sc13d

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ICTS INTERNATIONAL N.V. (ICTS)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

N4387108

(CUSIP Number)

E.W. VAN DER LEE, GALLADIO CAPITAL MANAGEMENT B.V. AND
XALLADIO HOLDING B.V.
WAGENAARWEG 7, 2597 LL, THE HAGUE, THE NETHERLANDS
011-31-70-306-5612

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

December 21, 2007

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Names of Reporting Person: Galladio Capital Management B.V.

I.R.S. Identification Nos. of above persons (entities only): None

Check the Appropriate Box if a Member of a Group

(a) þ

(b) o

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

Citizenship or Place of Organization

The Netherlands

SOLE VOTING POWER

NUMBER OF

220,000

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

663,866

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

220,000

WITH

SHARED DISPOSITIVE POWER

663,866

Aggregate Amount Beneficially Owned by Each Reporting Person

220,000

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

Percent of Class Represented by Amount in Row (11)

3.30% of Common Stock

Type of Reporting Person (See Instructions)


CUSIP No.		755747102

Names of Reporting Person: Xalladio Holdings B.V.

I.R.S. Identification Nos. of above persons (entities only): None

Check the Appropriate Box if a Member of a Group

(a) þ

(b) o

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

Citizenship or Place of Organization

The Netherlands

SOLE VOTING POWER

NUMBER OF

160,000

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

160,000

WITH

SHARED DISPOSITIVE POWER

Aggregate Amount Beneficially Owned by Each Reporting Person

160,000

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

Percent of Class Represented by Amount in Row (11)

2.40% of Common Stock

Type of Reporting Person (See Instructions)

Names of Reporting Person: Ernst Matthijs Hendrick van der Lee c/o Ernst Willem van der Lee

I.R.S. Identification Nos. of above persons (entities only): None

Check the Appropriate Box if a Member of a Group

(a) þ

(b) o

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

Citizenship or Place of Organization

The Netherlands

SOLE VOTING POWER

NUMBER OF

188,366

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

188,366

WITH

SHARED DISPOSITIVE POWER

Aggregate Amount Beneficially Owned by Each Reporting Person

188,366

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

Percent of Class Represented by Amount in Row (11)

2.82% of Common Stock

Type of Reporting Person (See Instructions)

Names of Reporting Person: Nicolaas Pieter Monteban¹

I.R.S. Identification Nos. of above persons (entities only): None

Check the Appropriate Box if a Member of a Group

(a) þ

(b) o

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

Citizenship or Place of Organization

The Netherlands

SOLE VOTING POWER

NUMBER OF

65,500

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

65,500

WITH

SHARED DISPOSITIVE POWER

Aggregate Amount Beneficially Owned by Each Reporting Person

65,500

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

Percent of Class Represented by Amount in Row (11)

0.98% of Common Stock

Type of Reporting Person (See Instructions)

¹ Nicolas Pieter Monteban is an individual.

Names of Reporting Person: Mark Joost Rosman

I.R.S. Identification Nos. of above persons (entities only): None

Check the Appropriate Box if a Member of a Group

(a) þ

(b) o

SEC Use Only

Source of Funds (See Instructions)

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

Citizenship or Place of Organization

The Netherlands

SOLE VOTING POWER

NUMBER OF

30,000

SHARED VOTING POWER

BENEFICIALLY

OWNED BY

EACH

SOLE DISPOSITIVE POWER

REPORTING

PERSON

30,000

WITH

SHARED DISPOSITIVE POWER

Aggregate Amount Beneficially Owned by Each Reporting Person

30,000

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

Percent of Class Represented by Amount in Row (11)

0.45% of Common Stock

Type of Reporting Person (See Instructions)


CUSIP No.		N 43837108

TABLE OF CONTENTS


ITEM 1.		Security and Issuer

ITEM 2.		Identity and Background

ITEM 3.		Source and amount of Funds or Other Consideration

ITEM 4.		Purpose of Transaction

ITEM 5.		Interest in Securities of the Issuer

ITEM 6.		Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

ITEM 7.		Material to be filed as Exhibits

ITEM 1. Security and Issuer

The class of equity securities to which this statement on this amendment to Schedule 13D relates is the Common stock, par value € 0,45. per share of ICTS International N.V. a Dutch corporation, with principal executive office located at Biesbosch 225, 1181JC Amstelveen, The Netherlands.

ITEM 2. Identity and Background

a.		This statement is being filed together by Galladio Capital Management B.V., Xalladio Holding B.V., Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee, Nicolaas P. Monteban and Mark J. Rosman are sometimes collectively referred to herein as the Reporting Person.

b.		The business address of Galladio Capital Management B.V., Xalladio Holding B.V., Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee, Nicolaas P. Monteban and Mark J. Rosman is Wagenaarweg 7.2597 LL The Hague, The Netherlands.

c.		Galladio Capital Management B.V. is a managing investment company.

