TINEXTA S.P.A.’s binding agreement to acquire an initial 20% stake in Defence Tech Holding (DTH) will provide a significant presence in a new client vertical (government/defence) for its Cyber Security business unit. DTH’s major assets include proprietary technology in an industry with a high security requirement, and ownership of authorisation centres to uphold Italy’s national security protocol, implying strong barriers to entry. DTH’s estimated FY24 EBITDA margin (c 39%) is significantly higher than Tinexta’s existing Cyber Security division, while Edison Group has forecast a margin of c 19%.
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