Metrika Invests in Health Telematic Network (HTN), Pioneer and Leader in Telemedicine in Italy

PRESS RELEASE

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METRIKA INVESTS IN HEALTH TELEMATIC NETWORK (HTN), PIONEER AND LEADER IN TELEMEDICINE IN ITALY

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Metrika’s investment, backed by its expertise, aims to support HTN’s growth in hospital-grade digital diagnostic services delivered through pharmacies

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Milan, Tuesday 29 September 2026 – Metrika, led by partners Marco Giuseppini and Nicola Pietralunga, has completed an investment in Health Telematic Network S.r.l. (“HTN”), a leading telemedicine provider in Italy delivering hospital-grade digital diagnostic services through multiple channels: pharmacies, public and private hospitals, general practitioners, outpatient clinics and nursing homes (RSA). For Metrika, the transaction was also led by Investment Director Gabriele Giustino and Senior Analyst Nicola Guerrieri.

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The transaction aims to accelerate the Company’s growth while preserving management continuity and the founding values of the business. Following closing, the existing shareholders are reinvesting in HTN alongside Metrika.

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Dr. Fulvio Glisenti will serve as Chairman of the Board of Directors and Dr. Maurizio Nardi as Chief Executive Officer. Maurizio Nardi, who has been with HTN for over 20 years, is the ideal custodian of the vision of the founder, Dr. Glisenti, a cardiologist with extensive clinical and hospital experience, and brings the right mix of deep sector knowledge, operational expertise and entrepreneurial spirit to ensure continuity and lead the Company towards new milestones. For its part, Metrika will actively support the Company in achieving new and more ambitious goals, working alongside Maurizio Nardi, Dr. Glisenti, who oversees corporate strategy, Massimo Glisenti, who oversees sales, and all other key members of the current management team.

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Founded in 1998 and headquartered in Brescia, HTN is a pioneer of digital diagnostics in Italy and today a reference provider in telemedicine. Built on a “Virtual Hospital” model, the Company offers integrated clinical services of real-time remote reporting and multi-specialist teleconsultation, available 24 hours a day, 7 days a week. Medical and nursing services are delivered by a dedicated, trained in-house team of healthcare professionals, supported by a broad external network of specialist physicians and nurses across the country.

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A key enabler and differentiator is the proprietary SmartTelemedicine platform, a certified Health Care application that automates the entire clinical workflow, from data acquisition at the point of care to secure sharing with clinicians, through to reporting and remote televisits. The platform, together with its many connected wearable medical devices, is directly integrated with HTN’s reporting operations centre and ensures fast, secure and affordable delivery of hospital-grade diagnostic services, reported by qualified specialist physicians.

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A long-standing partner of Federfarma since 2014, HTN is the leading provider of the “Farmacia dei Servizi” (pharmacy-based healthcare services) programme, with a network of partner pharmacies representing approximately 40% of all pharmacies in Italy. In 2025 the Company delivered 842,000 remote diagnostic reports, with core services in cardiology (ECG, Holter ECG, ambulatory blood pressure monitoring, blood tests) complemented by a growing range of adjacent services, and today manages a database of over two million users, in full compliance with regulations on sensitive personal data and cybersecurity.

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The Company combines strong growth with high profitability. Between 2021 and 2025 revenues grew at a compound annual growth rate of approximately 25%, reaching EUR 19.4 million in 2025 (up approximately 10% on the previous year). Revenues are well diversified across specialist telemedicine services and the rental and/or sale of diagnostic devices.

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The pharmacy as a local healthcare hub

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HTN is one of the drivers of a paradigm shift in community healthcare, as the pharmacy consolidates its role as the first local point of care. Accelerated by the pandemic and reinforced by the launch of the Farmacia dei Servizi and integration with the Electronic Health Record, this process is increasingly making the pharmacy the place where citizens access fast diagnostics, close to home and without an appointment. HTN enables this transition by turning thousands of pharmacies into local diagnostic hubs, supported by a centre of excellence for operations and a national network of qualified specialist physicians.

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A resilient market with structural growth

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HTN operates in a market supported by strong long-term drivers: an ageing population, the growing need for chronic disease care, the shift of care towards the home and significant public investment in digital and community healthcare, including PNRR (National Recovery and Resilience Plan) funds dedicated to home care and telemedicine. Pharmacy-based telemedicine is expected to continue growing significantly in the coming years, and HTN’s scale, technology and clinical network place it in an ideal position to capture a substantial share of this growth.

