Engineering Sells Units for €900M, Eyes AI Growth

Engineering Ingegneria Informatica spa, a prominent Italian digital transformation group backed by Bain Capital and Renaissance Partners, with a minority stake held by Aurora Growth, has finalized two significant divestitures. The company is selling its entire stakes in Alfahealth spa, a key player in Italy's healthcare sector transformation, and Industries eXcellence Group, which focuses on digital solutions for industrial clients, particularly in the U.S. and select European markets. This strategic move, valued at approximately €900 million, signals a decisive pivot for Engineering as it sharpens its focus on core competencies.

The combined entities represented a substantial portion of Engineering's financial performance in 2025, accounting for roughly 18% of its consolidated net revenues and a significant 25% of its adjusted EBITDA. This transaction allows Engineering to streamline its operations and reallocate resources towards high-growth areas, including artificial intelligence, a stated priority for the company's future strategy. The sale proceeds will bolster the group's balance sheet, providing enhanced financial flexibility for its ongoing strategic transformation.

Aldo Bisio, CEO of Engineering Group, emphasized the strategic importance of these agreements. He stated that the divestitures are a crucial step in Engineering's business reorientation, enabling the acceleration of its AI initiatives, securing greater strategic freedom in high-growth segments, reducing debt, and reinforcing its position in attractive technology and industrial sectors. The ultimate goal is to deliver sustainable competitive advantages to its clientele.

The healthcare division, Alfahealth, had demonstrated robust growth, with revenues climbing 21% in 2025 to reach €224 million, though its EBITDA saw a more modest 2% increase to €37.5 million. This positive revenue trend persisted into the first quarter of the current year, with a 9% uplift to €51.1 million, maintaining its status as the fastest-growing division. The sale of these assets, which are subject to customary closing conditions including antitrust and Golden Power approvals, is anticipated to conclude in the fourth quarter of this year.

This strategic divestment aligns with broader trends in the IT services sector, where companies are increasingly specializing to navigate rapid technological advancements and a fragmented market. By shedding non-core assets, Engineering can concentrate on innovation and strengthening its market position in areas like AI and advanced digital platforms. The company reported €1.78 billion in revenues and €283.5 million in adjusted EBITDA for the twelve months ending March 30, 2026, against a net financial debt of €1.22 billion, resulting in a net leverage ratio of 4.3 times.

Engineering was supported in these transactions by a consortium of financial advisors, including Rothschild & Co, Banca IMI, Morgan Stanley & Co. International plc, and Equita. Legal counsel was provided by Legance – Avvocati Associati and Ropes & Gray Studio Legale. The acquirer, Accenture, a global leader in professional services, is set to integrate these businesses, further expanding its capabilities in the healthcare and industrial digital solutions markets.