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Tessellis S.p.A. (formerly Tiscali S.p.A.[4]) is an Italian telecommunications company founded in 1998 and based in Cagliari, Sardinia, that provides Internet and telecommunications services in Italy, and, previously had operations in other European nations through its acquisition of many smaller European Internet Service Providers (ISPs) in the late 1990s.[5]

Key Information

Since 2022, following the Tiscali-Linkem merger, the company has acquired full control of the retail services previously provided by Linkem (now OpNet), including the brand.[6]

History

[edit]

Tiscali S.p.A. was created in January 1998 in Cagliari by Renato Soru, following the deregulation of Italian telephone system.[7] The company owes its name to a Sardinian mountain at which remains of an ancient village were found.

In 1999 the subsidiary Tiscali Italia S.p.A. was founded.

From March 1999 onward, Tiscali offered "Tiscali Free Net", a subscription-free Internet service where customers only had to pay for the time they were online. This pushed other Italian providers to repeal their fixed subscription fees, thus contributing to making the Internet accessible to the masses in Italy.

In November 1999 Tiscali, Franco Bernabè and Sanpaolo IMI founded Andala, which in 2000 was acquired by Hutchison Whampoa and won the tender for the award of 3G (UMTS) licenses.[8]

On 25 March 2009 Tiscali launches Tiscali Mobile, an ESP MVNO on the TIM network.

In 2012 three subsidiaries were founded:

On 30 December 2021, Tiscali S.p.A. and Linkem S.p.A. approved the project for the merger by incorporation of Linkem Retail S.r.l. in Tiscali S.p.A.

On 27 April 2022, the shareholders' meetings of Tiscali and Linkem approved the merger between the two companies.

On 1 August 2022, the two companies completed the merger process: Tiscali S.p.A. integrated Linkem Retail S.r.l., with the consequent transfer of the branch to the subsidiary Tiscali Italia S.p.A., while Linkem S.p.A. (now OpNet S.p.A.) became the majority shareholder of Tiscali S.p.A. (58.60%).[6][9]

After announcing it in October 2022, on 19 January 2023 the name of the parent company became Tessellis S.p.A., which will continue to operate under both the commercial brands Tiscali and Linkem.[4]

On February 2, 2024, Wind Tre signed an agreement for the acquisition of the assets, including the network infrastructure, of OpNet, which will be acquired 100% by Wind Tre together with all other subsidiaries, excluding Tessellis. On August 1, the transaction was completed.[10]

IPO

[edit]
Logo of Tiscali between 2003 and 2009

In October 1999 (during the dot-com bubble), the company went through an initial public offering (IPO) to be traded on the Italian Stock Exchange at a share price of 46 Euros. 3,098,000 shares were offered to investors of which 2,658,000 shares were created through a capital increase and the rest were sold by Soru. Soru made 20,240,000 Euros on the IPO. In 2012, the price per share had plummeted to 0.04 Euros.[citation needed]

Between 2001 and 2005,[11] shares were also traded on the French Stock Exchange. It was delisted from Paris Stock Exchange at the end of December 2005.

Operations

[edit]

Beginning in 2004, Tiscali S.p.A. has carried out various purchase, sale and merger actions

  • On 16 August 2004, sold its Austrian branch, Tiscali Österreich GmbH, to Nextra Telecom GmbH.
  • On 20 August 2004, sold its South African branch, Tiscali (Pty) Ltd, to MWEB Holdings (Pty) Ltd.
  • On 23 August 2004, sold its Norwegian branch, Tiscali AS, to Telenor Telecom Solutions AS.
  • On 30 August 2004, sold its Swedish counterpart, Tiscali AB, to Spray Network AB, then a subsidiary of Lycos, Inc.
  • On 16 September 2004, sold its Swiss counterpart, Tiscali AG, reaching an agreement with Smart Telecom Plc.
  • On 19 October 2004, sold its South African mobile telephone network, Tiscali Mobile, to Vodacom S.A.
  • On 29 November 2004, sold its Luxembourg subsidiary, Tiscali S.A., reaching an agreement with Alternet S.A.
  • On 29 November 2004, sold its Belgian subsidiary, Tiscali N.V, reaching an agreement with Scarlet België SA.[12]
  • On 1 February 2005, sold its Danish company, Tiscali Denmark A/S, to Tele2 AB.
  • On 5 May 2005, sold the French ISP, Liberty Surf Group SAS to Telecom Italia S.p.A.[13]
  • On 31 January 2007, sold its German business to consumer activities to Freenet.de AG, at a sum of €30 million.[14] It later sold its business-to-business transactions on 5 February 2007 to Ecotel Communication AG, with future intentions to leave the German market altogether.[15]
  • On 19 June 2007, sold its Dutch branch, Tiscali B.V., to Royal KPN N.V.[16]
  • On 11 October 2006, announced that it was to focus on the UK and Italy as its prime ISP targets, with plans to introduce new services to them including a mobile network operator and new IPTV products to the United Kingdom by its acquisition of HomeChoice.[17]
  • On 31 December 2008, shut down its IPTV service in Italy.[18]
  • On 27 May 2009, sold its International arm, Tinet B.V. to BS Private Equity S.p.A. firm.[19]
  • On 30 June 2009, sold its UK subsidiary to Carphone Warehouse following regulatory approval from the European Union.[20] The service was rebranded as TalkTalk in January 2010.[21]
  • By 16 February 2016, completed its merger with Aria S.p.A., an Italian WiMAX provider.[22]
  • On 1 August 2022, completed its merger with the retail branch of Linkem S.p.A.[6]
  • On 19 January 2023, Tiscali S.p.A. changed its name to Tessellis S.p.A.[4]

