Keeping fit for growth in financial software
Portrait
Social Media
Share this article
Piteco specializes in the design, development and implementation of administration, finance and control software for general industry as well as the banking and finance sector. Central to its product portfolio is EVO (Piteco Evolution), the company's best-selling solution which covers finance processes across the board.
“We work with clients in diverse industries, which has helped us to develop a product which meets all the requirements of treasury and financial planning, and also offers features specific to particular functions such as digital payments,” explains Co-Founder and CEO Paolo Virenti.
CBC (Corporate Banking Communication), designed specifically to dematerialize, simplify and track company payment authorization processes, is a digital payment solution for the governance of authorization workflow, and the transmission of payment orders to the national and international banking system. For treasury and credit managers who need reliable analysis, matching and reconciliation of data, Piteco's sophisticated MATCH.IT software is the perfect tool.
The fourth instrument, FM (Finance Modelling for Financial Risk Management) integrates operations across the back, middle and front offices. “We invest heavily in fintech and financial planning solutions, and are planning to launch a new version of EVO later this year,” reveals Mr. Virenti.
Over the firm's 40-year history, the management team has constantly striven for growth through new products and acquisitions. In the 1990s, the company developed Piteco 2000 – unique at that time – which was designed to support the integration of the SAP systems which were being widely implemented across Europe; further innovative software tools followed. 2015 saw the start of an acquisition strategy with the purchase of a large storehouse a branch of an Italian company supplying it services; the company entered the US market in 2017, taking control of Juniper Payments LLC in Kansas, and in 2018 it became the majority shareholder of Myrios, whose high-value products complemented Piteco's own portfolio
We have customers who have been with us for over 30 years, which speaks volumes about the quality of our products and advisory service, as well as our company values and ethics. Paolo VirentiCEO
Last year, the software house founded Myrios Switzerland to offer risk management products to the multitude of finance holdings with headquarters in the country. Since 2012, the Dedagroup, one of Italy's leading players in the IT sector has been Piteco's majority shareholder. “The decision to become a public listed company, and the choice of the Dedagroup as the main shareholder have reaped enormous benefits,” Mr. Virenti underlines. “We have customers who have been with us for over 30 years, which speaks volumes about the quality of our products and advisory service, as well as our company values and ethics. The working environment here at Piteco is very congenial which motivates our staff enormously. Over time, we have managed to win a large market share and, as a result, have attained a high degree of recognition.”
While the majority of Piteco's clients are Italian, many of them operate in the international arena, which means that the Piteco name is renowned in 50 or so countries around the world. “Visibility is crucial,” stresses Mr. Virenti. “We attend trade events such as AITI and Eurofinance, which give us direct access to customers and the opportunity to debate the theme of best practice for treasury and financial planning.”
At 60 years of age, Mr. Virenti has no plans to retire, and keeps himself fit for the challenges of business with regular visits to the gym. “Pounding the treadmill has inspired some of my best ideas,” he laughs. “It has been really exciting to see a company, which I helped to establish, flourish in the way it has. I am proud of the fact that Piteco is an important driver in the market and this motivates me to continue to push hard for further growth. We want to develop alongside the market, implementing new products and business lines and, in particular, creating a direct international customer base.”
