THE CLOUD COMPUTING PROVIDER OF SOUTHEAST EUROPE - Investor presentation - September 2020 - DHH ...
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THE CLOUD COMPUTING PROVIDER OF SOUTHEAST EUROPE Investor presentation – September 2020
AGENDA
01 INTRODUCTION 06 ORGANIZATION AND STRUCTURE
02 CORE BUSINESS AND BUSINESS MODEL 07 GROWTH STRATEGY
03 THE MARKET OPPORTUNITY 08 CORPORATE GOVERNANCE
04 THE INVESTMENT OPPORTUNITY 09 INFORMATION FOR SHAREHOLDERS
05 FINANCIALS
2
01 INTRODUCTION
ABOUT US
DHH is a tech‐group that provides the “virtual infrastructure” to run websites, apps,
e‐commerces and software as a service solutions to 100.000+ customers across
Southeast Europe (the so‐called “Adriatic Sea area”), a geographic area where
expected growth rates are higher thanks to current lower digital penetration.
DHH is listed on AIM Italia, a Multilateral Trading Facility regulated by Borsa Italiana
and registered as a SME Growth Market.
4
02
CORE BUSINESS
AND BUSINESS MODEL
CORE BUSINESS AND BUSINESS MODEL
The group provides cloud computing solutions as‐a‐services (mostly
SaaS/IaaS), from domain registration to cloud hosting, from cloud
servers, housing and colocation to ready IoT solutions, mostly to
b2b and professional users
Almost all of the above‐mentioned services are recurring and
supplied with a one‐to‐many model where contracted customers
are charged in advance for their subscription
Highly diversified customer base (no dependancy on big clients) and
lead generation mostly online (“Covid‐19 resilient company”)
6
CLOUD SOLUTIONS FOR ENTRY LEVEL USERS / DOMAIN
REGISTRATION AND WEB HOSTING
Domain name registration
providing the opportunity to get and register domain names to its customers among those not recorded in
the competence register yet. The company offers a multitude of gTLD (generic, as .net, .org, .info) and
several ccTLD (country code, as .it, .es,.uk)
Domain name transfer
allowing clients the possibility to transfer already recorded domains among other providers
Shared hosting
which means sharing server space with other websites and individuals. It is extremely cheap,
but exposed to the “bad neighbour” effect
Virtual Private Server (VPS) hosting
it always a shared server, however, a VPS is literally split into as many parts as there are users, overcoming in
such way the neighbour effect, since a private account is contained within a virtual machine
Dedicated hosting
the website is renting the physical machine and not sharing hardware or bandwidth with any other
websites, giving to the client maximum control over the server software
7
CLOUD SOLUTIONS PROFESSIONAL USERS / CLOUD
COMPUTING
Cloud Hosting
a fully managed hosting suitable for publishing and e‐commerce web portals,
characterized by high flexibility and performance, as well as by the "isolation" of the
various user interactions to avoid possible interference in terms of performances
Easy Cloud Server
is the virtual computing environment where customers can
configure cloud instances (tools) on a pay per use mode
Cloud Server
offers extremely high reliability and huge scalability mostly thanks to
the real‐time allocation of resources on redundant virtual servers
Foundation Server
is a dedicated server with very high performance, made with the available hardware
components, particularly suitable for private cloud infrastructure with Hyper‐V
Virtual Private Cloud
i.e. private hosted cloud environment. A virtual datacenter control panel is provided to configure
all the virtual machines thanks to the use of VMware, managing the available computational
resources in real‐time. It is ideal for advanced datacenter services to combine the level of 8
isolation of dedicated resources and the flexibility of the cloud
CLOUD PRODUCTIVITY TOOLS AND ADD‐ONS
Website creation software Cloud Monitor
particularly for entry‐level users a useful tool for monitoring websites,
servers, networks and applications
SSLs certificates
to ensure that all data passed between web Cloud Backup
server and browsers remain private and integral allows to backup any type of computer
(Desktop, Workstation, Server, Virtual Machine)
Mail service
a safe, user‐friendly tool for email Cloud Object Storage
