Piteco is the leading player in the Italian treasury management systems (TMS) market. It has a strong track record of profitability, generates very healthy c 42% operating margins and has excellent cash generation. In July 2015, it raised c €11.5m (gross) in new money and listed on AIM Italia. It plans to use the funds to accelerate growth, both organically (boosting R&D, for example, it has introduced a hosted cloud offering) and through acquisitions (it made a small acquisition in Italy in late 2015 and is investigating other growth opportunities there and the US).
