriq announces that it has signed a binding agreement aimed at acquiring 80% of the shares of Switcho from Marco Tricarico, Redi Vyshka, Francesco Laffi and private investors, including Azimut. Switcho , founded in 2019, aims to help Italians save money on electricity, gas, telephony and insurance utilities. The service is completely digital, carries out a personalized analysis of the bill and takes care of the bureaucracy related to the process of switching suppliers on behalf of the customer. Switcho collaborates with nine of the largest Italian banks that have chosen to integrate the offer into their apps and proprietary channels to make the service available to their customers. The same collaboration model has also been implemented with more than 200 fintech companies and real estate agencies. The founders will retain 20% of the shares, subject to put and cross-call options with Mavriq, and will continue to manage the company in its new phase of growth.
Mavriq is the institutional brand that brings together the brands of Moltiply Group (new name of MutuiOnline Group) active in the online comparison and brokerage of products and services. With 19 online comparison brands in 5 countries such as Segugio, MutuiOnline and Trovaprezzi in Italy, LeLynx in France, Rastreator in Spain and Mexico, and Pricewise, in the process of being acquired, in the Netherlands, which have more than 250 million annual visits and serve over 300 million potential customers, Mavriq’s businesses, in 2023, generated €188.1 million in revenues (+44% year-on-year) and €60.7 million in EBITDA (+30% year-on-year).
With this acquisition, Mavriq continues its expansion (only 6 weeks ago it announced the signing of a binding agreement to acquire 80% of Pricewise in the Netherlands) and strengthens its presence in the Italian market for the distribution of energy and telecommunications contracts. This transaction is in line with Mavriq’s mission to bring value to consumers in the evaluation and purchase of a wide range of products and services, while promoting transparency and innovation in the target markets. The investment in an operator like Switcho represents a further step forward for Mavriq in the evolution of the quality of the offer and in the ability to reach and serve new customers, also by integrating Switcho’s processes and technologies into other platforms of the Group.
The agreed enterprise value for 100% of Switcho’s shares is equal to 20 million euros. In execution of the agreement, at the same time as the subscription, shares for 72.1% of Switcho’s capital have already been acquired, while the remaining shares to reach an 80% stake will be acquired by 31 October 2024. The purchase is financed from cash and cash equivalents. An earn-out of up to €4 million is also expected based on the results that Switcho will achieve in 2024. In 2023, Switcho reported revenues of €6 million, with an EBITDA of €1.8 million, both of which are expected to grow significantly in 2024. The acquired company will be reported in the scope of Mavriq’s telco and energy comparison starting from 30 June 2024.
Marco Pescarmona,President of Mavriq and Moltiply Group says in a statement: “Switcho’s activities are formidably complementary to Mavriq’s in the energy market in Italy and we are excited that it will become part of the Group’s perimeter. We are confident that this operation will allow us to achieve new goals in a synergistic logic, also thanks to the common vision of transparency and centrality of consumers”.
Alessio Santarelli, CEO of Mavriq (pictured) adds: “Mavriq is a technology player committed to bringing innovation and added value to its target markets, both for consumers and partners. We admire what has been built so far by the Switcho team and we are convinced that our complementary skills will allow us to further accelerate their growth, also thanks to the excellent collaboration established with Marco, Redi and Francesco”.
The founders of Switcho, Marco Tricarico, Redi Vyshka and Franc“We are thrilled to join Mavriq, one of Europe’s leading comparison industry leaders. This transaction, in addition to ensuring full continuity of the Switcho project, will further accelerate our growth. We are convinced that Mavriq, thanks to its in-depth knowledge of the dynamics of this market, will be able to contribute to developing the uniqueness of our proposition and enhancing all the people within our organization who have been the foundations of the path that has brought us here”.
Gabriele Blei, CEO of Azimut Holding, and Guido Bocchio, Head of Venture Capital Azimut Libera Impresa say: “We are proud to have contributed to the growth of Switcho on a path that culminates in the entry into Mavriq. As Azimut, we consolidate our role as a strategic partner for Italian startups, both through direct investments and through our venture capital funds. Thanks to this commitment and the increase in dedicated resources, we are a reference player for young companies to whom we offer our skills and the credibility of our brand, as well as privileged access to our wide network of relationships with various opportunities for commercial development and product and service innovation”.
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