Spindox, an Italian company active in technology consulting and software development for companies, reports that for the year ended 31 December 2024, the value of production amounted to EUR 111.8 million, up 11.9% year-on-year, this result was due to two main elements: expansion in strategic sectors: banking & insurance, automotive, transportation & logistics and utilities recorded a strong increase in demand, and the acquisition, during the year, of several new customers active in all the main sectors mentioned, but particularly in those of the financial industry, organised distribution and energy, and a focus on cybersecurity: the subsidiary Oplium Italia, active in the cybersecurity sector, closed the financial year 2024 with a value of production of EUR 5.7 million, registering an increase of 75% compared to the previous year.
On the strength of these numbers, the company approved the establishment of Spindox Asia Limited, a sub-holding company based in Hong Kong, and Spindox China, an operating subsidiary based in Shanghai. With the establishment of a sub-holding in Hong Kong and the opening of an operating office in Shanghai, the Group wants to meet the needs of key customers and seize the growth opportunities offered by the Asian market.
The decision to set up Spindox China stems from the growing demand from Spindox’s Italian customers for a partner with a direct operational presence in China. Large companies in the automotive, fashion and beauty sectors have expressed the need to collaborate with capable local suppliers.
A decisive factor was an agreement with a leading automotive customer, which recently awarded Spindox a contract worth EUR 1.35 million to develop the connectivity of sports cars. The project, which will run for 30 months from January 2025, involves the management of the back-end platform that integrates data from the vehicles with the company’s systems (CRM, mobile app, ERP). An entire line will be dedicated to the Chinese market and will be managed by the Spindox China team in Shanghai.
The presence in China will also allow Spindox to offer its operational support to other Italian customers active in the APAC market, particularly in Australia and New Zealand, or who are planning strategic investments in the area.
The transaction is structured on two levels: Spindox Asia (Hong Kong) Limited is set up as a joint venture between Spindox S.p.A. (51%) and Apogeex Limited (49%), a Hong Kong-based company controlled by Michele Travierso, from which Spindox China, a wholly-owned subsidiary of Spindox Asia, is developed, based in Shanghai and set up as a wholly foreign-owned enterprise (WFOE).
The Board of Directors of Spindox Asia will consist of Paolo Costa (chairman), Massimo Pellei and Michele Travierso (managing director). Travierso will also serve as managing director of Spindox China, flanked by Pellei (chairman) and Mauro Marengo.
Michele Travierso brings more than 20 years of experience in the Chinese market to Spindox Asia and Spindox China. A former journalist for newspapers such as The New York Times, The Economist and Wired, he has gained in-depth know-how in the aerospace, technology and business sectors. He founded and managed Apogeex, through which he supported international companies with software development, localisation and marketing projects in Asia. Travierso boasts an extensive network of contacts in the Chinese industrial and technological world and tells Startupbusiness: ‘By combining the agility typical of an SME with the strength and intellectual capital of Spindox, we are aiming firmly at China and Asia, respectively strategic and emerging markets that, together, represent the heart of global growth in the coming decades. This partnership will allow us not only to further strengthen our international presence, but above all to offer Spindox’s Italian clients a distinctive competitive advantage, accompanying them as protagonists in the challenges and opportunities offered by the Asian markets”.
Massimo Pellei, co-CEO of Spindox, comments on the 2024 figures in a note: “We are reaping the rewards of the business strategy defined a year ago, based on expansion in key growth sectors and a focus on areas with the highest innovation content. The double-digit results achieved in 2024, which exceed the estimated performance for the market as a whole, fully satisfy us’.
Mauro Marengo, co-CEO of Spindox, adds: ‘Even more positive is the improvement in profitability, considering that in less than a year we have recovered 1.7 percentage points in EBITDA margin. This is the start of a trend that will be consolidated in 2025, when the full impact of the new strategy will be felt. We will continue to focus on the higher-margin business and pay close attention to containing operating costs.” (photo by Kin Li on Unsplash)
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