Services

[edit]
Tiscali Europe

Each of Tiscali's regional companies offer many services, which may include broadband Internet access and telephone services. Between 2007 and 2008, Tiscali briefly operated an IPTV service in Italy, Tiscali TV, available in the cities of Bologna, Cagliari, Florence, Genoa, Milan, Naples, Palermo, Rome, Turin and Trieste. Its UK television service, Tiscali TV was acquired by TalkTalk in 2009.

Tiscali's former carrier company, Tiscali International Network, was a pure play carrier business delivering wholesale services including Global IP Connectivity, MPLS lines, VoIP and network monitoring.[citation needed] In May 2009, its IP/MPLS backbone counted 90 Points of Presence and extended over 17 European countries and across the United States and Hong Kong. Its autonomous system (AS3257) was a core ASN in the global Internet routing table, as well as the largest IPv6 backbone outside Asia. The network was sold to the Italian private equity firm BS Private Equity on 27 May 2009, and renamed Tinet.[19]

Tiscali ran similar Web portals for each of its countries, which include features such as Webmail, reviews, news, videos, dating, chat, radio, TV guide, streaming TV channels and others.

Tiscali published a self-branded Web browser of the same name which was distributed with its dial-up Internet packages. The browser used the core of Microsoft's Internet Explorer browser to display web pages. Distribution of the software ended during Tiscali's corporate rebranding in 2004.

Tiscali offered dial-up Internet access in Finland under service name Surfeu.

Tiscali Campus in Cagliari had 1,000 employees as of early 2013. The center includes a development division for Internet technologies. Researchers working there included Antonio Tuzzi (one of the developers of Apple's macOS), Luca Manunza (inventor of the first Webmail service), and Domenico Dato (developer of Arianna, the first Italian search engine).[23]

Tiscali Campus

[edit]
Tiscali Campus
Map
General information
StatusCompleted
LocationStrada Statale 195 Sulcitana km 2,3, 09123 Cagliari CA, Sa Illetta, Cagliari, Italy
Coordinates39°13′40.1″N 9°4′10.8″E / 39.227806°N 9.069667°E / 39.227806; 9.069667
Inaugurated19 September 2003
OwnerTiscali
Technical details
Floor count3
Design and construction
ArchitectArassociati
Website
www.tiscali.com/en/tiscali-campus/

The Tiscali Campus is the headquarters of Tiscali.[24]

Designed by the Arassociati studio, the campus is a work of contemporary architecture in Cagliari and an example of public art in Italy.

It is located in the area of Sa Illetta, which was once a small island reachable only by boat, between the Cagliari pond and the State Road 195 "Sulcitana", an important artery of Southern Sardinia. Nearby is the church of San Simone, a riding school, the Ballero farm and the Porto Canale.

