Alps2Alps
Capitalized €290K of IT cost and rebuilt the cap-table for funding.
The situation
Alps2Alps (Amitour Group) is a technology-driven mobility and travel company specializing in airport-to-ski-resort transfers across Europe and the United States.
The group operated through a fragmented corporate structure, where long-term investments in technology development were fully recorded as operating expenses (OPEX). This artificially depressed historical EBITDA, reduced balance sheet transparency, and limited the company's ability to attract bank financing for further scaling.
Our approach
Formalize an investor-ready holding structure and implement an asset-for-equity capitalization strategy, allowing eligible development costs to be transferred into assets and normalizing financial reporting in line with international accounting standards.
- 1Reclassified eligible IT development costs from P&L into intangible assets in compliance with IAS 38.
- 2Designed a unified holding structure based in Estonia to consolidate operational and IP assets.
- 3Coordinated cross-border legal and financial processes across Estonia, the Netherlands, and Switzerland.
- 4Prepared a consolidated development cost registry to support discussions with banks and external investors.
Outcome
- Clean and transparent asset structure supported by an adjusted financial model that reflects the business's true profitability.
- Positioned for bank financing and external investment rounds with normalized historical performance.
Engagement timeline
Diagnose → Build → Deploy → OperateReclassified eligible IT development costs from P&L into intangible assets in compliance with IAS 38.
Designed a unified holding structure based in Estonia to consolidate operational and IP assets.
Coordinated cross-border legal and financial processes across Estonia, the Netherlands, and Switzerland.
Prepared a consolidated development cost registry to support discussions with banks and external investors.
Before & after
- The group operated through a fragmented corporate structure, where long-term investments in technology development were fully recorded as operating expenses (OPEX).
- This artificially depressed historical EBITDA, reduced balance sheet transparency, and limited the company's ability to attract bank financing for further scaling.
- Clean and transparent asset structure supported by an adjusted financial model that reflects the business's true profitability.
- Positioned for bank financing and external investment rounds with normalized historical performance.
Artifacts delivered
What the founder walked away withCapitalized €290K of IT cost and rebuilt the cap-table for funding.