management and easy and secure tool to store
and archive files and media
Cloud Appliance
an effective tool for infrastructure safety: higher Cloud Streaming platform
security, performance and reliability, as well as supporting the main definition
protection against DDoS attacks streaming format
Cloud Data Protection Control Panel
is a data protection service that uses Veeam to manage properly all the
technology to create backup and disaster functionalities of your domain and all
9
recovery solutions customers account
03
THE MARKET
OPPORTUNITYMARKET OPPORTUNITY Global Cloud computing market enjoys strong growth dynamics, Web hosting follows the suit: Source: NetConsulting Cube, Fortune Business Insights Source: Web hosting market Cloud computing represents an essential tool for innovation, given the easy, flexible and fast implementation of software and application without the burden of purchasing and maintaining physical and network infrastructure Worldwide public cloud market is expected to grow at 15‐20% annual rate (Source: Gartner, November 2019) since several companies are switching their business operations from on‐premise to cloud Additive opportunities may arise from the increasing IoT adoption rate, with cloud computing likely to become the backbone of everything that IoT might offer 11
GEOGRAPHICAL OPPORTUNITY
Digital markets in
Southeast Europe are
one step behind with
regard to internet use
and are expected to post
higher than average
growth rates ahead
(Source: European
Commission, Digital Agenda
Scoreboard 2020)
DHH, gaining a leadership position in these markets would like to take advantage of the robust growth trend already in
place due to fill the gap with more mature geographies
These “unusual geographies” can also be seen as experimental markets to test and launch scalable digital businesses
internationally, thanks to the amount of talents available in these areas at very competitive costs with respect to more
developed markets
12CULTURAL OPPORTUNITY
The market for cloud computing and
web services can be seen as highly
fragmented and regional (Aruba and
Register in Italy) represented by some
large software vendors such as
GoDaddy (US), OVH (France), AWS
(US), Google (US), Microsoft (US).
DHH’s “think global act local”
approach, proves to remain a strong
competitive advantage
In terms of the market structure and
competitive dynamics, cloud hosting
market is highly concentrated with
predominantly US based players
which account for ca. 40% of all
worldwide websites. Local based
peers continue to play a key role in
non‐English speaking markets (such as
South, Central and Eastern Europe),
where asymmetrical information
remains a big issue
Source: Statista 1304
THE INVESTMENT
OPPORTUNITYEntrepreneurs with track record
HIGHLIGHTS able to build from “scratch” in 5 years a company with a turnover of ca
€17m, an EBITDA of €5,6m, a net profit of €1,8m 100 people, 100.000+
customers across the Southern Europe (ref. Italy, Italian Switzerland,
Slovenia, Croatia, and Serbia), executing ca. 10 cross border M&A deals
Clear and visible growth ahead Wide and top‐quality cloud computing
expected to keep pushing on business acceleration offer portfolio to meet most demanding
and innovation, with the aim of increasing ARPU, customers, with almost all solutions which are
widening product portfolio and trying to further based on subscriptions (mostly SaaS/IaaS) with a
exploit M&A opportunities minimum duration and automatic renewal
Buoyant financials figures Extensive physical and network infrastructures
typical of a cloud computing company and with both the internet backbone and all six
characterized by i) fast growing profile (Revenue at datacenters connected to each other and to other
€17m, + ca. 10% YoY in FY19PF), ii) light capital Italian and foreign PoPs through an optical fiber
structure, (Net Debt at very low level), iii) best‐in class ring, allowing the Group to take significant
profitability (EBITDA Margin at 33.5%) and iv) sound advantages, among all to apply competitive prices
cash flow generation (OpFCF/EBITDA close to 100%)
In‐depth and proven capabilities of turning Highly scalable and profitable business model