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Tessellis

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from Grokipedia
Tessellis S.p.A. is an Italian telecommunications company headquartered in , , and listed on the (BIT: TSL), that provides , voice telephony, and related digital services primarily in and the through fixed network technologies and subsidiaries such as Tiscali International B.V.. Founded in January 1998 following the liberalization of Italy's telecommunications market, the company initially operated as a small local under the name Tiscali S.p.A. Over the years, Tessellis has expanded through strategic acquisitions and innovations, including launching Italy's first free service in 1999, acquiring European providers like WorldOnline in 2000 and Liberty Surf in 2001, and introducing services across multiple markets. By 2004, it had reached 1.3 million users, and subsequent developments included entering the fiber optics market, becoming a (MVNO) in 2007 via an agreement with TIM, and merging with Aria Group in 2015 to acquire spectrum assets and reduce debt. In 2017, it sold its large business division to Fastweb; in 2018, it sold its wireless division to Fastweb, enabling expansion of fiber coverage to 18 million households and companies in . A pivotal transformation occurred in 2022 with the completion of a merger between Tiscali S.p.A. and Linkem Retail on August 1, forming a new industrial group and establishing Tessellis as the fifth major fixed-line telecommunications operator in . The company rebranded to Tessellis S.p.A. in January 2023, emphasizing its role as a "Smart Telco" focused on equal access to digital life through innovative and services. As of 2025, Tessellis prioritizes sustainable growth amid financial restructuring, including a voluntary reduction in June 2025, and has expanded FTTH coverage to approximately 14 million households.

History

Founding and Early Development

Tiscali S.p.A. was founded in January 1998 by Renato Soru in , , as a small local targeting the Italian market, capitalizing on the recent liberalization of the country's telecommunications sector. The company initially focused on providing , positioning itself as an alternative to the dominant state-owned telecom operator Telecom Italia. This founding in marked an early effort to foster in a peripheral region of , establishing the area as an emerging hub for digital startups and telecom ventures. In its first year, Tiscali rapidly gained traction by offering affordable dial-up services, reaching 300,000 clients by October 1999 despite operating licenses limited to , , and . A pivotal milestone came in March 1999 with the launch of "Tiscali ," the first subscription-free service in and , which democratized online access and solidified the Tiscali brand as a pioneer in low-cost connectivity. This innovation drove subscriber growth and set the stage for broader market penetration in the late 1990s. The company's early expansion included a series of strategic acquisitions of other ISPs, beginning in earnest after its 1999 listing, which provided capital for international growth. In December 2000, Tiscali acquired the Netherlands-based World Online for €5.9 billion in an all-share deal, marking its entry into key international markets such as the , , , , , , , , , the , and . In early 2001, the acquisition of France's Liberty Surf expanded its European footprint and launched broadband services across its markets, increasing active subscribers to 4.9 million. By April 2001, following the acquisition of the UK's LineOne, Tiscali achieved over 7 million active subscribers continent-wide. This period of aggressive consolidation up to the early 2000s transformed Tiscali from a regional player into one of Europe's leading ISPs.

Initial Public Offering

Tiscali S.p.A. launched its on October 20, 1999, with shares beginning to trade on October 27, 1999, on the Nuovo Mercato segment of in . The offering priced 3,098,000 shares at €46 each, raising approximately €140 million net of expenses, and valued the company at around €700 million at the IPO price. The IPO occurred during the height of the dot-com boom, when investor enthusiasm for and firms drove high demand for new listings across . Tiscali's offering was met with strong market reception, oversubscribed multiple times, and shares closed at €71.30 on the debut day, marking a 55% gain from the offer price. This performance reflected broader speculative interest in the sector, as Italy's market had liberalized in 1998, spurring rapid growth in and data services. Proceeds from the IPO were primarily allocated to support Tiscali's aggressive expansion strategy, including investments in network infrastructure such as point-to-multipoint transmission systems and the Andala project, as well as enhancements to , distribution, and internet portal services across . These funds enabled key acquisitions in the following year, notably the €5.9 billion purchase of Dutch ISP World Online in June 2000, which significantly expanded Tiscali's international footprint. In the immediate aftermath, Tiscali's shares continued to surge amid the market frenzy, propelling its to a peak of €14 billion by early 2000 and briefly making it Italy's most valuable company, surpassing even . This rapid ascent underscored the IPO's role in positioning Tiscali as a major European player, though it also highlighted the volatility of the era's tech valuations.

Post-Expansion Challenges and Recovery (2002–2020)

Following the dot-com bust in the early 2000s, Tiscali faced significant challenges, including divestitures of international operations and a focus on the Italian market to reduce . By 2004, the company had grown to 1.3 million users. In 2010, Tiscali entered the mobile market as a (MVNO) through an agreement with TIM. The 2015 merger with Aria Group provided spectrum assets and helped alleviate financial pressures. In 2018, Tiscali sold its large business division to Fastweb, using the proceeds to expand fiber coverage to 18 million households and companies in .