		Xalladio Holding B.V. is a managing investment company.

		Ernst Matthijs Hendrik van der Lee is 100% shareholder of Xalladio Holding B.V.

		Ernst-Willem van der Lee is President and CEO and 100% shareholder of Galladio Capital Management B.V. and CEO of Xalladio Holding B.V.

		Mark J. Rosman is COO of Galladio Capital Management B.V. and Xalladio Holding B.V.

		Nicolaas P. Monteban is an individual.

d./e.		None of the Reporting Person during the last five years has been convicted in a criminal proceeding, or has been a party to a civil proceeding of a judicial or administrative body of

		competent jurisdiction resulting in a judgement, decree or final order enjoying future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

f.		Galladio Capital Management B.V., Xalladio Holding B.V., Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee, Nicolaas P. Monteban and Mark J. Rosman are citizen or place of organization of The Netherlands.

ITEM 3. Source and amount of Funds or Other Consideration

The aggregate amount of funds required by:

Galladio Capital Management B.V. — to purchase the 220,000 shares of stock owned by the company was$508,200.

Xalladio Holding B.V. — to purchase the 160,000 shares of stock owned by the company was $377,889.

All funds used to purchase this stock were obtained from the company Xalladio Holding B.V.

All funds used to purchase this stock were obtained from the company Galladio Capital Management B.V.

Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee — to purchase the 188,366 shares of stock owned by them was $379,480.

All funds used to purchase this stock were obtained from the personal account by Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee.

Nicolaas P. Monteban — to purchase the 65,500 shares of stock owned by him was $123,795.

All funds used to purchase this stock were obtained from the personal account by Nicolaas P. Monteban.

Mark J. Rosman — to purchase the 30,000 shares of stock owned by him was $55,680.

All funds used to purchase this stock were obtained from the personal account by Mark J. Rosman.

ITEM 4. Purpose of Transaction

Each of the Reporting Person independently purchased shares of the Issuer stock because they had individually determined that the stock may present significant opportunities for realization of increased shareholder value.

ITEM 5. Interest in Securities of the Issuer

The beneficial ownership percentages in this report are based on a total of 6,672,980 shares outstanding as of November 16, 2007 (as reported by the Company in the Proxy).

a.		The Reporting Person, as members of a Group, beneficially own 663,866 shares or 9.95% of the Issuer’s stock.

b.		Galladio Capital Management B.V. has the sole power to vote and dispose of 220,000 shares of the Issuer’s stock and shares voting and dispositive power over 663,866 shares of Issuer’s Stock.

		Xalladio Holding B.V. has the sole power to vote and dispose of 160,000 shares of the Issuer’s Stock.

		Ernst Matthijs Hendrik van der Lee c/o Ernst-Willem van der Lee has the sole voting and dispositive power over 188,366 shares of the Issuer’s stock.

		Nicolaas P. Monteban has the sole voting and dispositive power over 65,500 shares of the Issuer’s stock.

		Mark J. Rosman has the sole voting and dispositive power over of 30,000 shares of the Issuer’s stock and shares voting and dispositive powers over 30,000 shares of Issuer’s stock.

c.		The following transactions in the Issuer’s stock were effected by the Reporting Person during the 60 days preceding the date of this report. All of such transactions were open market transactions.

Reporting Person, as members of a Group, beneficially own 663,266 shares ICTS International N.V. or 9.95% of the Issuer’s stock. Ernst Matthijs Hendrik van der Lee, Ernst-Willem van der Lee, Nicolaas P. Monteban and Mark J. Rosman disclaim beneficial ownership in each others’ shares of Issuer’s stock.


Galladio Capital Management B.V.		220,000 shares
Xalladio Holding B.V.		160,000 shares
Ernst Matthijs Hendrik van der Lee and Ernst-Willem van der Lee		188,366 shares
Nicolaas P. Monteban		65,500 shares
Mark J. Rosman		30,000 shares

REPORTING PERSONS/ENTITIES:

Purchases after filing February 13, 2007


REPORTING PERSONS/ENTITIES:
Trade Date	Quantity		Price per share
Xalladio Holding B.V.
02.15.2007		13,000	$	2.46
02.15.2007		4,600	$	2.60
02.27.2007		7,900	$	2.70
02.28.2007		2,500	$	2.70
03.05.2007		500	$	2.70
03.14.2007		20.500	$	2.59	²
03.27.2007		2,000	$	2.15
04.05.2007		2,000	$	2.20
05.04.2007		250	$	1.90
05.08.2007		1,000	$	1.90
05.09.2007		1,750	$	1.90
06.12.2007		4,000	$	1.65


²		Transferred and delivered to several accounts in the Group.


