Last July, technology consultancy Izertis made the leap from BME Growth to the continuous market, the first division of the stock market, after five years on the platform for growth companies, increasing its price from 1.7 euros (premium in 2019) to the current 9.3, for a market value of 268 million euros.
Pablo Martín, its current president and founder, started on his own by repairing computers and providing IT services to small businesses in 1996. Izertis was born in Gijón with the aim of accompanying companies in their digital transformation processes. Its great asset has been rapid growth through acquisitions. “Acquisitions are part of our DNA and this year will be very important, with four integrations closed so far, two in the UK, one in Central America and one in Spain. We have already integrated more than 40 companies within the group, always with a logic of complementarity: strengthening technological capabilities, expanding talent and positioning in strategic markets. We intend to continue acquiring companies,” explains Martín.
In the first half of 2025, the technology company recorded a turnover of 78 million euros and an ebitda (operating profit) of 11 million euros. In 2024, the last year ended, turnover reached 138 million, 13.8% more, while EBITDA stood at 20.7 million, with an increase of 10.9%. The company has a clear international vocation as it operates in Europe, America and Asia, with a stable presence in more than 25 countries. Its internationalization is also reflected in its employees, which today amount to 2,500 people, 18% of whom are outside Spain.
Continuous changes in the business itself are also what drives growth. As explained by the president and CEO, they are aimed at a type of customer which is large or very large companies. “In companies of this size, the belief in the need for digitalization is very high and the vast majority of them are immersed in digital transformation processes, even if there is still a long way to go. Our main customers are multinational companies leading various sectors and large companies in the main countries where we are present,” he indicates.
The company’s most established and profitable areas are artificial intelligence and data, cybersecurity, cloud and infrastructure, e software engineeringalong with strategic consultancy and customer experience. The AI&Data division is growing strongly, with its own products such as Identfy, the digital identity solution based on blockchain. Regarding these new technologies, often questioned due to their future profitability, Martín explains that “artificial intelligence represents a technological revolution on the same level as that represented by the invention of the steam engine or information technology itself”. In his opinion, adopting it is not an option. “Companies that don’t do this will be absolutely out of business in a few years. The profitability of actions aimed at adopting any technology, including artificial intelligence, depends on the correct planning and execution of the process. Furthermore, blockchain technology is fundamental in finance, in the field of digital identity and in a multitude of applications. It is already an everyday reality that will be extended to many other use cases in the future,” he argues.
Its move to the continuous market will facilitate the financing of the company. “Our presence on the stock exchange has multiple purposes, including that of obtaining new means to finance our business. But it is a much broader tool for business development. So far we have financed ourselves with all the usual means available to companies, banks, debt funds, bonds, bills of exchange, convertible debts, capital issues”, explains the entrepreneur. And he adds: «We maintain a net financial debt of less than three times the company EBITDA and our commitment is to always keep it below this level». Now, despite the profits, Izertis shareholders are having difficulty collecting a dividend: “There is no plan to do so in the short or medium term. We are a high growth company and we deliver much more value to shareholders by retaining and reinvesting profits rather than distributing them. If at some point we saw that this would stop being the case, we would consider doing so, but at the moment we don’t see the reason.”
Although it is not very common for companies with a capitalization of less than 300 million euros to enjoy analyst attention, Izertis represents an exception. The company has a free float of 30%, Martín owns 46% of the shares and the rest is distributed by management. Álvaro Lence, an analyst at Alantra, explains that, unlike most of its competitors, around 80% of Izertis’ revenue comes from custom digitization projects, and not from process outsourcing or software resale. “Culture is essential even in a company with a strong workforce component,” explains Lence.
For his part, Eduardo Imedio Cano, analyst at Renta 4, believes that in terms of valuation, at current levels (9.30 euros per share), Izertis trades at a multiple of enterprise value to EBITDA of 12 times, “a valuation that we consider attractive in relation to its growth profile, its cash generation and its exposure to structural issues such as digitalization and technological transformation”.