Merger with Linkem and Rebranding

In December 2021, Tiscali S.p.A. announced a merger agreement with Linkem Retail S.r.l., the retail arm of the access (FWA) operator Linkem S.p.A., aimed at forming Italy's fifth-largest fixed-line provider. The deal involved Linkem acquiring a 62% stake in Tiscali through a share exchange, where Linkem would receive 5.0975 Tiscali shares for each of capital in Linkem Retail, enabling the integration of complementary assets in and services. The merger received shareholder approval in April 2022 and became effective on August 1, 2022, marking the full incorporation of Linkem Retail into Tiscali and the transfer of its retail branch, which combined the companies' operations and customer bases to serve approximately 1.2 million retail clients across . This integration created significant industrial synergies by merging Tiscali's fiber-optic expertise with Linkem's FWA capabilities, positioning the entity as the first Italian operator focused on access via both fiber-to-the-home (FTTH) and FWA technologies. On January 10, 2023, Tiscali's shareholders approved the rebranding of the to Tessellis S.p.A., with the change taking effect on January 19, 2023, and accompanied by a new on the Milan Stock Exchange. The name "Tessellis" was selected to symbolize the group's transformation into a "Smart Telco," highlighting its commitment to , digital connectivity, and enhanced customer experiences in a converged fixed-mobile environment. Early post-merger developments emphasized brand consolidation while preserving the Tiscali and Linkem identities for consumer-facing services, allowing the company to leverage established market recognition during the transition. The synergies drove a strategic focus on expanding and infrastructure, capitalizing on national recovery plans to broaden ultrabroadband coverage and service offerings. In May 2024, Tessellis acquired Go Internet to strengthen its B2B offerings, as of November 2025.

Operations

Headquarters and Tiscali Campus

The Tiscali Campus, located in the Sa Illetta area of , , serves as the of Tessellis S.p.A. and was inaugurated in 2003 as the original corporate base for Tiscali. Situated along Strada Statale 195 Sulcitana at kilometer 2.3, the campus occupies a coastal position near the Santa Gilla lagoon, integrating with the surrounding natural landscape of olive groves and gardens. Designed by Studio Associati, the architecture emphasizes modular repetition and local Sardinian materials such as red stone and Orosei , creating a series of linear buildings connected by arcades, courtyards, and open spaces that evoke a modern interpretation of a Mediterranean village. Spanning approximately 16,000 square meters of , the facilities include administrative offices, centers, a canteen, a nursery, and extensive green areas that promote employee well-being and environmental harmony. The campus also features installations inspired by Sardinian , such as sculptures by local artist and interventions by Maria Lai, which are integrated throughout the interior and exterior spaces to foster a sense of . As the primary operational hub, it accommodates about half of Tessellis's 1,054 direct employees, with a strong emphasis on diversity (57% women) and regional in . In terms of operational role, the Tiscali Campus centralizes key functions including administrative oversight, through initiatives like Tiscali Labs, and startup incubation via the Open Campus program, which supports digital enterprises with co-working spaces and mentorship. Following the 2022 merger with Linkem's retail branch to form Tessellis, the campus has maintained its status as the symbolic and functional heart of the company, hosting integrated digital activities while serving as a multi-tenant hub for innovation-driven firms. Its prioritizes through natural ventilation, local materials, and green integration, positioning it as a notable example of eco-conscious corporate architecture in .

Network Infrastructure and Coverage

Tessellis' core network infrastructure is anchored in a with , initiated in July 2019, which grants access to the company's extensive fiber-to-the-home (FTTH) network for delivering ultrabroadband services across . This collaboration has facilitated the commercial launch and expansion of FTTH offerings, enabling speeds up to 1 Gbps in covered areas and supporting Tessellis' role as a key alternative network operator (ANO). By mid-2025, Tessellis had extended its fiber coverage to additional grey areas—less densely populated regions—via both and FiberCop networks, contributing to one of 's largest fiber footprints, reaching approximately 16 million households and businesses with FTTH connectivity. These expansions prioritize underserved rural and suburban zones, aligning with national ultrabroadband initiatives to bridge digital divides. Complementing its fiber assets, Tessellis maintains wireless infrastructure inherited from the 2022 merger with Linkem Retail, which brought fixed wireless access (FWA) capabilities to the group, enabling broadband delivery in areas where fiber deployment is challenging. Originally leveraging Linkem's spectrum holdings in the 3.6-3.8 GHz band for FWA operations, Tessellis has integrated these assets to support hybrid network strategies. The company has advanced 5G deployments, including trials and operational base transceiver stations (BTS) providing up to 300 Mbps, serving nearly 4,000 municipalities—primarily urban and peri-urban centers—by June 2025 and covering around 14 million households. This wireless layer enhances coverage in high-density areas, where 5G fixed wireless access trials have demonstrated viability for gigabit-level speeds in major cities like and by 2024. Tessellis operates data centers in key locations to underpin its network operations, including cloud services and . The primary facility is the Sa Illetta Data Centre in , serving as a technological hub for national infrastructure with advanced redundancy and backup systems. Additional sites include the data center at Via Caldera 21F, supporting colocation and connectivity for northern Italy's enterprise . A facility in , , historically provided international and data processing capabilities, though its operational status has evolved post-rebranding. These centers enable low-latency for applications like content delivery and IoT, integrating with Tessellis' broader fiber and wireless backbone. Ongoing expansion efforts focus on ultrabroadband investments to connect underserved regions, with FTTH and FWA upgrades achieving symmetric speeds of up to 1 Gbps—and in select urban deployments, up to 2.5 Gbps—by the end of 2024 in major cities such as , , and . In July 2025, Tessellis announced plans to phase out its legacy network by the end of 2025, migrating customers to FTTH and other advanced options. These initiatives, bolstered by the merger's synergies, emphasize scalable, high-capacity networks to serve both residential and business users in previously unconnected areas.

