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WFW advises Elovade on Italian ICT market expansion with Avangate acquisition  4 February 2025

Watson Farley & Williams (“WFW”) advised Germany’s ELOVADE Group (“Elovade”), through its subsidiary Elovade Beteiligungs GmbH, on its acquisition of Avangate Security S.r.l. (“Avangate”), a leader in the Value-Added Distributors (VADs) for IT cybersecurity solutions niche sector in Italy, from S8 Holding S.r.l. (“S8 Holding”).

With this acquisition, Elovade strengthens its presence in the Italian software market with the aim of becoming one of Europe’s leading security and infrastructure VADs for SMEs and larger entities, differentiating itself through high value-added services.

Based in Wetzlar, Hesse, Elovade supports IT service providers and system houses across Europe, including Germany, Italy, Sweden and Switzerland. It is backed by prominent private equity investors HQ Equita and Verdane.

The cross-border WFW Corporate team that advised Elovade was led by Munich Partner Simon Preisenberger and Milan Partner Carlo Cosmelli. In Germany, they were supported by Associate Christian Schulten-Baumer who advised on German law corporate and contractual matters including the negotiation of the shareholder, accession and contribution agreements. In Italy, the team included Senior Associate Roberta Sturiale and Associates Fabiola Francesca Longoni, Nicolò Ricci Petitoni and Daniele Sani, who advised on legal due diligence and contractual and directorship matters. Employment advice was provided by Counsel Roberta Cristaldi and Associate Giuseppe Fera, with Associate Antonio Ferrero and Trainee Roberto Di Marzo advising on real estate law. Senior Associate Alfredo Guacci Esposito and Associate Marianna Telesca provided tax due diligence expertise.

BDO acted as Elovade’s financial adviser on due diligence and accounting matters with a team comprising Senior Mangers Dianne Van and Felix Fries, Partners Eube Steffen and Chiara Bascialla, Corporate Finance Manager Giovanni Roberti and Senior Analyst Niccolò Nespoli. Commercial due diligence and marketing advice were provided by team from investment consulting firm Singular including Senior Principal Henriette Jemeljanow, Partner Dennis Jung and Senior Consultant Shivyam Rastogi.

Corporate finance advisory firm Arkios advised S8 Holding with a team comprised of Senior Associate Hong Hong and M&A Analyst Mattia Ugo Gorgo. Lawyer Massimiliano Massara advised the seller on contractual matters.


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