Visiativ could soon leave the French coast. Groupe Snef has entered into exclusive negotiations with the main shareholders of Alliativ, with a view to acquiring 75.72% of the capital of the controlling shareholder of the group specializing in the digital transformation of businesses.
The sale of this majority stake would take place at a price of 37 euros per share, i.e. a premium of just over 35% compared to the closing price of this Thursday, February 8 and 38.5% compared to the average of stock price weighted by volumes over the last 20 sessions, 51% over 60 days and 46.7% over 120 days. Which explains the 30% surge in Visiativ shares this Monday, to 35.60 euros, for the resumption of trading. The company entered the stock market in May 2014 at a price of 10.86 euros per share. It has therefore more than tripled since then.
Delisting considered
Visiativ is a specialist in digital transformation for SMEs and the leading European integrator of Dassault Systèmes solutions and software (3DExperience, SolidWorks, etc.). But today this activity only represents 60% of revenues and 30% of profits. The group has developed its own software suite, very connected to Dassault Systèmes solutions, which allows digital continuity with different applications (ordering spare parts, management of different versions, catalogs, defects, etc.). This brings 15% of revenue. The remaining 25% concerns the innovation financing advisory center, to help companies master financing mechanisms. This branch is active in France and in countries such as the United Kingdom, Germany, the United States and Canada.
A fourth strategic plan was launched in September. Visiativ is targeting 500 million euros in turnover in 2028 with a gross operating surplus margin (Ebitda) of 15%, compared to 11% in 2022. The recurring turnover (or more precisely the ARR , annual recurring revenue) must quadruple, to 100 million, thanks to sales in SaaS mode (subscriptions).
If this operation is completed, expected during this first half of the year, a public purchase offer would be launched on the balance of the securities in circulation under the same price conditions. A compulsory withdrawal could then take place if the threshold of 90% of the capital is reached.
This article is originally published on investir.lesechos.fr/
