Family-held Italian systems integrator Lynx has embarked on an aggressive buy-and-build strategy as it seeks to transform into a specialised digital boutique, CEO Matteo Moretti told Mergermarket.

Lynx, which anticipates EUR 41m EBITDA on pro-forma revenue of EUR 165m this year, has acquired 16 companies over the last few years, including five completed deals this year, Moretti said, and intends “to maintain this momentum into 2026.”

The group aims to close at least one more major transaction by the first half of 2026, and targets completing four to five further deals acquisitions across Italy, Spain, and Brazil by year-end, he said. “We have already signed two letters of intent with companies in the Madrid area,” he noted, indicating that a significant Spanish expansion is imminent.

The Milan-headquartered group, which specialises in digital transformation for utilities, financial services, and the public sector, has a strong background in M&A, he said. Some of its deals have been proprietary, while others were sourced by advisors including GM Venture, he said, adding, “we don’t have a rule on that.”

The fixed principle is that Lynx’s deal pipeline remains robust, with targets generating revenues between EUR 1m and EUR 5m, he said.

In June, Lynx acquired Verona-based systems integrator Intesys, and Linkalab, a Sardinian AI research laboratory, to bolster its technical expertise and accelerate business expansion; and earlier that month, Milan-based, EUR 7m-turnover Digix, a specialist in strategic and project portfolio management and customer relationship management (CRM). In August, Lynx fortified its presence in Brazil by acquiring Microsoft partner Ímpar.

The group is currently integrating Temsi, a Bologna-based process engineering specialist in which it acquired a 75% stake as announced earlier this month. The financial terms were not disclosed, Moretti said, adding that the deal signals a broadening of Lynx’s remit into the industrial sector.

Lynx’s expansion follows a pivotal shift in the group’s capital structure, Moretti said.

In March this year, the Moretti family reacquired the 49.9% stake in Lynx previously held by Italian private equity fund FSI. The buyback was supported by a EUR 230m financing package from Carlyle Global Credit, according to an Italian press report.

The three-year partnership with FSI saw Lynx triple its turnover, providing the springboard for its current scale, Moretti said. The buyback transaction has returned majority control of the business to the founding family, which now holds 95% of its equity, he said, adding that Carlyle retains a 5% stake.

“We are now repositioning the firm for a new era of growth,” he added, noting that with such resources as the Carlyle package, the company has the firepower to finance the M&A in pipeline.

Lynx has already scaled up rapidly, he said. It generated approximately EUR 50m turnover at the time of FSI’s entry in 2021, and expects to reach EUR 210m in revenue next year, with an EBITDA exceeding EUR 50m; and targets EUR 300m to EUR 350m by 2028-29 with an EBITDA between EUR 75m and EUR 80m, he added.

The continued M&A push will be the “crucial engine” in meeting these targets, allowing Lynx to bypass organic growth constraints and rapidly capture market share in new territories and technical verticals, he said.

The aggressive scaling strategy is designed to position Lynx as a primary consolidator in the fragmented European digital services market, he said, adding that meeting these financial milestones would put the company in an optimal position for a potential IPO.