Mexedia, an Italian technology company listed on Euronext Growth Paris, has completed on 25 June 2026 the acquisition of 51% of Stantup Service, a provider of IT services and customer relationship outsourcing. The deal shows how a listed mid-cap company can finance external growth without touching its cash, by using its own stock as acquisition currency.
Analysis by the experts at Auris Finance, advisors in mergers, acquisitions and financial engineering.
Mexedia is acquiring 51% of the share capital of Stantup Service from Rocket Sharing Company, a company listed on Euronext Growth Milan, for a total consideration of 16.5 million euros. The bulk of this consideration, 16.2 million euros, is settled in newly issued Mexedia shares, with a cash outlay limited to 300,000 euros. Mexedia generated consolidated revenue of 118.1 million euros in 2025.
An acquisition driven by complementarity
Stantup Service provides consulting, technology support and customer management services to startups and corporates. Its core business is outsourced customer relationship management for Fastweb’s energy business unit, Fastweb being one of Italy’s leading telecom operators.
For Mexedia, which develops omnichannel communication solutions between companies and their clients, the deal directly strengthens its customer management offering with proven operational capabilities. The integration of Stantup Service rounds out a portfolio already geared towards automation and high-value digital services.
An all-stock deal structure: cash preserved, dilution kept in check
What makes this deal instructive from an M&A perspective is its financial structure. By settling the bulk of the consideration in shares rather than cash, Mexedia preserves its cash position and finances external growth through dilution, a mechanism available to listed companies with a liquid stock. In return, Rocket Sharing Company is granted a minimum revenue guarantee of 12 million euros over 18 months, which protects the seller while giving Mexedia the operational flexibility of an acquisition with no additional debt.
Client concentration risk to watch
The deal is not without risk factors. Fastweb accounts for 85% of Stantup Service’s revenue in 2025, and the renewal of the main contract for the 2026-2028 period is currently under negotiation. This level of customer concentration is the main risk factor identified in the transaction, and a reminder that in service SME acquisitions, the strength of the client portfolio is often the leading criterion for assessing the real value of the asset.
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