Services

Broadband and Fixed-Line Services

Tessellis provides fixed broadband services under the Tiscali brand, encompassing legacy copper-based offerings and advanced fiber-optic connections, primarily targeting residential and small-to-medium enterprise (SME) customers in . While and technologies remain available for areas lacking fiber deployment, the company is actively phasing out its infrastructure by the end of 2025 to prioritize higher-speed alternatives. The core of Tessellis' broadband portfolio is its fiber-to-the-home (FTTH) services, delivered through a longstanding partnership with that began in 2019 and has since expanded coverage to millions of households. These FTTH plans offer download speeds of up to 2.5 Gbps and upload speeds of up to 500 Mbps, supported by included modems and features like . Fixed-line telephony is integrated into broadband subscriptions via Voice over (VoIP), providing unlimited national calls to fixed and mobile numbers as standard in most plans. Customers can also utilize carrier selection options, allowing prefix-based routing to alternative operators for reduced rates on international or premium calls. Entry-level FTTH bundles, such as the Tiscali Casa Fibra Power Home Safe, start at €22.90 per month for the first 12 months (rising to €25.90 thereafter), delivering speeds up to 1 Gbps with unlimited calls and optional add-ons. Higher-tier options, including family-oriented packages with enhanced allowances and streaming compatibility, range up to €30-€35 monthly for the full 2.5 Gbps speeds, often with promotional discounts for new subscribers. As of March 2025, Tessellis holds approximately 2.4% of the Italian fixed market, with a customer base emphasizing southern regions where its operations, including 92% of employees, are concentrated.

Mobile and Wireless Services

Tessellis operates as a (MVNO) through its Tiscali Mobile brand, leveraging the TIM network to deliver prepaid and postpaid mobile services nationwide in . The offerings include -enabled plans such as Mobile 250 5G, which provides 250 GB of data, unlimited national minutes, and 100 for €5.99 per month on promotional terms, with standard pricing typically starting around €10 per month for entry-level options. As of 2025, the MVNO segment served approximately 345,000 customers, contributing to the broader Italian MVNO market of 12.74 million SIMs, or 11.7% of total mobile lines. In fixed wireless access (FWA), Tessellis focuses on the Linkem brand to provide connectivity via and LTE technologies, particularly in rural and semi-urban areas lacking fiber infrastructure. Following the 2022 merger with Linkem Retail and the subsequent 2024 sale of OpNet's wholesale assets to Wind Tre, Tessellis utilizes wholesale agreements, including with Wind Tre, to maintain FWA delivery with download speeds up to 1 Gbps. Example plans, such as historical Linkem 5G offerings, bundle unlimited national calls and high-speed for around €29.90 per month, emphasizing reliability in underserved regions. As of March 2025, Tessellis held a 12% share in the FWA market (fourth-largest operator), operating approximately 290,000 lines amid Italy's total of 2.42 million FWA connections, which grew 10% year-over-year. Tessellis emphasizes converged fixed-mobile bundling to enhance household connectivity, exemplified by packages like Tiscali UltraInternet Fibra + Mobile , combining ultrabroadband up to 2.5 Gbps with unlimited mobile and calls. These offerings include international roaming options and add-ons, targeting rural and semi-urban demographics where FWA achieves notable penetration by bridging digital divides without wired alternatives.

