Dovalues

What Dovalues does

doValue S.p.A. is a publicly listed Italian loan servicing company headquartered in Verona, operating as the largest independent servicer specializing in the management of problem loans (NPLs) and unlikely-to-pay (UTP) exposures across Southern Europe. The group manages €136 billion in Gross Book Value across four countries (Italy, Greece, Spain, and Cyprus) with approximately 3,000 employees as of December 31, 2025, operating through a multi-brand structure that includes doValue (Italy), doValue Greece, Altamira (Spain), Altamira Cyprus, doNext, coeo, Gardant S.p.A., and Gardant Investor SGR. The company was originally established in 2016 as doBank S.p.A., completed its IPO on the Italian stock exchange (bit:DOV) in 2021, and has since expanded via acquisitions of Altamira Asset Management (January 2019), FPS (December 2019), Gardant S.p.A. from Elliott Management for €230 million (July 2024), and coeo (2025).

The core service offering is organized into two lines. The Servicing line covers NPL portfolios, UTP exposures, Early Arrears monitoring, Performing Loan administration, and Real Estate management for collateral assets. The Other Value Added Services line provides Due Diligence, Master Servicing and Structuring, and Master Legal (judicial recovery) services. doNext is positioned as the group's next-generation servicing solutions subsidiary, while coeo brings specialized loan servicing technology into the platform. Underlying technology is described as an NPL servicing and loan management platform, with proprietary specialization in NPL, UTP, and master legal workflows rather than consumer-facing digital products. Certifications include ISO/IEC 27001:2022 for doValue Spain.

The business model is B2B and sales-led, targeting banks, financial institutions, insurance companies, SPVs, and asset managers via direct institutional sales relationships. Revenue is generated through loan servicing fees and ongoing portfolio management fees on third-party NPL, UTP, and performing loan portfolios. Pricing is not publicly disclosed; contracts are negotiated based on portfolio size, composition, and service scope. The customer base is institutional and concentrated among large banks (e.g., National Bank of Greece) and asset managers (e.g., Bain Capital-managed entities), with no consumer or retail distribution. Group headcount is distributed 40% Italy, 45% Hellenic Region, and 15% Spain, with a 56%/44% female/male gender split.

Name

Dovalues

Legal name

doValue S.p.A.

Website

https://dovalue.it

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

doValue is a publicly listed Italian loan servicing company managing non-performing, unlikely-to-pay, and performing loan portfolios. It serves banks, financial institutions, SPVs, and asset managers across Italy, Greece, Spain, and Cyprus with €136 billion in Gross Book Value.

Ownership category

akta.pro rank

Product category

Non-Performing Loan Servicing

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Trusts, Estates, and Agency Accounts (52592)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Loan Servicing & Special Servicing (Delinquency Management) (FSAKAJAG)

akta.pro secondary industries

Commercial Mortgage Servicing & Asset Management (Master/Special) (FSALADAJ), Non-Agency (Jumbo/Non-QM) Mortgage Servicing (FSALAEAB)

Keywords

• Non-performing loan servicing
• Credit recovery services
• Loan portfolio management
• NPL master servicing
• UTP loan management

Headquarters

HQ city

Verona

HQ country

Italy

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Loan Servicing Fees: Fees earned from managing and servicing non-performing loan portfolios on behalf of banks, SPVs, and institutional investors. Includes master servicing, legal services, and portfolio management.
2. Portfolio Management: Ongoing management of acquired NPL portfolios including recovery operations, monitoring, and reporting to portfolio owners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

doValue is the largest independent servicer in Southern Europe specializing in the management and recovery of problem loans on behalf of banks, financial institutions, SPVs, and asset managers. Its core offering covers Non-Performing Loan (NPL) servicing, Unlikely-to-Pay (UTP) management, Early Arrears and Performing Loan servicing, Real Estate collateral management, and ancillary services including Due Diligence, Master Servicing & Structuring, and Master Legal. The group manages approximately €136 billion in Gross Book Value across Italy, Greece, Spain, and Cyprus.

Product overview

doValue is a leading European loan servicing provider operating as a multi-brand, multi-country platform across Italy, Greece, Spain, and Cyprus. The company manages €136 billion in Gross Book Value through its core servicing operations and subsidiaries including doValue Greece, Altamira, Altamira Cyprus, doNext, and coeo. Core offerings include NPL (Non-Performing Loan) and UTP (Unlikely to Pay) servicing, Early Arrears management, Performing Loan servicing, and Real Estate services, complemented by Value Added Services such as Due Diligence, Master Servicing & Structuring, and Master Legal. The group acquired Gardant S.p.A. from Elliott Management Corporation and completed the acquisition of coeo to expand its capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Servicing End-to-end loan servicing covering Non-Performing Loans (NPL), Unlikely-to-Pay (UTP), Early Arrears, Performing Loans, and Real Estate management. Designed for banks, financial institutions, SPVs, and asset managers that need to manage, recover, or administer loan portfolios across Southern Europe.
• Due Diligence Loan portfolio due diligence service providing assessment and evaluation of NPL portfolios for banks and investors preparing transactions. For institutional clients engaged in NPL portfolio acquisitions, disposals, or restructurings.
• Master Servicing and Structuring Master Servicing offering providing oversight and coordination of servicing operations across loan portfolios. Aimed at SPVs, asset managers, and institutional investors that require an independent master servicer to supervise underlying servicing activities.
• Master Legal Legal management and judicial follow-up services for credit recovery. Provided to banks, SPVs, and investors needing legal recovery, litigation management, and judicial proceedings on underlying NPL exposures.

Quantifiable outcome

• €136 billion in assets under management (GBV)

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Gardant S.p.A.coreStrategic or Co-development Partner · 1 July 2024Acquired Gardant S.p.A. from an affiliate of Elliott Management Corporation for €230 million as part of a €500 million debt and equity financing package and €150 million rights offering. Strategic acquisition strengthening doValue's presence in Southern Europe.
• White & Case LLPminorImplementation/ SI/ Consulting Partner · 1 July 2024International law firm providing legal advisory services to doValue S.p.A. on the €230 million acquisition of Gardant S.p.A.
• Bain CapitalminorStrategic or Co-development PartnerBain Capital-managed entity acquired 'Etalia A' NPL portfolio from National Bank of Greece. doValue Greece assigned to manage the portfolio going forward through SPV Leon Issuer DAC.
• Clifford ChanceminorImplementation/ SI/ Consulting PartnerLegal counsel on English law matters for National Bank of Greece's NPL portfolio sale transaction.
• Karatzas and PartnersminorImplementation/ SI/ Consulting PartnerLegal counsel on Greek law matters for National Bank of Greece's NPL portfolio sale transaction.
• AltamiracoreStrategic or Co-development PartnerdoValue Group company operating in Spain. Part of the group's Southern European footprint.
• doValue GreececoreStrategic or Co-development PartnerdoValue Group company operating in Greece. Currently managing NPL portfolios for banks and investors.
• Gardant Investor SGRminorStrategic or Co-development PartnerAffiliated company shown as part of doValue Group ecosystem.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dovalue

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Dovalues