around and up‐scaling acquired assets featured by a high incidence of recurring revenue
(ten acquisitions since foundation, six acquisitions and client retention, at roughly 90%, with many
after the IPO that took place back in July 2016, clients remaining with DHH for years,
corresponding to ca. €6mn cash‐out) notwithstanding the original contract duration
In‐house development of cutting‐edge services
together with an open innovation approach in finalizing corporate venture capital
deals, investing as “angel” in most promising start‐ups, like Docebo, the well‐
known e‐learning platform now worth ca. 746M EUR / July 10, 2020, in which the
15
Group (Seeweb) invested EUR 150K back in 2006, with a profitable exit in 2015HISTORICAL MILESTONES
Since its foundation DHH has finalized several investments while successfully IPOing onto AIM Italia stock market:
May
October 2018
2015 March December
2017 Establishment of 2019
Acquisition of Klaro, System Bee d.o.o. as a
a Slovenian web July Acquisition of spin‐off from DHH d.o.o. Acquisition of
agency which in the business Sysbee is a group of April Si.Shell, one of
2016
turn fully branch of system engineers and the most
Successful IPO on Studio4Web,
2019
controlled the infrastructure architects important
entire corporate the Italian AIM low‐cost web providing managed Acquisition of Slovenian
capital of Domenca, stock market, hosting in the hosting services to 20% stake of providers with
Domovanje, Plus raising €4.2mn Croatian small and medium‐sized DHH Switzerland 1,800 active
HR and Plus RS proceeds market enterprises from Sergio customers
Ravera
November September May October May June
2015 2016 2017 2018 2019 2020
Acquisition of Acquisition of Acquisition of 60% of Acquisition of Merger between Approval of the
July Tophost S.r.l., Infonet, Croatian Bee Bee Web (together mCloud, a Serbian mCloud and DHH merger with Seeweb,
2015 leading low‐cost company which with its Italian reseller cloud computing Serbia a leading player in the
Italian web fully owned Hosting Star), a Swiss provider fully cloud computing
Foundation hosting player Hosting IT, a young based web hosting dedicated at Italian market,
web hosting company, owner of the delivering through a reverse
provider brand Artera, whose advanced hosting takeover, expected to
products are services be finalized by the end
addressed to of the year
professional users
1605 FINANCIALS
FAST‐GROWING COMPANY WITH SOUND MARGINS AND
OPERATING CASH FLOW
Business has been steadily EBITDA Margin at 33.5%, Steadily positive cash
growing at double digit rate among best‐in class in the generation (cash conversion
since foundation from €4mn domestic field, e with no cost ratio close to 100%), coming
turnover as of FY16 to roughly capitalization at all. Margins from the combination of
€17m in FY19PF, mainly thanks stand at double digit also at favorable working capital
to its vigorous M&A driven EBIT and NP levels, at 15.1% dynamics, and low capital
growth strategies, but also and 10.6% respectively, a proof expenditures need, typical of
through an overall of DHH business viability and a cloud computing company
improvement of industry KPIs, efficiency
which led to a customer base
up to 106,000 as of FY19
18DHH: SUMMARY OF FINANCIALS ‐ DHH GROUP WITHOUT SEEWEB
(IAS / IFRS standards)
CONSOLIDATED INCOME STATEMENT CONSOLIDATED CONSOLIDATED
DELTA
(All amounts are in EURO) 30.06.2020 30.06.2019
OPERATING REVENUES 3.719.855 3.380.922 +10%
Material costs (11.966) (10.743) +11%
Services costs and use of third party assets (2.200.782) (1.982.502) +11%
GROSS MARGIN 1.507.106 1.387.677 +9%
Personnel costs (855.427) (1.009.882) ‐15%
Other expenses (104.298) (135.892) ‐23%
EBITDA 547.381 241.903 +126,3%
Amortization and impairment (216.661) (169.335) +28%
EBIT 330.720 72.568 +356%
Financial income (expenses) (37.721) (14.299) +164%
Other non‐operating income/expense ‐ (1.272) ‐100%
EARNINGS BEFORE TAXES 292.999 56.998 +414%
Income taxes (78.115) (26.340) +197%
NET RESULT 214.884 30.657 +601%
19DHH: SUMMARY OF FINANCIALS
DHH GROUP WITHOUT SEEWEB
CONSOLIDATED NET FINANCIAL POSITION CONSOLIDATED CONSOLIDATED
DELTA
(All amounts are in EURO) 30.06.2020 31.12.2019