Media and Additional Offerings

Tessellis operates the Tiscali.it portal, which provides content, email services, and digital advertising opportunities to users across . The portal serves as a key digital hub, integrating multimedia content and user engagement features to complement the company's infrastructure. Through its Veesible, Tessellis manages an network that delivers targeted ads on its own platforms as well as third-party sites, enhancing in the digital media space. In the realm of media entertainment, Tessellis has expanded into streaming television services via partnerships with Agile Content. The AgileTV platform was launched in Italy in August 2023, enabling Tessellis to offer TV services—including over 40 thematic channels and on-demand content—to more than 780,000 broadband customers under the Tiscali and Linkem brands. This initiative was further developed in November 2024 with the introduction of Linkem My Ti-Vi, a 4K-enabled streaming service powered by AgileTV, focusing on FAST (free ad-supported streaming TV) channels and video-on-demand libraries. These offerings integrate seamlessly with Tessellis' broadband services to provide bundled entertainment options. On the cloud and IT front, Tessellis provides B2B solutions encompassing cybersecurity, hosting, and advanced resources, targeting enterprises and clients. A significant development in this area is the Villanova.ai project, launched in May 2025 as a with expert.ai. Initially structured with Tessellis holding 95% ownership and expert.ai at 5%, the partnership evolved by October 2025 to a 60-40 split favoring Tessellis, focusing on developing multimodal and multilingual generative AI models for cloud-based applications. Selected under the European IPCEI-CIS framework, Villanova.ai aims to foster an for AI , including training programs for developers and institutions, while delivering tools for sectors like digital information services. Additional offerings include specialized digital content tailored for industry sectors such as , delivered through the Tiscali.it , and innovative virtual experiences via extensions of the Tiscali . The Tiscali Campus , introduced to expand the company's , supports virtual events, collaborative spaces, and interactions, aiming to enhance value creation beyond traditional services. These initiatives position Tessellis as a diversified provider in the . Strategically, the Media & Tech segment, encompassing these media, cloud, IT, and innovative services, contributes approximately 11% of Tessellis' , as evidenced by the 2023 financials where non-telco revenues reached €25.0 million out of €233.9 million overall. This diversification emphasizes building a broader , reducing reliance on core connectivity while leveraging synergies with telecom operations.

Corporate Affairs

Leadership and Governance

Tessellis S.p.A. is currently led by Co-Chief Executive Officers Fabio Bartoloni and Stefano Zacutti, who were appointed on June 27, 2025, following the of former CEO Davide Rota earlier that year. Bartoloni also serves as Chairman of the Board and , with responsibilities in and general ; he holds a in and from LUISS Guido Carli , specializing in , and began his as an auditor at . Zacutti, responsible for business operations and general , graduated in from La and started his professional at Telecom Italia, later advancing to senior roles in operations and market at (formerly Linkem). The comprises eight members, chaired by Fabio Bartoloni since June 2025, with a focus on gender diversity achieving 50% female representation through including Francesca Coppi, Maurizia Squinzi, Serena Maria Torielli, and Sara Testino. Other members include non-executive directors Nicholas Daraviras and Andrew Holt, alongside the executive directors Bartoloni and Zacutti. Maurizia Squinzi, an with over 30 years of experience on boards of listed companies, including roles in and , contributes to the board's expertise in . Sara Testino, also an , specializes in and , with experience as Head of at Banjay Italia S.p.A. As a company listed on 's Milan, Tessellis adheres to the Code promoted by Borsa Italiana, ensuring transparency and accountability in its operations. The board maintains specialized committees to support its functions, including the Appointments and Remuneration Committee, chaired by Serena Torielli and comprising Francesca Coppi and Maurizia Squinzi, which advises on and board nominations; and the Control, Risk, and Sustainability Committee, led by Maurizia Squinzi with members Sara Testino and Serena Torielli, which oversees internal audits, risk management, and environmental, social, and governance (ESG) initiatives. Following the 2022 merger with Linkem, governance structures were adjusted to incorporate stakeholder representation from both entities, with the 2025 board renewal further aligning leadership to post-merger integration priorities. The board provides strategic oversight for Tessellis' positioning as a "Smart Telco," guiding investments in for service optimization and infrastructure to enhance network coverage and digital innovation. This direction emphasizes the integration of advanced technologies to support and mobile services while maintaining compliance with regulatory standards.

