SESA STRENGTHENS ITS PRESENCE IN THE IBERIAN PENINSULA: VAR GROUP ACQUIRES ANDORNET, A DIGITAL PARTNER IN ANDORRA
The transaction accelerates international expansion in the Digital Transformation sector, in execution of the 2027-2028 Industrial Plan:
- Var Group acquires 100% of Andornet, consolidating its offering platform in the Iberian region.
- Andornet closed 2025 with revenues of approximately Euro 2 million and EBITDA of approximately Euro 0.3 million, with over 50% of revenues generated by contracted recurring services.
- The transaction provides for the long-term operational involvement of the shareholders and key management for at least four financial years, ensuring the integration and development plan.
- In line with the Industrial Plan, the transaction strengthens the expertise supporting international organic growth and sustainable value creation.
Empoli (FI), October 14, 2026
Sesa S.p.A. (“Sesa” – SES.MI), a leading player in the Technology, Digital Platform and Vertical Application sectors for enterprises and organizations, with revenues of Euro 3.6 billion and 6,750 employees, announces the completion of the acquisition of 100% of the share capital of Andornet S.A. (“Andornet”), a digital partner in the Principality of Andorra. The transaction was carried out through its subsidiary Var Group, a leading Digital Integrator in digital services and solutions, operating in 16 countries with revenues of over Euro 900 million and 4,450 employees.
Andornet specializes in the provision of value-added IT services, infrastructure cloud solutions, advanced connectivity, digital workplace and Managed Services supporting the digital transformation of local enterprises and public institutions. The company closed the financial year ended December 31, 2025 with revenues of approximately Euro 2.0 million, EBITDA of approximately Euro 0.3 million and profitability in line with industry benchmarks, standing out for a resilient business model in which over 50% of revenues are generated by recurring contracts.
The integration of Andornet into Var Group strengthens its presence in the Principality of Andorra with 25 qualified professionals, integrating consolidated expertise in advanced services, banking and financial services and local public administration, and extending the offering of cybersecurity, cloud and business application solutions. In the financial year ended April 30, 2026, Var Group generated revenues of Euro 22 million in Spain and Euro 3 million in Andorra; over the next two years, it expects to exceed Euro 60 million in revenues and 500 professionals in the Iberian Peninsula, growing both organically and through new targeted M&A transactions.
The acquisition of Andornet addresses the strong acceleration in demand for IT infrastructure outsourcing and management services across the European economy. According to IDC, total spending on IT services and Managed Services in Europe is expected to maintain a compound annual growth rate (CAGR) of over 7.2% in the 2025-2029 period, reaching a market value of over USD 300 billion by 2028.[1] The progressive transition towards hybrid cloud environments, the need to ensure business continuity and compliance with EU security requirements, including the NIS2 and DORA directives, are driving enterprises to rely on local technology partners: according to IDC, over 65% of European organizations use external Managed Service Providers both to address internal technical skills shortages and to optimize infrastructure and operational support costs[2].
The acquisition was completed based on valuation criteria in line with those historically adopted by Sesa Group. The agreement enhances the company’s employees and provides for the full operational involvement of Andornet’s current shareholders and management for at least four financial years, ensuring business continuity, customer retention and the gradual integration of the company into Var Group’s technology and
commercial processes.
The transaction represents a further step in the execution of the 2027-2028 Industrial Plan, approved in July 2026, confirming the Group’s development path based on the organic growth of its core businesses, combined with targeted industrial acquisitions with high added value and strong geographical and technological synergies.
Statements
Alessandro Fabbroni, CEO of Sesa, stated: “The acquisition of Andornet strengthens our path towards progressive internationalization in adjacent high-potential geographical areas, fully in line with the guidelines of the 2027-2028 Industrial Plan. We continue to invest in expanding our industrial scope by combining specialist expertise and solid business models characterized by a strong component of recurring revenues and technological innovation, while preserving management involvement and generating sustainable, long-term value for all stakeholders”.
Francesca Moriani, CEO of Var Group, stated: “We welcome Andornet’s people to Var Group, a company with in-depth knowledge of its local market and which shares our passion for innovation. The Iberian Peninsula is currently one of Europe’s most dynamic markets, where we are growing with confidence: we have reached Euro 25 million in revenues across Spain and Andorra and aim to exceed Euro 60 million and 500 professionals over the next two years. With Andornet, we intend to support Andorran enterprises in their digital growth, combining the proximity of those who operate in the local market with the strength of an international group”.
David Camps, CEO of Andornet, stated: “Joining Var Group and Sesa Group represents a key milestone in Andornet’s history. This agreement will enable us to radically expand the range of solutions offered to our long-standing clients, benefiting from the strength, technology platforms and best practices of a major international group, while maintaining the dedication and proximity to the market that have always distinguished us”.
[1] Source: IDC Market Forecast, “European Services Forecast” & IDC, “Worldwide Managed Cloud Services Forecast – A Competitive Services View of Technology Outsourcing Services Markets”, idc.com/eu/research/it-spending.
[2] Ibid
