Spaggiari, an Ambienta platform company, acquires ESDS

• Fourth add-on reinforces Spaggiari’s position as a leading European digital education platform.
• Investment expands platform's reach into Iberia and Latin America.
• ESDS furthers the shift towards fully digital and paperless education processes.

Milan/London/Paris/Munich/Stockholm, 15 September 2026 - Ambienta SGR S.p.A. (“Ambienta”), one of Europe’s largest asset managers entirely focused on environmental sustainability, is pleased to announce that its portfolio company Spaggiari, a leading developer of software and services solutions for the dematerialisation and digitisation of school activities, has completed the acquisition of E-Schooling Dream Shaper (“ESDS”), an education software group with operations in Iberia and LATAM. This transaction represents the first international add-on completed by Spaggiari and further reinforces its positioning as one of the leading education software platforms in Europe. The founders and management team of ESDS will reinvest alongside Ambienta and remain actively involved in the business working with Spaggiari, driving the next phase of growth.

Founded in 2007, ESDS supports educational institutions in the digital management of academic and administrative processes, including data management, analytics, student and parent engagement, and project-based learning. The company’s offering centres on two school Management Information System (MIS) platforms, eSchooling and iScholar, as well as DreamShaper, a comprehensive solution for project-based learning. Together, these solutions serve more than 3,000 schools and 1.5 million students, enabling institutions to transition from resource-intensive, paper-based workflows to streamlined digital systems, thereby enhancing both the resource efficiency of school management and the quality of learning delivery.

In 2025, the European paper industry remained a major consumer of materials, water, and energy. Despite ongoing efficiency improvements, the sector continued to rely on more than 40 million tonnes of raw materials, around 4 billion m³ of water withdrawals, and roughly 300 TWh of energy annually. Graphic paper demand resumed its long-term decline in 2025, although overall paper and board consumption in Europe remains substantial. Primary and secondary schools are estimated to account for up to 10% of Europe's graphic paper use, approximately 1.2 million tonnes per year, equivalent to nearly 20 kg of paper per student annually.

Education systems are increasingly required to adopt digital tools to manage administrative, reporting and guidance processes more efficiently, while reducing reliance on paper-based activities. Spaggiari has been a key driver of the dematerialisation and digitisation of schools in Italy through its market-leading educational software suite. With ESDS, the Group extends this strategic and environmental reach internationally, adding solutions that address similar paper-intensive activities across Iberia, Brazil and selected Latin American markets.

Aligned with Ambienta’s investment strategy, this acquisition reinforces the firm’s commitment to environmental sustainability investing. ESDS qualifies as both a Resource Efficiency and Pollution Control investment, supporting the adoption of digital tools in schools and universities, reducing dependence on paper-based processes and contributing to lower CO₂ emissions and material consumption.

The acquisition marks the fourth add-on completed by Spaggiari under Ambienta’s ownership and represents the beginning of the internationalisation phase within the platform’s long-term development strategy. By adding exposure to new markets, complementary software point solutions and extensive AI capabilities, ESDS strengthens Spaggiari’s position as a leading European education software platform and provider of digital solutions across the education lifecycle.

Giancarlo Beraudo, Partner at Ambienta, commented: “The acquisition of ESDS represents a significant milestone in Spaggiari’s development, further advancing the execution of its strategic vision to build a comprehensive suite of digital solutions that support the dematerialisation and modernisation of education processes, in line with Ambienta’s sustainability-driven investment approach. The addition of ESDS also marks Spaggiari’s first international acquisition. Having established a leading position in Italy, the Group is now well positioned to expand its presence into international markets.”

Andrea Florio, Investment Director at Ambienta, added: “The ESDS acquisition is perfectly aligned with our M&A strategy for Spaggiari, adding high-quality MIS software in new markets of Iberia and LATAM and an innovative learning solution which we’ll market across the group to unlock synergies and expand our addressable market.”

Nicola De Cesare, CEO at Spaggiari, commented: “ESDS is a strong strategic fit for Spaggiari: DreamShaper adds an innovative project-based learning point solution to our software suite, while eSchooling and iScholar bring high-quality management information systems tailored to the Iberia and LATAM markets. We are thrilled to welcome the ESDS team and to work together to reach an increasing number of students, teachers and institutions with high-quality AI infused digital solutions.”

About Ambienta

Ambienta is a European investment manager, founded in 2007, pioneering sustainable investing in environmental champions across private equity, public markets, and private credit. With offices in Milan, London, Paris, Munich and Stockholm Ambienta manages over €4 bn in assets and is backed by a global and growing investor base. The firm invests in companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control. Its science-driven approach identifies environmental champions of the real economy – businesses that deliver strong financial returns while generating measurable positive environmental impact.

An industry pioneer, Ambienta was one of the first UN PRI signatories in 2012 and attained B-Corp status in 2019. In 2020, Ambienta became IIGCC member and in 2023 committed to the Science-Based Targets initiative (SBTi). www.ambientasgr.com

Media Enquiries: ambienta@kekstcnc.com