Veritas

What Veritas does

Veritas S.p.A. is a publicly-owned Italian multiutility company headquartered in Venice, operating across 51 shareholder municipalities (44 in the Metropolitan City of Venice and 7 in the province of Treviso) within a 2,300 km² territory serving approximately 940,000 inhabitants and over 40 million annual tourist visits. The company operates under the in-house providing model as a wholly publicly-held entity, with capital entirely held by the 51 municipal shareholders and a coordination committee exercising analogous control. Tariffs are regulated by ARERA, the Italian regulatory authority for energy, networks, and environment, and have been uniformly applied across all 36 member municipalities of the Venice Lagoon Basin Council since a convergence process completed in 2021.

The company delivers three integrated service lines: Integrated Water Service (aqueduct, sewerage, and purification for ~800,000 citizens across 36 municipalities, distributing 114 million m³ and purifying 81 million m³ of wastewater annually, with proprietary traceability across the urban water cycle); Environmental Hygiene / Integrated Waste Cycle (collection, transport, treatment, recycling, and disposal for ~890,000 citizens across 45 municipalities, achieving 71.77% recycling/recovery and 97% local treatment rate with only 3% landfilled); and Urban Public Services (cemeteries, cremation, public lighting, heating, green maintenance, fish market management, flood walkways, port utilities). Supporting infrastructure includes the Fusina Eco+Eco CSS facility, Metalrecycling Venice, the accredited Veritas water laboratory (the only Italian water utility lab accredited for Norovirus testing), 3 MW of photovoltaic capacity across 38 plants, and digital customer channels (Sportello Online, multi-tier hotlines). The subsidiary portfolio spans 10+ operating entities including eco+eco, Sifa, Sifagest, Vier, Veritas Conegliano, Depuracque Servizi, Asvo, Lecher, Metalrecycling Venice, plus a minority stake in Viveracqua, Venis, and Vega.

Veritas is treated as a public interest entity (EIP) due to its listed bond issuances on regulated markets, including a EUR 100 million sustainability-linked bond (November 2020), EUR 25 million non-convertible bonds (December 2021), and EUR 40 million SACE-guaranteed financing. Revenue was EUR 511.1 million in 2023 (+1.9% YoY) with EUR 67 million EBITDA and EUR 8 million net profit, funding over EUR 100 million in annual infrastructure reinvestment. The company holds an extensive certification portfolio (ISO 9001, 14001, 37001, 45001, 27001, UNI PdR 125, UNI/PdR 159, ISO 17025, LEED Gold, SOA) and pursues continuous territorial consolidation through mergers (Alisea in 2018, Eco-Ricicli/Ecoprogetto Venezia in 2022, Asvo announced for 2026) while divesting non-core assets (Arctera data storage spin-off in 2024).

Name

Veritas

Legal name

VERITAS SPA

Website

https://gruppoveritas.it

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Veritas S.p.A. is a fully publicly-owned Italian multiutility providing integrated water, waste, and urban public services to 51 municipalities across the Venice and Treviso territory, serving approximately 940,000 inhabitants under ARERA-regulated tariffs with EUR 511 million in 2023 revenue.

Ownership category

akta.pro rank

Product category

Public Utility Services (Integrated Water and Waste Management)

NAICS

Water Supply and Irrigation Systems (221310), Sewage Treatment Facilities (22132), Waste Management and Remediation Services (562)

SIC

Water Supply (4941), Refuse Systems (4953), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Capital Delivery, Asset Management & Renewal Programs (Pipes, Plants, Pumps) (EUANAAAK)

Keywords

• Integrated water services
• Waste management services
• Municipal public utilities
• Wastewater treatment services
• Urban environmental services

