Service Point rises more than 30% in the stock market this Friday (it has advanced more than 50%) after shooting up 80% last day. The excuse to justify this high is the announcement of the purchase of the company Scytl, but the truth is that This operation does not explain such a reaction that is really typical of a tremendously volatile and unpredictable value.
Service Point, belonging to the Irish group Paragon, reported this Thursday to the National Securities Market Commission (CNMV) the acquisition of Scytl Secure Electronic Voting, in the auction process after filing a bankruptcy last May in the courts of Barcelona, by failing to reach an agreement with the banks, institutions and their suppliers to pay debts of at least 75 million.
The purchase transaction includes Civiciti, the citizen participation platform launched in 2016, as well as Scytl's subsidiaries in the US, Canada, Australia, France and Greece.
As part of its integration into the Paragon group, Stytl to be renamed Scytl Election Technologies. The firm, founded in Barcelona in 2001, has been used by more than 30 countries -among them Spain in the municipal and general of 2019- to manage its electoral processes and is entering the private elections market strongly. Currently, it has a workforce of about 150 workers and its turnover is around 15 million euros.
According to Service Point, this purchase constitutes the first step in the Paragon group's strategy to position it as a pan-European platform for high-growth digital businesses.
In a statement, the president of Service Point Solutions, Laurent Salmon, assured that Scytl "will expand the portfolio of solutions that both companies provide to their clients."
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