Interview with Sisco Sapena, CEO of

What is is a communications operator specialized in the certification of transactions, which includes notifications, communications and e-signature services.

How did the idea come about?

The idea arised from the desire to make a living from the things we enjoyed. When I was eleven years old, I was already fond of the world of telecommunications, I loved them, and I lived the first moments of amateur radio. I was also on the FidoNet network, one of the first amateur electronic messaging networks. From FidoNet, what were called BBS (Bulletin Board System) arose and they evolved to what is today, a “pocket sized” multinational that is listed on three markets: on BME Growth in Spain, on the EuroNext market in Paris and on the New York OTCQX Market. We are a company that keeps growing and expanding and always seeking to do new and profitable undertakings. Thanks to this philosophy has achieved what it has today.

Why did you decide to list the company?

To be able to put a value to one’s company there are several options: a third party valuation, a balance sheet valuation, or that the market decides the valuation. Market valuation takes into account expectations. If you are working on your fundamentals and there are expectations in the market about what you are doing, the valuation will be more attractive than if a third party sets the price, since many times it is mediated by the 3rd party interests.

Taking into account that markets are imperfect, one does not always agree with how a company is valued. Sometimes valuation is upwards and sometimes downwards, but as long as your company is profitable and sustainable, valuation is not an issue. What prompted to make the decision to list the company was to have greater financial freedom. Having the option to seek financing on the market, and not solely from Banks, Private Equity or Venture Capital, In fact, the only time we raised capital in the recent history was precisely when we quoted the company on the BME Growth stock Exchange.

What does InDenova do and what is the logic behind this acquisition?

InDenova was engaging in a type of electronic certification which we had interest in developing. As an analogy let’s say we are the pediatricians and InDenova the geriatricians. They work in one environment, and we work in another. We think it is a very good complement. It provides us with product, and we provide the commercial experience to adequately sell those products.

Is InDenova the beginning of a “Buy and Build” and consolidation strategy in the digital certification industry?

There is a very clear consolidation of the sector, but in the oldest part – which is the one that InDenova was working the most – there is a consolidation, because there are many companies that have been around for many years and have not been able to find a new positioning, because they have been mainly dedicated to “selling pens to sign contracts”. What we do is practically the entire process so that the pen can be used. The problem is that it is not necessary to have a different pen for each contract. Many of these companies have this shortcoming, they are not aware that a pen can be used for many contracts. They sell a pen, we sell a lot of contracts.

How many patents do you have and why are they important for

We have obtained 208 patents and we have more than double that number on the way. You have to have an element of differentiation and a product, otherwise you are a mere marketer. If you do the same as the others, you can be very good but you have no commercial advantages and, probably, there may be other causes that bar you from the market itself. Owning IP means that those methods can only be used by Are there other ways to go about this? Yes, but this is our strategy, the one that we believe works best for us and that allows us to scale seamlessly in the market. is a multinational with a global presence. What are your main markets?

Currently we are present in Spain, Colombia, Germany, the United States, Mexico –which is growing a lot– Peru. We are also beginning to move around Africa and the Middle East, specifically in Dubai.

Sisco Sapena CEO
Sisco Sapena, CEO of

You have commented that you are listed in Madrid, Paris and New York. What does it bring you, notoriety, liquidity, investment? What do you highlight the most?

When you trade in an alternative market, people believe that you will be visible. But you are not that truly visible, you are achievable which is very different. Quoting in several markets makes you much more visible and the effort is similar. It’s like setting up a showcase, you have people who are dedicated to designing it, and if with the same staff you can design three showcases, you amortize the expense a lot more efficiently.

Why did you decide to hire Bondo Advisors to assist you in M&A?

We found that M&A boutiques are resellers of long-caught fish, which they probably sold to Tutankhamun. However, both Pablo and Joshua have lived the whole process in their flesh. They led the first Spanish company that went public on AlterNext (which was what Euronext Growth was called in those days) and experienced many M&A moments. With that experience they built Bondo Advisors.

We empathized because they understood perfectly’s own needs as a listed company. Bondo Advisors perfectly understands our needs because they have lived similar experiences. As an analogy, they are not the arms supplier, they are the trench veteran helping the newbie to survive.

What do you look for in a corporate finance M&A advisor?

What I value the most about an M&A advisor is that they have lived the process in their own flesh and have put their money on it. Advisors are fine, but generally they do not have the capacity to internalize the process because financially they have not suffered the experiences in the shoes of the entrepreneur.

In what situations does it make sense for an SME to list on a Growth Stock market?

First of all, you have to be very clear about one thing. Quoting a company forces you to be transparent. People may not be aware that the accounts are “hung on churches doors today”. You have to take advantage of the fact the information is going to be public whether you like it or not. If you execute well and you are transparent, being quoted open up many financing opportunities, that bank financing and funds cannot offer. Being listed on a market, even an alternative market, helps access financing, stimulates transparency, professionalization and finally results in growth.

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