Financial Performance and Acquisitions

Tessellis reported consolidated revenues of €217 million for the full year 2024, marking a slight increase from prior periods amid ongoing investments in network expansion. Normalized EBITDA for the same period stood at €19 million, reflecting operational challenges including a reported operating loss of €48.1 million, compared to €34.7 million EBITDA in 2023. These figures underscore the company's transition toward converged fixed and mobile services following its 2023 rebranding, with half-year 2024 revenues reaching €110.2 million, primarily from telco operations. The company is listed on under the ticker TSL.MI, with a of approximately €34 million as of November 10, 2025. Post-rebranding performance has been volatile, with shares experiencing a 67.86% decline in 2024 and a further 52.06% drop year-to-date in 2025, trading in a narrow range of €0.08 to €0.10. This price movement has been influenced by substantial investments in infrastructure and strategic partnerships, alongside broader market pressures in the European telecom sector. In terms of key acquisitions, Tessellis completed the purchase of a 77.04% stake in Go Internet S.p.A. in May 2024 through a reserved capital increase and acquisition of a trade receivable, valued at a total consideration of €4.1 million. This deal enhanced the company's B2B offerings in and access (FWA), targeting enterprise customers in underserved Italian markets. Additionally, in September 2025, Tessellis' Tiscali Italia executed an agreement with expert.ai in the affiliated entity Villanova.ai, contributing assets to support the development of multimodal generative AI services via cloud-edge . This non-binding initiative, effective from October 1, 2025, aims to integrate AI into telecom operations without a traditional acquisition structure. Looking ahead, Tessellis' half-year 2025 financial report highlights efforts to reduce overdue debt positions, which totaled notable amounts as of September 30, 2025, through a €15 million capital increase that bolstered equity. The company anticipates revenue growth from converged services and AI-enhanced offerings, with at €33.6 million as of June 30, 2025, despite a consolidated equity deficit of €18.4 million. These targets align with the approved 2028 strategic plan, emphasizing financial stabilization and operational efficiency.