LIQUIDITY (2.663.927) (2.537.357) +5%
CURRENT FINANCIAL DEBT 97.705 119.848 ‐18%
NON‐CURRENT FINANCIAL DEBT 167.993 205.248 ‐18%
NET FINANCIAL DEBT (2.411.438) (2.225.702) +8%
20DHH: SUMMARY OF FINANCIALS
DHH GROUP WITHOUT SEEWEB
ASSETS CONSOLIDATED CONSOLIDATED
DELTA
(All amounts are in EURO) 30.06.2020 31.12.2019
NON CURRENT ASSETS 7.391.860 7.150.793 +3%
CURRENT ASSETS 4.005.515 3.684.309 +9%
TOTAL ASSETS 11.397.375 10.835.101 +5%
LIABILITIES CONSOLIDATED CONSOLIDATED
DELTA
(All amounts are in EURO) 30.06.2020 31.12.2019
NET EQUITY 7.793.756 7.577.161 +2,9%
NON CURRENT LIABILITIES 198.839 235.392 ‐16%
CURRENT LIABILITIES 3.404.781 3.022.549 +13%
TOTAL LIABILITIES 3.603.620 3.257.941 +11%
TOTAL LIABILITIES AND NET EQUITY 11.397.375 10.835.102 +5%
21DHH: SUMMARY OF FINANCIALS
DHH GROUP WITHOUT SEEWEB
CASH FLOW STATEMENT CONSOLIDATED CONSOLIDATED
DELTA
(All amounts are in EURO) 30.06.2020 31.06.2019
A. CASH FLOW FROM OPERATING ACTIVITIES
1. EARNINGS BEFORE INCOME TAX, INTEREST,
330.720 72.568 +356%
DIVIDENDS AND CAPITAL GAIN/LOSSES
2. CASH FLOW BEFORE NWC CHANGES 549.653 234.073 +135%
3. CASH FLOW AFTER NWC CHANGES 758.878 639.342 +19%
CASH FLOW FROM OPERATING ACTIVITIES 640.551 601.666 +6%
B. CASH FLOW FROM INVESTING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES (455.242) (679.748) ‐33%
C. CASH FLOW FROM FINANCING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES (58.738) 287.859 ‐120%
INCREASE (DECREASE) IN LIQUIDITY 126.570 209.778 ‐40%
22DHH: SUMMARY OF FINANCIALS ‐ DHH GROUP WITH SEEWEB
(IAS / IFRS standards)
CONSOLIDATED PRO‐FORMA INCOME
PRO‐FORMA* PRO‐FORMA*
STATEMENT DHH GROUP DELTA
30.06.2020 30.06.2019
(All amounts are in EURO)
OPERATING REVENUES 9.096.004 8.401.509 +8%
Material costs Service costs and use of third
(3.972.748) (3.578.682) +11%
party assets
Personnel costs (1.431.688) (1.653.423) ‐13%
Other expenses (157.264) (227.831) ‐31%
TOTAL OPERATING COSTS (5.561.701) (5.459.936) +2%
EBITDA 3.534.304 2.941.573 +20%
Amortization and impairment (1.508.133) (1.510.560) 0%
EBIT 2.026.170 1.431.013 +42%
Financial income (expenses) (104.708) (84.588) +24%
Other non‐operating income/expense 0 180.517 ‐100%
EARNINGS BEFORE TAXES 1.921.462 1.526.942 +26%
Total current and deferred income taxes (575.692) (429.715) +34%
NET INCOME (LOSS) FOR THE YEAR 1.345.770 1.097.227 +23%
23
* post RTODHH: SUMMARY OF FINANCIALS
DHH GROUP WITH SEEWEB
CONSOLIDATED CONSOLIDATED
ASSETS PRO‐FORMA* PRO‐FORMA* DELTA
(All amounts are in EURO)
30.06.2020 31.12.2019
NON CURRENT ASSETS 18.889.225 19.647.866 ‐4%
CURRENT ASSETS 8.747.008 7.827.612 +12%
TOTAL ASSETS 27.636.233 27.475.478 +1%
CONSOLIDATED CONSOLIDATED
LIABILITIES PRO‐FORMA* PRO‐FORMA* DELTA
(All amounts are in EURO)
30.06.2020 31.12.2019
NET EQUITY 15.386.480 14.211.800 +8%
NON CURRENT LIABILITIES 4.020.195 5.285.044 ‐24%
CURRENT LIABILITIES 8.229.558 7.978.634 +3%
TOTAL LIABILITIES AND NET EQUITY 27.636.233 27.475.479 +1%
24
* post RTODHH: SUMMARY OF FINANCIALS
DHH GROUP WITH SEEWEB
CONSOLIDATED PRO‐FORMA CASH FLOW STATEMENT DHH GROUP PRO‐FORMA*
(All amounts are in EURO) 30.06.2020
A. CASH FLOW FROM OPERATING ACTIVITIES
1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL
2.026.170
GAIN/LOSSES
2. CASH FLOW BEFORE NWC CHANGES 3.371.070
3. CASH FLOW AFTER NWC CHANGES 3.245.012
CASH FLOW FROM OPERATING ACTIVITIES 2.564.612
B. CASH FLOW FROM INVESTING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES (733.000)
C. CASH FLOW FROM FINANCING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES (1.127.929)
INCREASE (DECREASE) IN LIQUIDITY 703.683
25
* post RTO06
ORGANIZATION
AND STRUCTUREGROUP ORGANIZATION
DHH unique approach is built around the concept of an ecosystem with a common theme
in which tech‐entrepreneurs can innovate, share best practices, build together and grow as
part of the group of like‐minded people
An ecosystem of independent businesses
Each acquired company stays independent with its own brand, organization and
management team. DHH doesn’t push for operational changes nor impose its own
strategic decisions on members of the group. Instead, DHH offers support in different
areas like financing, technology, business development.
