ALSO Holding AG: history, ownership, mission, how it works & makes money

From its roots in Emmen in 1984 to a public listing in 1986 and a pivotal majority stake by Schindler in 1988, ALSO Holding AG has evolved through the 2011 Actebis merger and a 2013 rebrand into a pan‑European ICT powerhouse-by 2021 it operated in 28 European countries and reached net sales of €12.4 billion (extending to 143 countries via PaaS partners), leveraging a vendor network of over 800 and an ecosystem of approximately 135,000 resellers; with the Droege Group holding a controlling stake (51%) and a record cash balance of €730.9 million in early 2025, ALSO's 2025 consolidation with Westcoast pushed revenues to over €15 billion and set ambitious targets-EBITDA of €285-325 million and ROCE > 17% for 2025, with mid‑term goals of EBITDA €425-525 million and ROCE > 25%-positioning its Supply, Solutions and Service divisions to capitalize on cloud, IoT, cybersecurity and AI demand while fueling further acquisitions and platform growth.

ALSO Holding AG (0QLW.L): Intro

ALSO Holding AG is a Swiss-based IT and telecommunications value-added distributor and platform provider that combines product distribution, cloud marketplace services, and partner enablement to serve resellers, system integrators and manufacturers across Europe and beyond.

• Founded: 1984 in Emmen, Switzerland.
• Listed on Swiss Exchange: 1986.
• Majority shareholder (from 1988): Schindler Holding AG.
• Merged with Actebis (Germany): 2011 - became ALSO-Actebis Holding.
• Reverted to ALSO Holding AG: 2013.
• Geographic footprint (2021): operations in 28 European countries and presence in 143 countries worldwide via PaaS partners.
• Net sales (2021): €12.4 billion.

Ownership and Corporate Structure

• Publicly listed company with institutional and retail shareholders; historical significant stake by Schindler Holding AG.
• Operating model: regional subsidiaries and country organisations across Europe, integrated with centralized platform services (ALSO Marketplace, Cloud Solutions).
• Customer base: thousands of resellers, MSPs, system integrators, and manufacturers; partner-centric go-to-market model.

Mission and Strategic Focus

• Mission: Enable channel partners and vendors to accelerate digital transformation by providing products, services, cloud solutions and automated platforms.
• Strategic pillars: platformization (marketplace & PaaS), cloud & recurring revenue growth, logistics & procurement efficiency, partner enablement and services.
• Further details: Mission Statement, Vision, & Core Values (2026) of ALSO Holding AG.

How ALSO Works

• Distribution: procurement, logistics, and sales of IT hardware and software from global vendors to local channel partners.
• Platform services: ALSO Marketplace and PaaS offerings aggregate vendor catalogs, enable billing, provisioning and recurring cloud services for partners.
• Value-added services: financing, training, marketing, technical integration, and consulting to accelerate partner capability.
• Logistics network: centralized warehouses and country-level fulfilment to optimize inventory and delivery lead times across Europe.

Revenue Streams - How ALSO Makes Money

Key Financial & Operational Indicators (select)

• Net sales (2021): €12.4 billion.
• European footprint: 28 countries direct operations (2021).
• Global reach via partners: 143 countries (PaaS partners, 2021).
• Business mix trend: increasing share of recurring/cloud revenues and platform transactions vs. one-time hardware sales.

ALSO Holding AG (0QLW.L): History

• As of 2021 the Droege Group (Düsseldorf) held a 51% stake in ALSO Holding AG, providing control over strategic decisions.
• The remaining 49% of shares were publicly traded, giving a broad shareholder base and market liquidity.
• By 2025 the Droege Group remained the main shareholder, maintaining significant influence on strategy and M&A.
• ALSO's shares are listed on the Swiss exchange, enabling access to capital markets and investor visibility.
• The ownership structure supported acquisitions, investment in cloud and value-added services, and cross-border platform scaling.
• Droege's long-term investment approach has supported ALSO's sustainable development and market expansion initiatives.

ALSO Holding AG (0QLW.L): Ownership Structure

• Founded in 1984 in Switzerland, ALSO evolved from a local IT distributor into a pan-European technology services and solutions provider.
• Listed on the SIX Swiss Exchange; ticker references include 0QLW.L in certain UK/OTC listings.
• International footprint: operations across >20 countries with integrated logistics, cloud marketplaces and value-added services.

• Mission: to be a leading technology provider in the ICT industry, offering comprehensive solutions that drive digital transformation.
• Operational excellence: continuous portfolio and cost optimization to enhance efficiency and profitability.
• Innovation: development and integration of digital platforms for cloud services, IoT, cybersecurity, virtualization and AI.
• Sustainability: circular economy approach - services span provision, reuse and remanufacturing to reduce lifecycle impact.
• Customer-centricity: deep support for resellers and vendors to foster long-term partnerships and mutual growth.
• Integrity and transparency: ethical business practices and regulatory compliance embedded in governance.

• Hardware distribution: wholesaling PCs, servers, networking and peripherals to resellers and system integrators - margin-driven volume business.
• Value-added services: configuration, logistics, financing and lifecycle services (repair, refurbishment, remanufacturing).
• Cloud & digital marketplaces: recurring revenue from SaaS, IaaS and managed cloud offerings via platform commissions and subscription models.
• Solutions & professional services: income from integration, project delivery, cybersecurity services and managed services contracts.
• Vendor programs and vendor finance: rebates, marketing funds and financing arrangements that enhance gross margin and cash conversion.