References

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  15. https://www.wsj.com/articles/SB940969363816311398
  16. https://www.borsaitaliana.it/prospetti-informativi/260pros_1_en.pdf
  17. https://www.marketwatch.com/story/italy-catches-the-tech-bug?gaa_at=eafs&gaa_n=AWEtsqc-FYs0oae12H0lRml5bW8lSo5uf3ddigl5zN1DglROmB1o6DcS2_Zd&gaa_ts=6913282c&gaa_sig=OyidPO4TsH85U58ut9tsP1VeEy8l8q_8sD9tT-UWXs1b1J8uweKyZ2hKmWRVdUiPuylNP4-l9LhF-98k_xwIhg%253D%253D
  18. https://www.encyclopedia.com/books/politics-and-business-magazines/tiscali-spa
  19. https://www.wsj.com/articles/SB950564026288682114
  20. https://www.newsweek.com/man-who-would-be-king-155215
  21. https://www.reuters.com/markets/deals/tiscali-linkem-create-italys-fifth-largest-fixed-line-operator-2021-12-30/
  22. https://www.telecompaper.com/news/italys-tiscali-agrees-to-merge-with-fwa-provider-linkem--1409374
  23. https://bebeez.eu/2022/01/05/italys-tlc-group-linkem-to-merge-in-milan-listed-tiscali-its-commercial-retail-activities-as-consideration-linkem-will-obtain-a-62-stake-in-tiscali-which-in-turn-in-preparing-to-invest-in-kkr-back/
  24. https://www.telecoms.com/broadband/shareholders-approve-italian-broadband-merger
  25. https://www.telecompaper.com/news/tiscali-shareholders-back-change-of-company-name-to-tessellis--1449763
  26. https://www.tessellis.it/en/download/change-of-company-name-from-tiscali-s-p-a-to-tessellis-s-p-a-new-ticker/
  27. https://www.telecoms.com/operator-ecosystem/tessellis-buys-go-internet-in-b2b-push
  28. https://www.tessellis.it/en/tiscali-campus/
  29. https://www.bloomberg.com/profile/company/TSLB:BB
  30. https://les.mitsubishielectric.it/en/case-histories/palaces-offices_2/tiscali-campus-cagliari_60.html
  31. https://arassociati.it/en/progetto/tiscali-campus-2/
  32. https://www.sardegnacultura.it/en/articles/cagliari-campus-tiscali
  33. https://www.tessellis.it/wp-content/uploads/Bilanci/2019/2019-Sustainability-Report.pdf
  34. https://www.firstonline.info/en/tiscali-open-fiber-accordo-sulla-fibra-esteso-a-271-citta/?id=0/
  35. https://www.emarketstorage.it/sites/default/files/comunicati/2025-11/20251110_174067.pdf
  36. https://www.marketscreener.com/news/tessellis-s-p-a-first-half-consolidated-financial-report-as-at-30-june-2025-ce7d5fd8dd8fff20
  37. https://www.datacenterdynamics.com/en/news/italian-operator-wind-tre-acquires-5g-assets-from-opnet/
  38. https://www.tessellis.it/en/attivita/
  39. https://www.datacentermap.com/italy/milan/tiscali-milano/ecosystem/
  40. https://www.datacentermap.com/germany/frankfurt/tiscali-frankfurt/
  41. https://www.telecompaper.com/news/tiscali-to-phase-out-adsl-network-this-year--1541508
  42. https://casa.tiscali.it/fibra/ultrainternet_fibra/
  43. https://www.globaldata.com/company-profile/tiscali-group/
  44. https://www.tessellis.it/en/download/first-half-consolidated-financial-report-as-at-30-june-2018/?wpdmdl=15715&refresh=631d977b3eddd1662883707
  45. https://www.telecompaper.com/news/tiscali-revamps-fibre-offer-in-urban-areas--1547360
  46. https://www.telecompaper.com/news/tiscali-officially-launches-5g-service-on-tim-network--1500148
  47. https://casa.tiscali.it/mobile/
  48. https://www.emarketstorage.it/sites/default/files/comunicati/2024-10/20241022_155875.pdf
  49. https://www.telecompaper.com/news/linkem-and-axa-team-up-for-5g-home-protection-service--1481936
  50. https://www.telecompaper.com/news/tiscali-unveils-new-convergent-plan-with-5g--1501026
  51. https://www.globaldata.com/store/report/tessellis-spa/
  52. https://agiletv.com/agile-content-and-tessellis-group-join-forces-to-bring-agile-tv-platform-to-italy/
  53. https://www.4rfv.co.uk/industrynews/314028/agile_content_launches_linkem_my_ti_vi_in_italy
  54. https://media.expert.ai/expertai2025/uploads/2025/05/20250407_PjVillanova_ENG.pdf
  55. https://media.expert.ai/expertai2025/uploads/2025/05/Pjt-Villanova-Comunicato-stampa-congiunto-GOP-Tiscali-Expert-LEXIA-25.09.2025-clean-ENG-1.pdf
  56. https://www.itiger.com/news/2570766045
  57. https://cisero-project.eu/news/ipcei-cis-and-ai-strengthening-europes-digital-future
  58. https://www.emarketstorage.it/sites/default/files/comunicati/2024-07/20240722_152117.pdf
  59. https://www.reuters.com/markets/companies/TSL.MI
  60. https://www.tessellis.it/en/profiles/fabio-bartoloni/
  61. https://www.tessellis.it/en/board-of-directors/
  62. https://www.marketscreener.com/quote/stock/TESSELLIS-S-P-A-76270/company-governance/
  63. https://www.tessellis.it/en/profiles/maurizia-squinzi/
  64. https://www.tessellis.it/en/profiles/sara-testino/
  65. https://www.borsaitaliana.it/borsa/azioni/profilo-societa-dettaglio.html?isin=IT0005496473&lang=en
  66. https://www.tessellis.it/en/other-corporate-bodies/
  67. https://www.emarketstorage.it/sites/default/files/comunicati/2025-07/20250702_169477.pdf
  68. https://uk.finance.yahoo.com/quote/TSL.MI/financials/
  69. https://www.marketscreener.com/quote/stock/TESSELLIS-S-P-A-76270/news/Tessellis-Narrows-Losses-and-Revenue-in-2024-Approves-2028-Strategic-Plan-50083021/
  70. https://companiesmarketcap.com/tessellis/stock-price-history/
  71. https://www.[investing.com](/page/Investing.com)/equities/tiscali-historical-data
  72. https://www.telecompaper.com/news/italys-tessellis-finalises-acquisition-of-go-internet--1501721
  73. https://www.marketscreener.com/news/expert-ai-s-p-a-tiscali-and-expert-ai-execute-an-investment-agreement-in-the-affiliated-company-vi-ce7d58d3da88f021
  74. https://www.finanznachrichten.de/nachrichten-2025-09/66546441-tessellis-s-p-a-tiscali-and-expert-ai-execute-an-investment-agreement-in-the-affiliated-company-villanova-ai-for-the-development-and-implementation-008.htm
  75. https://www.emarketstorage.it/sites/default/files/comunicati/2025-11/20251110_174108.pdf
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