AAtech acquires Scenari Immobiliari and Tecma Solutions for 10,4 million euros

Scenari Immobiliari, 82% and Tecma Solutions, at 55,9%, join AAtech and give rise to the new Real estate services for financial institutions division.

The total consideration for the two acquisitions amounts to 10,4 million euros.

AAtech's new real estate division is established

The new BU will handle data, valuations and digital platforms for banks, asset management companies, mutual guarantee consortia and intermediaries throughout the entire property lifecycle, from financing to marketing.

The Milan-based AATech benefit corporation is a specialist technology partner in services, infrastructure and IT solutions supporting the banking and financial sector, with shares admitted to trading on Euronext Growth Milan.

Scenari Immobiliari, well known to our readers, is officially called Scenari Immobiliari - Istituto indipendente di studi, ricerche, valutazioni e sistemi informativi.

The contract with AAtech was signed for a cash consideration of 2 million and 127.500 euros.

The former majority shareholder, Maria Rosaria Zincone, is reinvesting in AATech by subscribing to a reserved capital increase of 300.000 euros.

Tecma Solutions and Scenari Immobiliari: a value of 18 million euros

The Milan-based Tecma Solutions – a digital platform for the residential real estate business – is listed on Euronext Growth Milan. Therefore, the contribution of 55,9% entails a subsequent mandatory public exchange offer (PTO) on the remaining capital, for an equity stake of 100% representing a value of 8,6 million euros.

On an aggregate basis, Tecma and Scenari Immobiliari recorded in 2025 a value of production of approximately 18 million euros, with a presence in Italy, the Middle East, the United States, Spain and Portugal.

AAtech's new division has been established because, for a bank, a fund or a debt collection company (servicer), property is not an asset to buy or build, but an element to assess, monitor and, when necessary, enhance and sell. In other words, it may be the collateral for a mortgage, the safety net for a distressed loan, a fund's asset, or assets to be disposed of in the broadest sense.

At each of these stages, financial intermediaries need independent and up-to-date data, reliable valuations and digital tools to manage and place assets on the market.

AATech currently serves more than 70 financial operators throughout the credit value chain and manages, on behalf of its clients, more than 10 billion euros in receivables, acting under mandate for 18 securitisation vehicles.

Breglia and Zirnstein remain at the helm of Scenari Immobiliari

The two acquired companies will retain their identity and operational autonomy within the new division: Tecma as the technology platform, under the leadership of Pietro Adduci; Scenari Immobiliari as an independent institute, with its brand, offices and freedom of judgement under the leadership of Mario Breglia and Francesca Zirnstein.

In 2025, Tecma recorded consolidated sales revenue of 12,4 million euros and a value of production of 14,8 million, with the share of recurring revenue growing to 14%, EBITDA of 1,07 million and net financial debt of 1,91 million.

Scenari Immobiliari, a company founded, indeed, by Mario Breglia, has been active since 1990 in real estate services: market research and studies, valuations, consultancy, management and marketing of databases, training, sector publishing, valuations and independent expert assignments for funds, asset management companies and banking institutions.

Since 1993, it has organised the Forum di previsioni e strategie di Santa Margherita Ligure, which has reached more than 30 editions.

The distinctive asset is a database containing more than 10 million georeferenced records, systematically collected since 2000, and market values by micro-area in 180 cities. It is used by asset management companies, valuers, banks, information providers and major property owners.

In 2025, Scenari Immobiliari recorded a value of production of approximately 3,2 million euros, normalised EBITDA of 0,6 million, with a margin of 18,9 per cent. Net financial debt as at 31 December 2025 amounted to 470.000 euros.

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.