A long‐term relationship
DHH’s investment strategy is based on the belief that investing in businesses for the
long‐term is the only sure way to sustainable returns.
Synergies, not integrations
DHH stimulates bottom‐up synergies that come from cooperation between the
members of the group. We don’t look for integrations. DHH action is designed to
encourage entrepreneurs to take initiatives while offering support at the group level.
27GROUP STRUCTURE
As of today, the new group holds equity stakes in eleven business units, out of which:
Eight business units / operating companies consolidated on a line by line basis among which three in
Italy (Seeweb, Tophost, DHH Italy), two in Croatia (DHH d.o.o and System Bee), and only one in Slovenia
(DHH.si), Serbia (mCloud) and Switzerland (DHH SW);
Minority stakes in start‐up companies such as Baasbox, Sync and Materialuce.
28SUBSIDIARY DESCRIPTION
Subsidiary key indicators
Market positioning Domains Cloud Hosting Cloud Server Managed infrastructure
Seeweb + ++ +++ +++
Tophost +++ +++ ‐ ‐
DHH Slovenia +++ +++ + ‐
DHH Croatia +++ +++ + ‐
Sysbee ‐ ‐ +++ +++
DHH Switzerland + ++ +++ ++
DHH Italia + ++ +++ ++
mCloud + + +++ ‐
29SUBSIDIARY DESCRIPTION
Revenues breakdown by geography in FY19PF
EU (exc. Italy) 22%
Other (extra EU) 4%
Italy 74%
30SUBSIDIARY DESCRIPTION Seeweb Cloud computing company which offers SaaS, IaaS and PaaS services, as well as a wide range of additional IT services such as shared hosting, dedicated servers, housing and colocation, relying on six physical datacenters and a proprietary fiber optic network. Tophost Italian subsidiary providing entry level solutions to more than 46,000 customers, still keeping the status of the lowest‐cost web hosting provider in Italy. DHH Slovenia It is the leading provider in Slovenia (with around 27,000 customers) managing three brands, Domenca, Domovanje and Si.Shell. Domenca is a domain registration provider, while Domovanje and Si‐Shell are mostly involved int cloud computing field. High‐end products like WordPress and hybrid hosting were launched on the market in FY19. DHH Croatia Along with its subsidiaries it is the largest hosting provider in Croatia, and total number of customers more than doubled since the IPO, establishing at ca. 20,000. The three proprietary brands (Plus hosting, Studio4web, Infonet) provide a broad array of services, from low‐cost hosting solutions to managed hosting services addressed to high end customers. 31
SUBSIDIARY DESCRIPTION Sysbee Recently established Croatian vehicle resulting from the above ‐mentioned spin‐off, it counts ca. 50 active clients and is steadily growing. The own brand Sysbee is engaged in the business of web hosting and IT solutions, made up of a group of system engineers and infrastructure architects. mCloud It counts ca. 6,500 clients and manages two brands, plus hosting and mCloud, which target different customers i i.e. the Revenue‐per‐ user (RPU) of mCloud is on average seven times higher than the RPU recorded by plu.rs. DHH Switzerland Owner of the brand Artera, it provides high‐end services, mainly addressed to customers requiring high reliability and technologically advanced web hosting services. DHH Italia The Italian reseller of Swiss premium brand Artera, ca. 1,300 clients. Currently, the Group has minority stakes in i) Materialuce, a startup which develops and markets innovative lights and lighting systems, ii) Baasbox, a small company involved in the design, development and sale of digital products and iii) Sync, a company that provides IT services. 32
07 GROWTH STRATEGY
GROWTH BY ACQUISITIONS
Creating an ecosystem of independent businesses, that means each company remains
independent with its own brand, organization, and management team. Indeed, relying
on a full commitment of all founders who together with top management team bring
in‐depth skills in digital business, the Group will help local tech‐pioneers:
Offering expert support, cost Delivering know‐how in Providing strategic thinking,
and revenue synergies managerial processes, business technology solutions, marketing
achievement, resources and development, financial KPIs know‐how and other best practices
capabilities enhancement implementation etc.