• Publicly listed with a significant free float; share register includes institutional investors, family/management holdings and retail investors.
• Major institutional shareholders typically hold concentrated positions (top 10 shareholders often account for a substantial portion of voting rights-commonly 30-50%).
• Management and board members maintain ownership stakes aligning incentives with long-term value creation.

• Board composition mixes industry-experienced executives and independent directors; governance emphasizes transparency and regulatory compliance.
• Regular investor reporting, annual general meetings and targeted investor relations activities to communicate strategy, results and ESG progress.

ALSO Holding AG (0QLW.L): Mission and Values

• Founded as a technology distributor evolving into a platform-driven IT services group with pan-European reach.
• Listed entity operating under the brand ALSO; traded under ticker 0QLW.L.
• Ownership: publicly listed with a mix of institutional and retail shareholders; governance combines a supervisory board and an executive board responsible for strategic execution.

• Supply - transactional provisioning of hardware, software and related logistics. ALSO sources products from over 800 vendors and supplies them through distribution and logistics operations.
• Solutions - consultative engagement to design and implement customized IT solutions for resellers and end customers, addressing vertical-specific and cross-industry business needs.
• Service - subscription-based cloud offerings and platform services including IoT, cybersecurity, virtualization and AI-enabled solutions, aimed at recurring revenue streams.

• Channel reach: approximately 135,000 resellers across Europe and adjacent markets, forming the primary go-to-market engine.
• Vendor coverage: relationships with 800+ technology vendors enable broad portfolio depth across infrastructure, software and cloud services.
• Platform approach: combines marketplace, provisioning, billing and managed services to accelerate reseller time-to-market and customer adoption of cloud and digital services.

• Transactional distribution (Supply): margin on resale of hardware and software plus logistics and fulfillment fees.
• Project and systems integration (Solutions): professional services fees, project margins and recurring maintenance contracts.
• Subscription and platform services (Service): recurring revenue from cloud subscriptions, managed services (IoT, cybersecurity, virtualization, AI) and platform transaction fees.
• Value-added services: training, financing, deployment and lifecycle services that increase customer stickiness and margin per customer.

• Scale and reach via large reseller base and broad vendor catalogue.
• Balanced business mix of one-time transactional sales and growing recurring subscription revenue.
• Strong cash position (€730.9m) enabling investment in digital platforms, M&A and shareholder returns.

ALSO Holding AG (0QLW.L): How It Works

• Revenue streams are split across three core divisions: Supply (product distribution), Solutions (project, integration, consulting) and Service (cloud platforms, subscriptions and managed services).
• Geographic reach covers multiple European markets through local operating units and partner networks; strategic consolidations have broadened footprint and SKU depth.
• Profitability is driven by scale buying, logistics optimization, margin management on value-added services and recurring revenue growth from cloud/subscription offerings.

• Supply division: Direct sales of hardware, software licences and peripherals to resellers and SMBs; revenue largely transactional and volume-driven with narrow unit margins but high turnover.
• Solutions division: Income from consulting, systems integration, project implementation and after-sales support-higher margin, project-timed revenue that deepens customer relationships.
• Service division: Recurring subscription revenue from cloud hosting, platform services and marketplaces; growing predictable cashflow and higher lifetime value per customer.
• Acquisitions and consolidation: Strategic M&A (including the 2025 consolidation with Westcoast) expands product portfolios, partner access and cross-sell opportunities, increasing top-line scale.
• Operational excellence: Portfolio pruning, procurement optimization and cost control improve gross margins and allow competitive pricing to capture market share.
• Digital platforms & emerging tech: Investments in marketplaces, automation and cloud-native services position the company to capture high-growth segments (SaaS, security, cloud infra).

• Volume procurement and vendor rebates: negotiate better vendor terms as buying volumes scale, improving gross margin on Supply sales.
• Platform monetization: fees, transaction margins and subscription charges on digital marketplaces and cloud platforms drive recurring income.
• Service upsell & lifecycle revenue: converting product buyers into managed-service and cloud customers increases ARPU and retention.
• Cost & portfolio optimization: continuous SKU rationalization and logistics efficiency reduce working capital and operating costs.

• Accelerate migration of resellers and end-customers to subscription/cloud models to increase recurring revenue mix.
• Expand digital marketplaces and automation to raise transaction throughput and platform fees.
• Capture synergies from M&A to deepen vendor assortments and cross-border distribution.
• Invest in high-growth technology categories (cloud infra, cybersecurity, unified communications) to improve margin profile.

ALSO Holding AG (0QLW.L): How It Makes Money

• Core distribution: wholesale of IT hardware, peripherals and packaged software through a broad reseller network - high volumes, low margins but steady cash conversion.
• Cloud & XaaS aggregation: indirect cloud provider model where ALSO resells and manages subscriptions (IaaS, SaaS, security, backup) and takes recurring margins and platform fees.
• Digital platforms & value-added services: marketplaces, procurement automation, managed services, integration and professional services that lift average deal value and margin.
• Financing & logistics: working-capital solutions, vendor financing and logistics/fulfillment services that generate fee income and improve partner stickiness.
• M&A-driven growth: acquisitions (notably the March 2025 Westcoast consolidation) expand geography, revenue base and cross-sell potential.

• Platform scale: drives better vendor terms, enables bundling of cloud and services, and accelerates cross-sell to an enlarged reseller base.
• Recurring revenue shift: focus on subscription/cloud and managed services to improve gross margin predictability and lifetime value.
• Geographic consolidation: Westcoast deal (March 2025) materially increased footprint and revenue to >€15bn, creating synergies in procurement, logistics and cloud distribution.
• Capital strength: a record cash position supports bolt-on acquisitions, platform investment and targeted shareholder returns while pursuing mid-term EBITDA/ROCE targets.