Headquarters

HQ city

Venice

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Integrated Water Service Revenue: Regulated water service tariffs covering water withdrawal, potabilization, treatment, and distribution to approximately 800,000 citizens in 36 municipalities. Also includes wastewater collection and purification services. Tariffs set by ARERA (Autorità di regolazione per energia reti e ambiente) with standardized rates across the Venice Lagoon Basin Council since 2021.
2. Integrated Waste Cycle Services: Complete waste management services including collection, transport, selection, treatment, recovery and disposal of municipal waste for approximately 890,000 citizens in 45 municipalities. Revenue from waste treatment, recycling, and energy recovery from solid secondary fuel (CSS).
3. Urban Public Services: Services including cemetery management (21 cemeteries), cremation services (3 temples), public heat management, public lighting, green maintenance, Venice wholesale fish market management, urban maintenance, high tide walkway installation, and port utilities (water, gas, electricity networks). Provided to 6 municipalities.
4. Renewable Energy Production: Energy generation from renewable sources including 3 MW of installed photovoltaic capacity across 38 plants, cogeneration facilities producing 50 kW electrical and 80 kW thermal power, and energy trading from solid secondary fuel (CSS).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Veritas is a public multiutility company that manages the integrated water cycle (water withdrawal, potabilization, distribution, sewerage, and wastewater purification), the full waste management cycle (collection, transport, treatment, recycling, and energy recovery), and collective urban public services (cemeteries, cremation, public heating, lighting, green maintenance, and Venice-specific services like flood walkways and wholesale fish market). Services are provided directly under regulated tariffs and municipal contracts to 51 shareholder municipalities in the Veneto region of Italy, serving approximately 940,000 residents and 40+ million annual tourists across 2,300 km².

Product overview

Gruppo Veritas is a public multiutility company providing environmental and water services across 51 municipalities in the Veneto region of Italy. The company operates a platform-based service model consisting of three core service divisions: Environmental Hygiene (waste management and recycling), Integrated Water Service (aqueduct, sewerage, purification), and Urban Public Services (cemeteries, public heating, street lighting). The portfolio also includes multiple subsidiary companies (eco+eco, Metalrecycling Venice, Sifa, Sifagest, Viveracqua, Vier, Veritas Conegliano, Depuracque Servizi, Asvo, Lecher) that specialize in waste treatment, recycling, water management, renewable energy production, and laboratory analysis. Digital services include the SOL (Sportello Online) customer portal for online account management. The company operates under an in-house providing model for 51 shareholder municipalities serving approximately 940,000 inhabitants.

Differentiator

Problem solved

Functional benefit

Products and services

• Igiene Ambientale (Environmental Hygiene / Waste Management) Complete waste management cycle from collection through treatment, prioritizing recycling and material recovery, serving approximately 890,000 citizens across 45 municipalities. Includes differentiated collection (paper, glass, plastic, metals, organic, green waste, bulky waste, wood, CSS), street cleaning, public hygiene, and bulky waste removal services.
• Servizio Idrico Integrato (Integrated Water Service) Comprehensive water cycle management including aqueduct (water withdrawal, potabilization, distribution), sewerage, and purification, supplying approximately 800,000 citizens across 36 municipalities with drinking water sourced primarily from underground wells. Distributes 114 million m³/year and purifies 81 million m³/year of wastewater.
• Servizi Urbani Collettivi (Collective Urban Public Services) Collection of collective urban services including cemetery management (21 cemeteries), cremation services (3 temples), public heat management, public lighting, green maintenance, Venice wholesale fish market management, urban maintenance, high tide walkway installation, and port utilities (water, gas, electricity networks). Provided to 6 municipalities.
• eco+eco (Waste Treatment and Energy Recovery) Wholly-owned Veritas subsidiary handling waste collection, commercialization, selection, reuse preparation, recycling, treatment, and energy recovery through construction and management of plants and services for territorial entities and private subjects.
• Metalrecycling Venice

