After the pandemic, companies have seen the need to accelerate its digital transformation to survive. A circumstance that favors technology companies, which are living their moment of glory. That is where Nunsys moves, a Valencian company in the sector that, given its good prospects, had planned to make the leap to BME Growth this summer. Initially, the listing plan was put on hold sine die due to the uncertainty that exists in the market. Paco Gavilán, president, general director and one of the founders of the firm, explained at the time the reasons for this decision: “It has been a decision agreed upon and recommended by Renta 4 that responds to various reasons. The main one is the uncertainty in the markets caused by the socioeconomic and geopolitical context. The war in Ukraine continues to condition the economy, the prices of energy and many other raw materials, the context of inflation, the rise in rates… Many of these issues do not have a direct impact on our business, but they do condition the receptivity of the markets. We prefer not to rush.” However, this same week the company changed its mind again and set March for its IPO “because the business results have been very positive so far and it is expected to close a record year of business that could boost valuation” .
While this moment arrives, Nunsys has carried out a singular purchase operation in which the small fish has eaten the big one. A few months ago he acquired Sothis, the comprehensive digitization consultancy owned by Juan Roig, owner of Mercadona, which bills 71 million (21 more than Nunsys) and has more employees (800 compared to 500). With this purchase, of which the price has not been revealed and which has had the financial support of the Valencian Institute of Finance (IVF), the technology company has become a top player, in the words of Gavilán, who adds that, despite to what it may seem, it has not influenced the decision to go public, “which was already taken before”.
With the support and advice of Renta 4, their project to debut on the stock market will, according to Gavilán, be insignificant, since they will only put 10% of the shares up for sale. And it will mean for Beade, the patrimonial company of Paco Gavilán and his wife, Amaya Fernández de Uzquiano, to manage 70% (previously 80%), while the rest will be distributed among four founding shareholders of the company.
Gavilan sees a safe bet. “It is one more step in growth that not only provides capital, but also value to the product to internationalize it. A customer from the United States may wonder who we are. This is one of the reasons why it is key to have that seal of validation. It is also true in Spain, where we compete with the big ones like Indra or Deloitte. Doing it without notoriety is difficult. With this jump we will make a mark and it will give us value”.
A value that will have to wait and that adds the odd inconvenience, such as the price to pay for the advice that will place them on the market, which is around 600,000 euros. “It is still positive. Within our roadmap we are going to take a very big leap. We have gained four or five years of growth with the purchase of Sothis and the IPO will also gain us a couple of years”, he argues.
With different lines of activity such as the development of network infrastructures, SAP consulting, robotics, cybersecurity or the development of its own software and technological products, Nunsys’ intention is to grow and do it fast. “Our plan is to run a lot this year and the next and take advantage of the fact that we have a tailwind,” Gavilán adds.
This year they have a turnover forecast of 148 million euros and get 12 of ebitda and by 2023 they expect 200 million with an operating result of 20 million. Growth has its nerve center in Spain. “Here is our heart and it is where we are going to grow the most. More than 90% of the business is in Spain and not much is going to change. The objective is to become the big player, although we know that we have competitors, but there are many clients who need to transform. The question will be how to meet so much demand”.
Currently, there are 1,300 employees and by the end of the year they could reach 2,000, who manage 5,500 clients spread across all sectors, from the public administration to Red.es or Renfe to others, such as large distribution, automotive, pharmaceuticals…, but, for the moment, Mercadona is its most important client, which accounts for around 20% of billing. He was the one who gave them the opportunity to advance in the industry 4.0 sector (digitization of industrial processes) when he chose them to transform their logistics centers, and there, says Gavilán, “we were ahead of time.” “We use this experience to transform other industries. In Spain we are one of the few with the capacity to install this type of process”.
In its commitment to rapid growth, software development and the sale of its own products to third parties stand out. With more than 20 references, some stand out such as Happydonia, an internal communication platform and corporate social network, in which five million euros have been invested and which has more than 100,000 users in Spain alone, with companies such as Osborne or Pikolin among its clients. , or BatOnRoute, a software specialized in the management of routes by bus, vans, bicycles…, intended for transport companies, day centers or residences with more than 70,000 users. “We have found something different, which offers solutions. In school routes we are the largest company in the world… If it works here, why don’t they buy it abroad? A question that has led them to internationalize these products. “We are already at Banco Nacional de Costa Rica and at Arcelor, with thousands of employees around the world,” he adds.
The products of their own creation have reported about five million of their turnover. “The rest comes from traditional consulting, where we have a long history with a presence in 40 countries, but only as clients’ companions. We implant and we go. Now our bet is our own product, which is what we want to grow with, above all, internationally”, he underlines.
Nor do they leave aside inorganic growth after the purchases of technology companies such as Ainfor in 2013, Castle CRM in 2018, Euroelettra in 2019 and the aforementioned Sothis this year. There are already 25 companies acquired since 2011 and the list will continue to grow. “We have created a purchasing network that works. We are analyzing 20 possible operations and this year we will buy three or four more, generally small and some very small ones”, he confirms. There are many opportunities on the table both in Spain and abroad, with their eyes set on one in Colombia, which especially attracts them because of its specialization.
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