Siav — M&A Activity 2026

Apr 10, 2026

SIAV

INFO SOCIETÀ BENEFIT

PRESS RELEASE

SIAV STRENGTHENS ITS COMMERCIAL OFFERING AND TECHNOLOGICAL CAPABILITIES BY ACQUIRING A STAKE IN ATACOD S.R.L., AN INNOVATIVE START-UP ACTIVE IN INTELLIGENT PROCESS AUTOMATION

The transaction, in line with the Company's growth strategy, will support the expansion of the product portfolio and the strengthening of the Group's technological capabilities

Rubano (PD), April 10th 2026 - Siav S.p.A. Società Benefit, a leading Italian company in the document management sector, listed on the Euronext Growth Milan market, announces that it has today signed a binding agreement to acquire 9.1% of the share capital of Atacod S.r.l., an innovative start-up that owns an AI software solution developed for the automation of business processes.

Atacod, based in Bassano del Grappa (VI), has been developing software solutions for business process automation since 2023. Through a proprietary artificial intelligence platform, it automates operational activities, reducing the time taken to complete administrative, commercial and logistical processes, such as order and quotation processing, transport document management, invoice processing and the reconciliation of accounting documents. The solution enables the automatic capture, analysis and processing of unstructured documents and data, integrating with corporate information systems and eliminating the need for manual data entry. This approach reduces repetitive tasks, costs and manual errors, optimises workflows and maximises the potential of human resources.

In a market context characterised by growing demand for process automation and the integration of agency activities within enterprise platforms, this transaction represents a significant step in Siav's strategic roadmap, aimed at:

• expanding its portfolio of ready-to-sell technology solutions, including at an international level;
• integrating highly innovative vertical expertise;
• accelerate the commercial development of its proprietary platform, including through industrial and technological synergies;
• strengthen its role as an industrial aggregator.

The transaction forms part of Siav's strategic growth plan, which includes external expansion, with the aim of strengthening its competitive position in a sector characterised by high fragmentation and growing demand for advanced digital solutions.

In addition to investing in a project with enormous growth potential in terms of enhancing the value of the stake, the strategic rationale lies in the fact that Siav will have the opportunity to capitalise on significant commercial benefits arising from the distribution agreement underlying the investment agreement. Siav will, in fact, be able to operate on an exclusive basis, with regard to the distribution of

Siav S.p.A. Società Benefit

Via Rossi, 5/n 35030 - Rubano (Padova) - ITALY tel. +39 049 897 9797 info@siav.it siav@pec.siav.it www.siav.it

C.F./P.I.: 02334550288 Capitale Sociale 307.102,40€ Registro Imprese di Padova - REA PD - 223442

Filiali Milano / Bologna / Roma Aziende del Gruppo Siav / Siav Connect FZE / Credit Service

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Siav

the product, in specific markets and/or geographical areas, developing, from the outset, significant synergies in terms of up-selling and/or cross-selling activities.

Nicola Voltan, CEO of Siav, commented: "This transaction represents the first concrete step in a series of projects currently planned, envisaged by our growth plan. The integration of innovative companies such as Atacod allows us to make a new technology immediately available on the market that can provide an important competitive advantage to our solutions. I am also particularly satisfied and I thank the founders of Atacod who have decided to start this journey with SIAV, despite the numerous offers from international competitors and financial players."

Alberto Tessarollo, CEO and Founder of Atacod, commented: "This agreement represents a very important strategic step for Atacod. The entry of Siav, an industrial partner of great experience and solidity, allows us to significantly accelerate the company's growth path, strengthening the development of the platform and expanding its market diffusion. We are convinced that the integration between Siav's skills and our technology can generate concrete value for companies, helping to make operational processes more efficient, scalable and reliable."

Terms and details of the transaction

The purchase price for the acquisition of a 9.1% stake in Atacod has been agreed at €1,000,000.00, based on a current pre-money valuation of Atacod of €10,000,000.00, to be paid in accordance with the following terms:

• an initial instalment of €500,000.00, paid today using the company's own funds (signing);
• a second tranche of €500,000.00, to be paid by 15 May 2026, the date on which the closing of the indivisible capital increase reserved for Siav is expected to take place. With regard to the payment terms for the second tranche, the board of directors is currently carrying out the necessary assessments to identify the optimal mix of financial resources required to fund the transaction, including the use of own funds, recourse to third-party financing and/or the raising of further equity on the market. It should also be noted that on 7 April 2026, the Extraordinary General Meeting of Shareholders approved a capital increase of up to €5 million with preemptive rights and delegated authority to the Company's Board of Directors to increase the share capital against payment by a further maximum of €5 million.

The funds raised will be made available to Atacod in the form of a capital increase, and the entire amount will be used to accelerate the company's technical, organisational and commercial development. Furthermore, none of the founding shareholders will be leaving the company.

The deadline for subscribing to the capital increase has also been set at 31 July 2026.

www.siav.it

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Siav

Earn-out mechanism

The agreement, which is not subject to any suspensive conditions, also provides for various levels of earn-out ranging from a minimum of 2.2% to a maximum of 8.2% of Atacod's share capital, subject to the achievement of certain commercial targets by 31 December 2028. Siav will not be entitled to representatives on the Board of Directors, but will be able to rely on standard clauses designed to protect its investment, as is customary in this type of transaction.

Atacod reported, as of December 31, 2024, revenues of approximately Euro 69,000, a net profit of approximately Euro 2,000, and a positive cash position of approximately Euro 6,800. Based on preliminary figures, FY2025 closed with revenues of approximately Euro 205,000, representing growth of over 200% compared to the previous year, and with a positive EBITDA.

The Transaction does not qualify as a significant transaction pursuant to Article 12 of the Euronext Growth Milan Issuers' Regulation.

Any updates regarding the transaction will be promptly communicated to the market.

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This press release is available in the Investor Relations/Financial Press Releases section of the www.siav.com/it website and on .

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Siav S.p.A. Società Benefit, established in 1989 in Rubano (PD), is a leader in the Enterprise Management (ECM) and Business Process Outsourcing (BPO) sector. Since 2021, the Issuer has assumed the status of Benefit Corporation. The Company is at the top of an international group, active in particular on the Italian market, and has offices in Padua, Milan, Genoa, Bologna and Rome; it also operates in Switzerland and Romania. As of December 31, 2021, the Group boasts over 4,000 active customers, direct and indirect, both private and related to the public administration, to whom an offer is provided divided into three segments: (i) proprietary software for document management (Archiflow, Silloge and Catflow), (ii) proprietary software and vertical solutions related to document management (MyCreditService, SAP dashboards and solutions dedicated to the healthcare world); (iii) outsourced professional services (dematerialization and B2B electronic invoicing). As of December 31, 2025, the Group achieved, at a consolidated level, sales and services revenues of Euro 35.7 million and EBITDA of Euro 9.3 million

Contacts

Investor Relation

Siav S.p.A. | Daniele Boggian - Investor Relations Manager | investors@siav.it | T: +39 0498979797 | Via A. Rossi 5/n - 35030 Rubano (PD)

IR & Media Relations Advisor

My Twin Communication S.r.l.

Twin

siav@mytwincommunication.com

Mara Di Giorgio | T: +39 335 7737417

Federico Bagatella | T. +39 331 8007258

Euronext Growth Advisor & Specialist

Integrae SIM S.p.A. | info@integraesim.it | T: +39 02 80506160 | Piazza Castello, 24 - 20121 Milano

www.siav.it