REPORTING PERSONS/ENTITIES:
Trade Date	Quantity		Price per share
06.13.2007		1,000	$	1.65
07.19.2007		276	$	1.90
08.06.2007		900	$	1.90
08.17.2007		400	$	1.90
08.21.2007		3,424	$	1.90
08.31.2007		300	$	1.85
09.10.2007		1,200	$	1.85
09.11.2007		350	$	1.85
09.12.2007		300	$	1.85
09.13.2007		2,850	$	1.85
10.05.2007		3,000	$	1.50
10.08.2007		2,000	$	1.50
Galladio Capital Management B.V.
03.14.2007		5,000	$	2.59
05.24.2007		1,500	$	1.70
05.25.2007		500	$	1.70
05.29.2007		2,000	$	1.70
06.04.2007		500	$	1.70
06.06.2007		300	$	1.70
06.08.2007		200	$	1.70
08.31.2007		5,000	$	1.90
09.28.2007		10,000	$	1.55
11.01.2007		10,000	$	1.58
EMH van der Lee & EW van der Lee
03.14.2007		7,000	$	2.59	³
04.05.2007		2,000	$	2.18
05.09.2007		3,000	$	1.85
06.25.2007		1,000	$	1.60
07.17.2007		500	$	1.90
07.18.2007		1,000	$	1.90


³		Delivered from Xalladio Holding account.


REPORTING PERSONS/ENTITIES:
Trade Date	Quantity		Price per share
07.19.2007		2,500	$	1.90
08.31.2007		5,000	$	1.91
09.26.2007		26,200	$	1.48
09.27.2007		1,800	$	1.60
11.01.2007		500	$	1.60
11.08.2007		1,366	$	1.60
11.12.2007		5,000	$	1.60
11.13.2007		600	$	1.60
11.15.2007		2,900	$	1.60
NP Montebon
03.14.2007		6,000	$	2.59	³
09.20.2007		5,000	$	1.80
10.10.2007		1,500	$	1.45
10.11.2007		1,000	$	1.45
10.16.2007		500	$	1.45
10.25.2007		2,000	$	1.45
11.01.2007		5,500	$	1.50
MJ Rosman
02.14.2007		1,500	$	2.40
03.14.2007		2,500	$	2.59	³
04.05.2007		1,000	$	2.15
09.20.2007		2,000	$	1.75
09.21.2007		5,000	$	1.75
10.26.2007		400	$	1.40
10.31.2007		2,600	$	1.40


ITEM 6.		Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

The Reporting Person has agreed orally to act in concert for the purpose of influencing the business and affairs of the Issuer in the manner described above in item 4. However, the Reporting Person presently disclaim any oral or written agreement with respect to the acquisition, disposition or voting of the Issuer’s stock or any it’s other securities.

ITEM 7. Material to be filed as Exhibits

Exhibit 1 Joint Filing Agreement

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: December 21, 2007


	Galladio Capital Management B.V.
	/s/Ernst-Willem vander Lee
	By: Ernst-Willem vander Lee

	Xalladio Holding B.V.
	/s//s/Ernst-Willem vander Lee
	By: Ernst-Willem vander Lee

	/s/ Ernst Matthijs Hendrick van der Lee
	By: Ernst Matthijs Hendrick van der Lee

	/s/ Nicolaas P. Monteban
	By: Nicolaas P. Monteban

	/s/ Mark J. Rosman
	By: Mark J. Rosman

EXHIBIT 1
JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned, for good and valuable consideration consisting of their mutual commitments stated herein, hereby agree to joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D, including amendments thereto, with respect to the common stock € 0,45 par value per share of ICTS International N.V. and that this Agreement be included as an Exhibit to such joint filing. This agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 21 day of December 2007.


Xalladio Holding B.V.
Ernst-Willem van der Lee				/s/ Ernst-Willem van der Lee


Galladio Capital Management B.V.
Ernst-Willem van der Lee				/s/ Ernst-Willem van der Lee


Ernst Matthijs Hendrik van der Lee e/o
Ernst-Willem van der Lee
Ernst-Matthijs Hendrik van der Lee				/s/ Ernst-Matthijs Hendrik van der Lee


Ernst-Willem van der Lee				/s/ Ernst-Willem van der Lee


Nicolaas P. Monteban
Nicolaas P. Monteban				/s/ Nicolaas P. Monteban


Mark J. Rosman
Mark J. Rosman				/s/ Mark J. Rosman

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents