TXT e-solutions S.p.A. ("TXT"), listed company on the STAR segment of the Telematic Stock Market organized and managed by Borsa Italiana S.p.A., announces that on December 20, 2023, it has subscribed to a capital increase in Arcan S.r.l. ("Arcan"), resulting in TXT holding a 51.00% stake in Arcan, representing the social capital of the innovative start-up. TXT will consolidate the results of Arcan starting from today, December 20, 2023. The initial investment by TXT in Arcan's capital, which is not significant in terms of cash flows, aims at the industrialization and commercialization of the proprietary platform, and the investment agreement includes a Put/Call option through which TXT, within 60 days from the date of approval of Arcan's financial statements closing on December 31, 2025, will increase its stake in Arcan up to 100% of the company's capital.
Arcan is an innovative Italian start-up founded by two young entrepreneurs - both with Ph.D. in Computer Science - that develops SaaS B2B platforms to support developers and IT managers during software product development. Arcan's strength lies in the artificial intelligence-based detection of "Technical Debt," a problem that costs $500 billion worldwide each year and whose management is strategic for software development companies. Arcan, the platform provided by the company, is an automation tool that leverages multiple code quality tools enhanced by AI algorithms to produce analysis on the evaluation of the technical debt of the analyzed software, its performance, security vulnerabilities, and for monitoring the evolution of technical debt.
More information about Arcan's offering is available on the company's website (www.arcan.tech). "We are pleased to contribute to the development of an innovative project based on Artificial Intelligence by two young entrepreneurs with strong specializations in Computer Science," comments Daniele Misani, CEO of TXT. "With Arcan, the TXT Group expands its portfolio of Smart Solutions with a strengthened position in the field of software quality." "We are honored to become part of a fast-growing Group that firmly believes in the value of innovation," comments Ilaria Pigazzini, co-founder and CEO of Alcan.
"In the TXT Group, we have found the best ground to grow our technology, a platform for code quality analysis based on artificial intelligence. For Arcan, TXT's investment represents an opportunity to accelerate research and development of the platform and to create commercial synergies with excellence in software quality already present within the Group." The investment in Arcan has been unanimously approved by TXT's Board of Directors.
(NEWS Traderlink)