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Reference no. 816-0037-1
Prize winner
Subject category: Entrepreneurship
Published by:
ESADE Entrepreneurship Institute (EEI) (2016)
Revision date:
15 pages
Data source:
Field research


In 2001, Carles Rovira, an ESADE Business School undergraduate, with experience in consulting, and Andreu Riera, a pioneer in research on e-Voting security, co-founded Scytl, a spin-off of the main European research group on electronic voting security. The founders struggled during the early stage of the company as they adapted outcomes from the academic world to market needs and sought clients. In 2004, two things were to mark a turning point for Scytl. One was the first customer - a Swiss canton - to sign up for the company's online voting system. The second was the recruitment of Pere Valles as Scytl's Managing Director to lead the company's international expansion. Since then, Scytl's revenues grew at an annual average rate of 60% and the company gained the financial support of eight leading venture capitalists, who among them owned 80% of the company in 2015. In August 2014, after closing its fourth round of VC financing, Pere Valles revealed that the company was considering an IPO on the Nasdaq in 2016. Many questions were still open, the first being whether this was the best option for Scytl and its investors. Furthermore, was the company ready for an IPO? Besides, there were other options available. Most venture-backed tech companies exit through a trade sale. A big multinational software company with a strong public sector practice could be interested in acquiring Scytl. Another option, given the size of Scytl in 2015, with approximately EUR70 million in revenues and 600 employees, was to sell the company to a private equity fund.


Entrepreneurial finance; Venture capital and private equity investors; Financing of new ventures
EUR70 million
Other setting(s):
End of 2015

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2016 - EFMD Case Writing Competition - category winner

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