The countdown for Real Consulting’s transfer from the Alternative Market of the Athens Stock Exchange to the Main Market appears to have begun—just as the countdown is also underway for the announcement of its annual results for the previous fiscal year.

The listed IT company has also made headlines for another reason recently, as One Dealer—a legal entity linked to Nikolaos B. Vardinogiannis, Chairman of Real Consulting’s Board of Directors—proceeded with the sale of equity stakes.

Market sources in recent days did not associate the reduction of the major shareholder’s stake with any scenarios or thoughts about his future involvement in the company.

In fact, a few months ago (March 2024), rumors suggesting that Real Consulting was in merger talks with fellow listed company CPI were denied.

On the contrary, the moves currently underway point to a search for strong “partners.”

Nevertheless, Real Consulting remains at the center of market interest.

Specifically, on 20/03/2025, One Dealer sold 1,600,000 common registered voting shares for a total of €5,600,000 (7.44%). Earlier, packages of 600,000 shares (2.76%) worth €2,100,000 were sold on 18/03/2025 and 13/03/2025. Additionally, the positioning of institutional portfolios and family offices in the stock is linked to the increased free float, growing confidence in the company, and improved liquidity of the share.

Nikolaos B. Vardinogiannis
Industry sources estimate that Real Consulting will maintain its upward trend in both revenue and profitability, pending the announcement of its full-year results for the past fiscal year. At the same time, the company is expected to continue implementing a significant investment plan—including further acquisitions—with a current strategic focus on international expansion.

In 2022, Real Consulting fully acquired the German company Real Consulting GmbH (formerly Cloudideas GmbH), and in 2023 it acquired a 60% stake in Cyprus-based AMS (Advanced Management Solutions Ltd), with a provision to acquire the remaining 40%.

The €4.896 million raised from a previous capital increase was allocated, according to announcements, for participation in or acquisition of companies with related or complementary activities, and for financing working capital.

It’s worth noting that Real Consulting, in the first half of 2024, posted a 43.41% revenue increase at the group level, reaching €19.789 million compared to €13.799 million in the same period of 2023. EBITDA rose by 40.10% to €3.099 million from €2.212 million, with a strong presence in both private and public sector projects, and with its activities becoming increasingly international.

The company’s transfer from the Alternative Market to the Main Market had been expected by market circles to take place by the end of March. However, more recent information places this timeline either shortly before or after Easter, when the relevant file is expected to be submitted.

In August 2021, Real Consulting became the first IT company to enter the Athens Stock Exchange’s Alternative Market in nearly a decade—a symbolic move at the time, reflecting the sector’s accelerated growth. Now, in record time compared to the norm, it has set the wheels in motion for its upgrade to the Main Market.

Previously, Performance Technologies had been the first in the IT sector to make the move to the Main Market, followed by the listings of Dotsoft and Softweb on the Alternative Market at a later stage than Real Consulting.

In contrast, Byte, Epsilon Net, and Entersoft have been delisted from the Athens Stock Exchange, in an era of major shake-ups and broader developments in the domestic IT market.