Quantifiable outcome

• 97% of waste treated in local facilities for reentry as secondary raw materials, with only 3% sent to landfill
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• ViveracquacoreStrategic or Co-development PartnerConsortium of public water service managers in Veneto and part of Friuli-Venezia Giulia. Increases efficiency and competitive capacity while maintaining close ties with the territory. Non-profit entity handling joint procurement of goods and services, common financing solutions for aqueduct and sewerage investments, technical-scientific environmental monitoring services, and customer service management.
• APE (Aqua Publica Europea)minorStrategic or Co-development PartnerEuropean association of public water operators. Veritas participates through this association to support requests for banning PFAS production and use, as part of efforts presented to the European Council by Nordic governments.
• AIPD (Associazione Italiana Persone Down)minorStrategic or Co-development PartnerItalian association for people with Down syndrome. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities under dlgs 222/2024.
• ANMIC (Associazione Nazionale Mutilati e Invalidi Civili)minorStrategic or Co-development PartnerNational association of disabled civil servants. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• ENS (Ente Nazionale Protezione e Assistenza Sordi)minorStrategic or Co-development PartnerNational entity for protection and assistance to deaf persons. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• UIC (Unione Italiana Ciechi e Ipovedenti)minorStrategic or Co-development PartnerItalian Union of Blind and Partially Sighted persons. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• ANMIL (Associazione Nazionale Lavoratori Mutilati e Invalidi del Lavoro)minorStrategic or Co-development PartnerNational association of workers with disabilities from work injuries. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• CIP (Comitato Italiano Paralimpico)minorStrategic or Co-development PartnerItalian Paralympic Committee. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• ANGSA (Associazione Nazionale Genitori Soggetti Autistici)minorStrategic or Co-development PartnerNational association of parents of autistic persons. Partner in the permanent discussion table for accessibility of Veritas services to persons with disabilities.
• ASVIS (Alleanza Italiana per lo Sviluppo Sostenibile)minorStrategic or Co-development PartnerItalian Alliance for Sustainable Development. Selected Veritas environmental education projects ('Salta a Bordo', 'Educhè, Differenziè, Riutilizè', 'A scuola con gli Ecoeroi') for inclusion in the 2025 Good Practices Report of Italian territories.
• Consorzio RicreaminorStrategic or Co-development PartnerNational consortium for steel and metal recycling. Metalrecycling Venice operates as a platform on behalf of Consorzio Ricrea for selection, treatment, and recovery of ferrous and non-ferrous scrap.
• ARERA (Autorità di Regolazione per Energia Reti e Ambiente)coreOthersItalian regulatory authority for energy, networks, and environment. Sets regulated tariffs for water services and oversees compliance with national standards.

Scale indicators21 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hera S.p.A. Italian multiutility listed on the Milan Stock Exchange providing integrated water, waste, gas, and electricity services primarily in Emilia-Romagna. Closest structural peer to Veritas given the combined water + waste + energy/heat business model under regulated tariffs, with multi-municipal ownership footprint.
• Iren S.p.A. Multi-utility headquartered in Genoa serving northern Italian municipalities (Genoa, Turin, Emilia) with water, waste, gas, and electricity. Highly comparable to Veritas in terms of municipal concessions, ARERA-regulated water/waste, and integrated environmental services portfolio.
• A2A S.p.A. Lombardy-headquartered multi-utility with integrated water, waste, and energy operations including the largest Italian waste-to-energy platform. Comparable to Veritas on the integrated environmental services model and large-scale municipal customer base.
• Acea S.p.A. Rome-area public multi-utility providing water (Acea Ato 2), waste, and energy services. Comparable to Veritas via the fully publicly-influenced shareholding structure, water-service concession model, and ARERA-style regulation.
• Acquedotto Pugliese (AQP): Largest Italian water utility by served population, operating the integrated water cycle in Puglia. Direct peer to Veritas's integrated water service line across thousands of kilometers of network in a comparable regulated ARERA framework.
• SMAT Torino: Municipal water utility serving Turin and surrounding municipalities, providing aqueduct, sewerage, and purification services. Comparable to Veritas's Servizio Idrico Integrato division in scale, regulatory regime, and lab/quality operations.
• Publiacqua S.p.A. Tuscany-based integrated water utility providing aqueduct, sewerage, and purification across the Florence metropolitan area. Comparable to Veritas on regulated water-service tariffs, in-house municipal ownership, and ARERA oversight.

Emerging players

• ASM Vercelli / Cordar Vercelli Biellese: Local multi-utility operating in the Vercelli/Biella area providing integrated water, waste, and district heating under the same in-house providing logic as Veritas. Comparable at the regional multiutility level with smaller revenue base but same concession-based model.
• Aimag S.p.A. Smaller multi-utility in the Modena/Mirandola area providing water, waste, gas, and district heating. Comparable to Veritas as a regional public multi-utility with similar service bundling and municipal shareholder structure, though smaller in scale.

Others

• Viveracqua: Joint procurement consortium of public water service managers in Veneto and Friuli-Venezia Giulia in which Veritas participates. Adjacent/ecosystem player rather than a pure competitor — provides consolidated procurement, financing, and customer-service scale relevant to Veritas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/gruppoveritas
• YouTubeyoutube.com/channel/UCQ9h7bf1qh5Qy3b_tSLN90w
• LinkedInit.linkedin.com/company/gruppoveritas
• Instagraminstagram.com/gruppoveritas

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veritas