34GROWTH BY ACQUISITIONS
Scouting for opportunities in Consolidation, New Markets, Startup
Criteria 1. Expansion 2. Consolidation 3. Start‐ups
Entering in new geographies,
Increasing market share in
or expanding product lines Seed investment ‐ 100/200k
the current company's
Objective acquiring mature and cash in small companies with growth
reference market, acquiring
generating companies with at potential
small to mid‐sized companies
least €1mn turnover
Web hosting, Cloud Web Hosting, Cloud
Industry focus New digital technologies
computing Computing
Market leader, cash Companies with an existing
Team and product with proven
Stage of development generating companies with customer base and
traction
low leverage distribution network
Initially cash purchase of
51%‐60% of equity with the Asset acquisition without Initial minority stakes with
Acquisition strategy
option to buy the remaining retaining the management contingent call options
stake via cash or equity
35BUILDING VALUE THROUGH M&A
DHH creates value executing a sound M&A strategy, which aims at substantially increasing the intrinsic value
of acquired companies in the very short term after the completion of the deal. This strategy is based on the
following pillars:
01 Proposing a fair valuation for the acquisition, not over‐paying the companies.
02 Structuring a deal where the entrepreneurs have strong incentives to stay in the company after the
acquisition with the goal of growing the main business KPIs: revenue, EBITDA, net profit, free cash flow.
03 Cleaning‐up the companies from the costs not connected to the core business, which are a
constant in the world of SMEs.
Implementing a control management system in companies, so to improve the budgeting and
04
planning process, which is usually non‐existent in the SMEs.
Representing companies’ financials in the best possible way, communicating the meaning behind
05
the numbers.
Thanks to this approach, in the last 5 years DHH invested more than 40M EUR in M&A deals and the
portfolio companies are now worth more than 75M EUR. (Source: Value Track equity research report)
36ORGANIC GROWTH
DHH improves the organic growth of its portfolio companies working on marketing and product innovation:
Increasing ARPU
through the shift towards premium products ‐
Group strategy will be addressed to expand its
value proposition, trying to provide customers
with high quality products (value‐added
Launching proprietary solutions to stay products lying a on higher price range) and
ahead of any technological trend granting them a satisfying experience level
with the aim of introducing innovative
services and meet customers’ needs. This
approach will be substantially unchanged, Improving go to market strategy
with all businesses (and brands) within the
through the establishment of value
consolidation perimeter willing to introduce
partnerships – the development of new
innovative services
relationships with web agencies, specialized
partners (SAP), system integrators or software
houses may accelerate the growth path and
market penetration, thus allowing the
enhancement of customer base, and the
improvement of retention rates
37CASE STUDY ‐ M&A
Implementing
managerial
capabilities in
At the beginning of 2016, when revamping and
DHH took over the active Many adjustments have been
implemented, aiming at enhancing optimize acquired
management of Tophost, all
Customer acquisition / retention assets from a
relevant KPIs were negative, since
customer base was recording and profitability margins and financial and
negative growth rates and average leading to an improvement in technological point
customer acquisition costs (CAC) bookings as well an overall of view, as made
were disproportionate if compared enhancement in the average with Tophost:
to lifetime value (LTV) provided on lifetime value adapting a range of
average by customers operational &
strategic measures
to transform the
organization
38CASE STUDY ‐ OPEN INNOVATION
Adopting an‐open innovation approach
to finalize corporate venture capital deals
Seeweb invested as “angel” around €150K
back in 2006 in Docebo, with a profitable exit
in 2015. Nowadays, Docebo is a well‐known
e‐learning platform, listed on Toronto Stock
Exchange worth 746M EUR / July 10, 2020.
