In less than three years, Motor Oil and the Vardinogiannis family generated significant added value in a large-scale IT company, proving the group can grow businesses in any sector after selecting the right people to leverage a small initial investment. The listed company's practice is to initially choose partners to share the risk, and once the businesses become operational, capital gains are recorded through funds received from strategic investors. It all began in 2023 with €500 thousand, which was the initial stake of Cyprus-based Pinston LTD (owned by the Vardinogiannis family) in NOVAICT (a joint venture with Nova). On July 20, 2026, 50% of this company was sold by NOVA to Motor Oil for €60.5 million in net equity value. Furthermore, 30% of the shares, as announced, is set to be acquired by Latsco (M. Latsi) and EOS (A. Tamvakakis). Today, according to information from Bankingnews, Motor Oil is preparing for the next step: the creation of a massive IT group through the merger of NOVA ICT, Real Consulting (in which Motor Oil holds a stake), and SPACE Hellas. As industry insiders report, the formation of the new group accelerated following PPC's plans to expand into IT projects via the acquisition of a major listed sector firm, as well as the presence of two additional players.
From €1M share capital to €132M turnover with 29 executives!
Let's take things from the beginning. In 2023, the Vardinogiannis family—via Cyprus-based Pinston Ltd—and Nova (UNITED) established NOVA ICT with a share capital of €1 million. Its goal was to create a integrated IT and telecommunications systems provider (integrator). Heading the company was an industry expert, Mr. Al. Breyiannis, bringing extensive experience from his tenure at Globe OTE. Indicatively, the firm launched with just 9 employees and currently employs 29 staff members. As the company's financial figures demonstrate, NOVA ICT emerged as a major hub for digital solutions and complex IT contracts, ranging from public sector digital transformation to large-scale European Union projects (including a €27 million EU contract). In 2025, total sales for NOVA ICT reached €131.9 million, up from €61.6 million in 2024. Its gross profits surged by 120% to €18.4 million, with the profit margin hitting 14%. The key difference setting it apart from other integrator companies is its lack of significant payroll overhead. Operating profits more than doubled to €15.2 million from €6.5 million in 2024. Net profits after taxes settled at €11.5 million, up from €4.9 million in 2024. Bank liabilities were minimal (leases), with the largest obligations owed to suppliers. Its primary revenue streams stemmed from digital transformation totaling €61.7 million, healthcare at €30.7 million, and security–civil protection at €20.9 million.
NOVA ICT's participation in the €515.4M ID card tender
Bidding for the massive €515.4 million tender for new digital ID cards, passports, and documents—conducted by the Hellenic Corporation of Assets and Participations—is expected to close on September 10. This is the same tender previously canceled by former Minister T. Theodorikakos, despite ongoing strong pressure on Greece from the US over the security inadequacies of the old ID cards. That earlier tender was canceled on the grounds that it provided for passports valid for five years instead of the 10-year validity period subsequently adopted. Since then, ID cards and passports continue to be issued by Toppan, which has issued IDs for the Hellenic Police for years. According to reports, the Space - NOVA ICT - Thales (France) - Zetes (Israel) consortium has been established, holding a clear lead due to its participating companies. Many of these foreign groups had also participated in the previous tender. Facing this joint venture, market sources estimate there will be the OTE-Unisystems-Byte-Moutsoukaki scheme, along with a third scheme comprising Austria Cards and Japan's Toppan.
The connection with Space and Real Consulting
Beyond NOVA ICT, Motor Oil holds an 11.66% stake in Real Consulting. Other participants in Real Consulting include Mr. V. Marinakis with 9.07% through Shub Holdings following the merger with OTS—a company active in smart city software projects similar to Real Consulting. Shareholders of the latter also include Intracom Holdings with 7.9%, One Dealer (Mr. N. Vardinogiannis) with 7.9%, and D. Stasinopoulos with 5.03%. Although it is early to define the exact metrics of the aforementioned merger, should it move forward, it will create a formidable player in the IT sector capable of bidding for major projects across Greece and Europe.
Pafilas Dimitris
dpafilas@yahoo.com
www.bankingnews.gr
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