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The next phase of growth

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With Metrika’s support, HTN is ready to embark on a new phase of growth, whose main drivers are:

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- continuing to invest in the SmartTelemedicine platform, AI technologies and healthcare data management capabilities;

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- strengthening management and the organisational structure, while preserving the Company’s high-quality clinical and medical culture;

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- expanding the scope of clinical services to include, beyond cardiology and pulmonology, other medical specialties;

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- introducing new, more accurate and certified blood tests through innovative point-of-care (POCT) devices in pharmacies;

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- growing adoption of the HTN TELEMEDICINA app, for ever greater active patient involvement, in line with the latest thinking on patient engagement;

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- increasing penetration of the pharmacy channel and extending the model to hospitals, nursing homes (RSA) and home care;

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- pursuing further growth, including through a targeted M&A buy-and-build strategy in segments adjacent to telemedicine and instrumental diagnostics.

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Commenting on the transaction, Marco Giuseppini, Founder and CEO, and Nicola Pietralunga, Managing Partner of Metrika SGR, said: “The investment in HTN fits perfectly with Metrika’s strategy of creating value in resilient Italian companies that lead their markets. HTN is exactly the kind of company we look for: an essential healthcare service, a proprietary technology platform, clinical know-how built over decades and a market in structural growth. It combines a leadership position in the pharmacy channel with high profitability and strong cash generation, and has clear room for growth: organically, by expanding clinical services beyond cardiology, and through targeted acquisitions in adjacent telemedicine and diagnostics segments. Our role will be to support Maurizio Nardi, Dr. Glisenti and the team in this new phase, investing in new e-health technologies with a focus on the opportunities offered by AI, in people and in new services, bringing hospital-grade diagnostics ever closer to the patient.”

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Commenting on the closing, Dr. Glisenti added: “HTN is the result of decades of work devoted to realising a dream: the real-time delivery, from hospital to community, of telematic healthcare services to support diagnosis, therapy and continuity of care. Our conviction is that telemedicine can deliver early and concrete primary and secondary prevention of many conditions because (through pharmacies and/or the community healthcare network) it can reach people wherever they live.

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In Metrika we have found an ideal partner that shares not only our strategic vision but also, and above all, our most rigorous clinical diagnostic standards.

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Finally, in Metrika we see a partner that, while preserving the medical culture and independence that have always set us apart, can help provide the financial resources and IT expertise needed to train and deploy AI algorithms on the platform, in order to expand, optimise and, above all, personalise HTN’s digital healthcare services for users across the country.”

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On the transaction, Metrika was advised on legal matters by LMCR (Roberto Rio, Elmar Zwich, Marta Chiaffoni, Francesco Bernardi); on tax and accounting by PwC (tax: Alessandro Campione, Federico Hilpold; accounting: Federico Mussi); on business matters by Fortlane Partners (Giovanni Calia, Sarrah Mouelhi); on environmental and ESG matters by ERM (Luca Ferioli, Andrea Perna, Francesca Rizzuti); and on insurance by Aon (Marcello Mura, Ludovica Belluz, Giulia Cassina).

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Financing for the transaction was provided by a pool of banks comprising ICCREA Banca as agent (Francesco Piano, Giuseppe Tallarico), Banca Sella, Cherry Bank, Banca del Fucino and Banco Desio, advised on legal matters by Chiomenti (Davide D’Affronto, Cettina Merlino). The mezzanine tranche was subscribed by Tages (Giovanni Mattioli, Eleonora Astori, Silvia Palma), advised on legal matters by Greenberg Traurig (Marco Leonardi, Alessandro Pallavicini, Emanuele Cagnetta).

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Metrika SGR S.p.A. is an authorised private equity fund manager. Metrika’s investment strategy, pursued through a fund classified under Article 8 SFDR, focuses on acquiring majority and qualified minority stakes in Italian companies (with possible opportunistic extension to neighbouring European markets) with revenues broadly between EUR 20 and 100 million, solid operating profitability and a balanced financial structure. Metrika SGR stands out for its hands-on approach to its investments, operating in industrial niches where members of the Investment Team have built deep expertise. Metrika’s sectors of focus include in particular: mechanical and precision engineering, packaging, industrial components, cosmetics, pharmaceutical chemistry, the life sciences supply chain and food.

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METRIKA SGR S.P.A. (https://metrikasgr.com/)

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Health Telematic Network S.r.l. (“HTN”), founded in 1998 and headquartered in Brescia, is a leading telemedicine operator in Italy. Through its proprietary SmartTelemedicine platform and a broad network of specialist teleconsulting physicians, HTN offers, mainly through the pharmacy channel as well as in public and private hospitals and nursing homes (RSA), 24/7 remote diagnostic reporting, multi-specialist teleconsultations and remote monitoring of vital signs. A reference telemedicine provider for the “Farmacia dei Servizi” in Italy for over 10 years, HTN brings hospital-grade diagnostics closer to the patient.

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HEALTH TELEMATIC NETWORK S.R.L. (https://www.e-htn.it/)

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