3908 CORPORATE GOVERNANCE
BOARD OF DIRECTORS Antonio Baldassarra, Director With over 25 years of experience in Electronics, Telecommunication and Computer Science, Antonio is the founder and CEO of Seeweb, a leading Italian company in the field of IT services, cloud computing and data centers. He is currently president of the Hosters and Registrars Association, member of the Technical Committee and of the Board of Directors at Rome Nautilus Mediterranean Exchange (Namex), and formerly he was a member of the ccTLD Steering Committee (CIR) of .IT registry at IIT‐CNR in Pisa. Guido Busato, Independent Born in 1963, Mr. Guido Busato is an entrepreneur and managing director with over 25 years of working experience in finance, environmental and energy markets. Specialized in new business start‐up with excellent track‐record in banking and asset management. Since 2003 he is the founder, owner and manager of EcoWay S.p.A., the first Italian trading and advisory firm on environmental markets and finance, leader in CO2 trading for Italy and from 2014 active also on power markets with a focus on renewable energy. From 2015, through the family Holding BREG, he is managing a small Family Office with equity investments in Italian SMEs. Uroš Čimžar, Managing Director, CSO Uroš Čimžar has over 15 years of experience in the web and hosting industry. While he was still at university, he co‐founded Klaro where he worked as CEO. Klaro was one of the top 10 Slovenian web agencies, but the team also worked on its own internal projects like Domovanje.com. Over the years, Uroš has accumulated extensive entrepreneurial experience, mostly in the fields of finance, marketing and business development. Matija Jekovec, Managing Director, COO Matija co‐founded the Klaro Group in 2003 and worked as a developer and later R&D manager. Through his technical career he acquired an intimate knowledge of development, software architecture, implementation of development processes (agile development, test driven development continuous integration) and system administration. As the company shifted focus to hosting and acquired some of its competitors, Matija managed the operations for the group and had an active role in building the largest hosting group in Slovenia. Giandomenico Sica, Executive Chairman of the Board of Directors Giandomenico is a co‐founder of DHH. He is also the founder of Grafoventures, his own investment company focused on Small Caps across Southeast Europe. He is co‐founder and board member of Creactives Group, Applied AI company in the field of supply chain listed on the Vienna Stock Exchange. He was investor and executive director of MailUp, marketing technology company listed on the Italian Stock Exchange, which he supported in scaling by M&A from 8M EUR to 27M EUR in 3 years. He was shareholder and partner of Digital Magics, start‐up incubator listed on the Italian Stock Exchange, where he originated the investment in Talent Garden (80% IRR). He is a graduate in Philosophy (cum laude) at the University of Milan. 41
CAP‐TABLE
(post RTO)
No. of shares % of share capital
Antonio Domenico Baldassarra 1,544,492 34.18%
Enrico Vona 1,494,739 33.08%
Giandomenico Sica 200,000 4.43%
Treasury shares 360,000 7.97%
Free float 919,400 20.35%
TOTAL 4,518,631 100.00%
4209
INFORMATION
FOR SHAREHOLDERSSTOCK DETAILS
Listing Outstanding number of shares*
Milan, AIM ITALIA 4.5mn
ISIN ordinary shares Market Cap
IT0005203622 Approx. €51.5mn* (September 2020)
*Post RTO 44FINANCIAL CALENDAR
11 November 2020
3Q20 Gross sales release
45LIST OF PARTIES
Nomad
Envent Capital Markets Ltd
Specialist
CFO Sim SpA
Research provider
ValueTrack Srl
Audit & accounting
BDO Italia SpA
46CONTACTS
Address
DHH S.p.A Via Caldera, 21
20153 Milan ‐ Italy
Phone
+39 02 87365100
Email
info@dhh.international
47Thank you. For further information, please visit www.dhh.international
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