Investment analysis of the Spanish technology multinational GMV

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BY : Diego GutiérrezNovember Thu, 2017

GMV, la multinacional tecnológica con sede en Madrid, ha anunciado que buscará acquisitions en la UE, EEUU y Asia como parte de su proceso estratégico de expansión internacional. Analizamos su perfil inversor y financiero.

GMV, the Madrid-based technology multinational, has announced that it will be looking for acquisitions in the EU, US and Asia as part of its international expansion strategy. We analyse its investment and financial profile.

About GMV

GMV is a Spanish multinational specialised in the development of technological solutions for public administration and large companies in the aerospace, banking and finance, defence, health, security, transport, automotive, telecommunications and information technology sectors.

The company, founded in 1984 and based in Madrid, is controlled by the family of founder Juan José Martínez. The management has a minority stake, and the Martínez family has no interest in selling its share in the group for the time being.

GMV is interested in making acquisitions to enter new markets, regions or countries and increase its presence in some of the sectors in which it operates, as part of the international expansion strategy in which it has been immersed for years.


GMV Investments

In 2015, GMV bought Syncromaticsa US-based company specialising in the development of SaaS solutions for the intelligent public transport systems market.

Later, in September 2016, GMV purchased the 100% from Mobilitat Worksa US technology company that offers solutions in the North American market for intelligent systems for on-demand public transport or Paratransit (special transport services for people with disabilities or functional diversity).

Within GMV's strategy of international expansion and growth, which it has been pursuing for several years now, the USA has been a priority. GMV already had a subsidiary in that country since 2004 and had identified a major growth opportunity in the expanding market for intelligent public transport systems. In this context, Syncromatics offers GMV an excellent base for accelerated growth in the US, and allows the exploitation of very important synergies in the future that will multiply the company's growth and the creation of value for GMV inside and outside the US. With the acquisition of Mobilitat Works, the Spanish multinational completes the portfolio of its technological offer for public transport operators in the US, with a management solution for both fixed-line operators and those with on-demand transport services or Paratransit.

Also in September 2016, the subsidiary GMV Germany merged with Insyen, a leading German aerospace partner in the field of space mission operations. The transaction gives rise to GMV-InsyenThe new company, which has a total workforce of more than 120 employees, will be integrated into the GMV group's group of companies. The merger will also give rise to significant commercial, technological and operational synergies, which will enable the new company to multiply its growth and its involvement in European and German space programmes.

More recently, in January 2017, GMV took an equity stake in PLD SpacePLD Space, a Spanish aerospace company, in a €6.7M funding round. PLD Space, based in Valencia, develops small space launchers that offer reliable and low-cost access to space. The deal will allow both companies to grow and strategically position themselves in the small space launcher market.

Since its first contract in 1984 with ESA's European Space Operation Center (ESOC), GMV has managed to position itself as ESOC's number one contractor in mission analysis, flight dynamics, navigation and mission control systems, simulation systems, ground station software and space debris, and as EUMETSAT's reference supplier of these types of solutions.

GMV is also exploring opportunities to enter the Italian and Asian markets, where it already has a presence in Malaysia. In addition, the company is interested in exploring strategic alliances in Asia and the Middle East to produce joint solutions or develop new technologies.


Corporate Finance Analysis

Although it has not yet published its consolidated figures, we know that GMV generated €141M in turnover last year, up 14% on 2015, and expects moderate growth in 2017.

Due to the international expansion process in which the company is immersed, its fixed asset investment figures have increased substantially. However, this growth process has not led GMV to take on more debt. In fact, the Spanish multinational has been able to reduce its net financial debt to negative values in 2015, leading to a significant improvement in its solvency ratios in recent years.

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