Mar 31, 2025
- Strong Growth & Focus: Growens is a leading SaaS/cloud provider with rapid international expansion, over 10,000 clients in 115+ countries, and a focus on innovation in mobile messaging and no-code email content creation.
- Strategic Refocusing: Major divestments (MailUp, Contactlab, Datatrics) and targeted acquisitions (RGE) have streamlined the business around the high-growth Beefree unit, enabling better cash returns and stakeholder value.
- Financial Performance: FY 2024 revenues were €74.5M, led by Agile Telecom (€60.3M) and Beefree (€12.7M, +24% YoY); SaaS ARR reached $16M (+27% YoY).
- Future Growth & ESG: Committed to €15M R&D investment for Beefree, aiming for strong margins and stakeholder returns, with ongoing focus on ESG, carbon neutrality, flexible work, and strong governance.
Mar 29, 2024
Strategic Refocus and Portfolio Optimization:
In 2023, Growens completed major divestments, selling its MailUp business and associated units for €76.7 million and divesting Datatrics for €1.6 million. This derisked the group’s position, generated significant cash, and allowed a sharper focus on Beefree as the core growth driver.
Growth and International Expansion:
The company achieved strong internationalization, with revenues from outside Italy growing from 10% to 80% since IPO, now serving around 10,000 clients (plus over 1 million free users) in more than 115 countries, and employing 160 staff across two continents.
Business Unit Performance – Focus on Beefree and Agile Telecom:
Beefree saw a 35% three-year CAGR, positioning itself as a global leader in no-code email and landing page design, with 9,000+ clients and a rapidly growing ARR (annual recurring revenue) of $12.6M in 2023. Agile Telecom maintained its #1 market share in Italy for A2P messaging with ~2B SMS/year, but faced a 6% YoY revenue decline.
Strong Cash Position and Shareholder Returns:
Following the divestments, Growens ended 2023 with a robust cash position and launched both a voluntary partial tender offer and its first-ever dividend (€1.58 per share, €20M total), delivering significant liquidity and value back to shareholders.
Nov 29, 2023
Strategic Refocus and Major Divestments:
In 2023, Growens executed significant divestments, selling its Email Service Provider business (MailUp, Contactlab, Acumbamail, and MailUp Nordics/Globase) for €76.7 million and 100% of Datatrics for €1.6 million. These moves were aimed at de-risking the group, generating consistent cash-in, and focusing on core growth areas like Beefree.
Business Model and Growth Drivers:
Growens operates in the fast-growing technology and cloud software industry, specializing in SaaS solutions for email, landing page, and pop-up content creation (Beefree) and CPaaS services (Agile Telecom). The company emphasizes organic growth, targeted M&A, and value return to stakeholders, with a €15 million investment planned for 2024–2026 and a “Rule of 40” focus (sales growth % + EBITDA margin % > 40%).
International Expansion and Market Presence:
Since its IPO, Growens has rapidly increased its international revenue share from 10% to 79%, now serving about 10,000 clients (plus 1 million free users) across 115+ countries. The company has a strong presence in North America via Beefree, which alone has 9,000+ clients and integration with 1,000+ SaaS platforms.
Financial Performance and ESG Commitment:
Despite portfolio changes, the company posted a 3-year CAGR of +20% (old perimeter), with recent annual revenue growth driven mainly by Beefree (+20% YoY) and Agile Telecom. Growens also maintains a strong ESG focus, targeting carbon neutrality, flexible work, gender diversity, and transparency in governance.
Jun 28, 2023
Highlights:
- Arrowhead is updating its coverage on Growens S.p.A. with a fair value bracket of €6.69 – €8.17 (Share Price on June 27, 2023: €6.40) based on Discounted Cash Flow Valuation and Comparable Company Valuation.
- Growens S.p.A. (“Growens” or “the Group”) is a vertically integrated Cloud Marketing Technologies business operating in two business lines: CPaaS, represented by a leading SMS technology company, Agile Telecom, and SaaS made up of four businesses: BEE, Datatrics, MailUp + Contactlab, and Acumbamail, in the areas of Content Design, Marketing Analytics, and Multi-Channel Marketing Automation.
- Growens signed a binding agreement to sell its MailUp + Contactlab and Acumbamail business units (collectively Email Service Provider) to TeamSystem S.p.A. for a total consideration of €70 million. The approximate timeline to complete the transaction is the end of June 2023.
- Growens is focused on developing new capabilities and features for BEE through increasing R&D, sales, and marketing efforts and by acquiring businesses that complement BEE. The Group plans to invest most of the proceeds from the sale of the Email Service Provider business to fast-track BEE’s development.
- Agile Telecom is the Group’s largest business with 370+ telecom partnerships worldwide. The company is focusing on marketing its platform to onboard new customers. Agile is likely to continue being the Group’s top cash generator over the coming years and the principal source of growth capital for the Group’s other companies.
- BEE is likely to be Growens’ principal growth driver going forward, with significant growth expected in the coming years. BEE is currently the Group’s fastest-growing business unit with 59.0% YoY revenue growth in 2022 and 25.2% YoY in Q1’2023. Growens expects BEE to become its flagship business going forward and continue growing significantly to become a €10 million to €15 million sales business in the next few periods.
Feb 03, 2023
Focus on acceleration of future growth and development of BEE
Highlights:
- Deal perimeter: MailUp, Contactlab, Acumbamail, MailUp Nordics and Globase
- Call of the general shareholders’ meeting, ordinary and extraordinary session, to approve the transaction and subsequent amendments to the By-Laws, on 9 March 2023
- Right of withdrawal at 4.39 Euro per share
- Closing: tentatively within June 2023
Feb 02, 2023
Highlights:
Strategic Rationale:
- Derisking of Group position in mature business
- Consistent cash-in
- Focus on development of BEE
- Provide return to stakeholders
- Fundamental change of business under EGM Regulations for Companies
Deal Consideration:
- Sale of
- MailUp business (carve-out from Growens)
- 100% of Contactlab S.p.A.
- 100% of Acumbamail S.L.
- 100% of MailUp Nordics/Globase
- Euro 70 million total gross consideration (subject to closing adj)
Key Milestones:
- Signing February 2, 2023
- GSM March 9, 2023
- Closing by end of June 2023
- Conditions precedent:
- carve-out of MailUp business from Growens
- GSM ordinary/extraordinary
- Golden Power and Antitrust greenlight
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