EAD, Portugal’s leading archive and document management company, is positioning itself for a listing on the Madrid Stock Exchange by 2028. As part of its strategic roadmap, EAD has merged with Papiro—a company it acquired in 2020—to gain the necessary scale for future acquisitions and capital market entry. CEO Paulo Veiga, who retains a 30% stake in the company, envisions a turnover of €50 million as the milestone to go public in Spain.
“We’ve stopped focusing on small regional players. The future lies in treating the Iberian Peninsula as a single market,” Veiga told ECO.
EAD's inorganic growth strategy is focused on acquiring competitors in Spain to solidify its place among the top five players in the document management space. Current targets include companies just below the scale of market leader Iron Mountain, such as Adea, Servicio Mobil, Docout, and AGS Records Management.
With Deletedoc (Barcelona, Madrid, Valencia, Bilbao) and DID Confidencial (Pontevedra) already under its umbrella, EAD is actively consolidating its presence in key Spanish regions. The group’s most recent investments include €1.5 million for two new warehouses in Porto and hiring 44 new employees, reinforcing its strategic push in northern Portugal and Galicia.
The merger with Papiro aims to unify operations, brands, and client services under a stronger, more efficient group structure. Papiro will continue to operate as a brand specializing in mailroom management, document dematerialization, secure document destruction, express logistics, and full-cycle finishing solutions. The unit is led by Daniel Alves, who emphasized growth and innovation within the evolving document services landscape challenged by cloud and data center trends.
EAD forecasts €18 million in revenue for 2025, building on €14 million in 2024, nearly double the €7.8 million recorded in 2023. The global information custody and document management market is valued at €7 billion, and EAD intends to expand its share aggressively.
Asked about potential buyout offers, including approaches from Iron Mountain, Veiga responded bluntly: “Several times. I am not a seller.”
EAD’s upcoming moves and Madrid IPO ambitions reflect not just an expansion strategy, but a bold effort to position itself as a pan-Iberian leader in an industry under transformation.
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