The Zucchetti Group sells its 50% stake in Amilon, an SME leader in the issuance and distribution of digital gift cards, fringe benefits, and incentive technologies. The buyer is the British group Tillo, a global player in the gift card, rewards, and incentive market. This creates a group that processes gift cards with a value exceeding 3.5 billion euros and a growth target of 30% year on year. The two co-CEOs and founders of Amilon, Andrea Verri and Fabio Regazzoni, together with CIO Renato Buontempo, reinvest in the business maintaining a minority stake in the controlling holding company, which sees the pan-European private equity investment company Tenzing as the majority shareholder. The managers will continue to lead Amilon, ensuring full strategic, operational, and relational continuity for clients and partners.
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With headquarters in Milan and offices in Madrid and Warsaw, Amilon was the first company to introduce digital gift cards in Italy. It has helped build a market that is now central to strategies and technologies for incentives, employee engagement, and corporate welfare. The 2025 revenue was 609 million compared to 455 million the previous year. The acquisition represents a strategic step in Tillo’s international growth path and creates an even stronger group in the rewards, incentives, and gift card market. Together, Tillo and Amilon, now part of the Tillo Group led by CEO Alex Preece, constitute a global reference operator, with greater international presence, an even broader brand portfolio, and enhanced capacity to support clients and partners in Europe, North America, and Asia-Pacific. Thanks to Amilon’s consolidated experience in fringe benefits and corporate welfare solutions in regulated European markets, the new group will be able to respond even more effectively to the needs of multinational companies seeking a single partner for the UK, Italy, and Europe. At the same time, it will offer brands new distribution opportunities in the main international consumer markets.
“Over the past twenty years, Amilon has evolved from a company specialized in gift cards to a reference platform for digital value, helping businesses engage, reward, and connect with people through an increasingly broad and diversified ecosystem of solutions,” say Andrea Verri and Fabio Regazzoni, co-founders of Amilon. “This operation represents the next step in that journey and reflects a shared ambition: to help shape the future of digital value, where rewards, incentives, benefits, and engagement operate in an integrated way across markets and channels. By combining Tillo’s global technology with Amilon’s leadership in Southern Europe and its expertise in digital value solutions in incentives and engagement, we are creating a scalable platform capable of best serving multinational clients, brands, and partners.”
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The seller of its stake is the Zucchetti Group, a choice dictated by the repositioning of the strategy. “Amilon was only partially consistent with the strategic perimeter of our core business,” said Alessandro Zucchetti, president of the Zucchetti Group. “Our commercial collaboration will continue, as we consider Amilon’s solutions to be of high quality and we will continue to promote them on the market.” Behind the operation is Tenzing, a pan-European private equity fund and majority shareholder of the controlling holding of the Tillo Group, which invests in European B2B software and tech-enabled companies with a value of up to 350 million euros, supporting them in organic growth paths and through M&A operations.
Tillo was assisted by Clearwater Financial Services and EMC Corporate Finance as financial advisors and by Simmons & Simmons as legal advisor, while Amilon was assisted by Intermonte as financial advisor and by Gianni & Origoni as legal advisor. The financial terms of the operation have not been disclosed.
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