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Olidata Targets Italian M&A Deals to Build Scale, Chairman Says

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Olidata (OLI.MI), the Italian IT and cybersecurity group, is preparing to expand through mergers and acquisitions, with a potential deal likely before the end of the year, Chairman and main shareholder Cristiano Rufini told Reuters.

Rufini said the focus will remain on the Italian market, where small but innovative tech firms risk losing ground without consolidation. “In Italy, we have some very good, high-performing centres of excellence, but they are very small. If we don’t manage to build significant critical mass, some valuable technologies and solutions risk being lost,” he explained at the TEHA Forum in Cernobbio.

Since returning as chairman in April, Rufini has steered Olidata toward growth in digital healthcare and proprietary cybersecurity technologies. The company reported €96.7 million in revenue and €5.9 million in adjusted EBITDA last year.

Despite being relisted in 2023, Olidata’s share price has been volatile—currently around €2.8 with a €53 million market cap, well below its September 2023 peak of €8.65. Rufini attributed the swings to the stock’s structure, dominated by retail investors holding 32% of capital and the absence of institutional backers.

His goal: build a stronger governance framework, attract institutional investors, and position Olidata as a solid, growth-driven technology player in Italy’s digital economy.

Hg Considers Sale of $1.9 Billion Financial Data Firm FE fundinfo

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Buyout firm Hg is preparing to potentially sell its financial data company FE fundinfo, valued at around $1.9 billion, sources told Reuters. The London-based firm, which provides investment data and performance analytics to asset managers and financial institutions, is expected to generate roughly £70 million ($93.2 million) in EBITDA this year and could command a valuation exceeding 20 times earnings.

While no final decision has been made and preparations remain at an early stage, Hg is anticipated to launch a sales auction by late 2025, although the timeline could extend into 2026. FE fundinfo is likely to attract interest from global exchanges, wealth management firms, and private equity groups.

This move follows a trend of high-valuation deals in the financial technology and data sector, including SS&C Technologies’ £766 million acquisition of Calastone and BlackRock’s £2.55 billion purchase of Preqin last year. FE fundinfo itself was formed in 2018 through the merger of three companies—FE, F2C, and fundinfo—the same year Hg invested.

The company has been active in expanding its footprint with five acquisitions in the past year, such as data firm Fundipedia, UK’s Lunar AI, and German fintech Dericon. FE fundinfo aims to streamline investment efficiency by connecting fund managers and distributors to share trusted information.

Hg and FE fundinfo declined to comment on the potential sale.

Thoma Bravo to Acquire Restaurant Tech Firm Olo in $2 Billion All-Cash Deal

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Buyout firm Thoma Bravo has agreed to acquire Olo, a provider of digital ordering and payment solutions for restaurants, in an all-cash transaction valued at approximately $2 billion. The deal offers Olo shareholders $10.25 per share, representing a 65% premium over the stock’s closing price on April 30, before sale rumors emerged. Olo’s shares rose more than 13% in early trading following the announcement.

Founded in 2005 and based in New York, Olo serves over 750 restaurant brands across 88,000 locations worldwide, including chains like Denny’s, P.F. Chang’s, Nando’s, and Cold Stone Creamery. The company became privately held after the acquisition, which is expected to enhance its growth by strengthening its platform and offerings.

Olo has undergone workforce reductions in recent years, cutting about 9% of its employees last year following an 11% reduction in 2023. Despite earlier losses, the company improved profitability with a net income of $1.81 million in the first quarter of 2025. As of December 2024, Olo employed 617 staff in the U.S.

Thoma Bravo, a major software-focused investment firm managing roughly $184 billion in assets, expects to finalize the acquisition by the end of 2025. Olo faces a termination fee of $73.7 million in cash if the deal falls through under specific conditions. Goldman Sachs is serving as Olo’s exclusive financial adviser.