Ofmega SpA's history, like many companies in the bicycle industry, is somewhat shrouded in the mists of time. It is known that the company was set up by the Perotti family, specifically Mario and Dino Perotti. Dino and Mario started to patent components (including and innovative non-cottered crank for cottered-crank bottom brackets) in the 1960s. They patented their distinctive crossed roller-bearing headset in the US in 1981. Both the Ofmega and, later, P J Bike companies were owned by the Perotti family.

Michael Sweatman (the author of the Disraeli Gears website) writes that the company may have had some relationship to the OMG company (Officine Mecchaniche Giostra), which, in turn might have developed into or from the Magistroni and Gnutti brands.  This is supported by the fact that some Legnano cranks are branded as Magistroni and others Ofmega. Joel Metz, from the Black Bird website, agrees. It may appear that OMG became Ofmega sometime in the 1970s. However, both sources note that Ofmega claim to have been in business for 50 years; although, this may be drawing on the history of its constituent parts. However, some components stamped "Ofmega" do appear to have been from before the 1970s, which may show that Ofmega was independant of OMG and the other companies or that they used the Ofmega name as well, possibly for certain groupsets.

However, the Gnutti brand still exists (as Gnutti Carlo S.P.A); they make parts for motorbicycles and cars but list bicycle parts in the history section of their website (http://www.gnutticarlo.it/history.asp). The confusion on whether the two companies were linked may have developed from their incredible similar logos (both having "Art Deco" eagles). However, this appears to have been common currency for Italian logo designers.

The demise of the company is not clear. However, some details are known. Ofmega were certainly still active in 2002. Recent sales of child's and Alpine crank sets, from 2002, on ebay have confirmed this. Their websites (www.ofmega.it and www.ofmega.com) are now owned by a holding company.  Trademarkia has their trade mark entitlement in the USA renewed in 2005. According to an article on Bike-Europe (http://www.bike-eu.com), Ofmega had closed by mid 2006 (http://www.bike-eu.com/news/bitaly-2006-b-more-bicycles-sold-less-import-2458.html).

According to BikeEurope, Ofmega planned to move its plastic coated steel and steel crankset  production line to Slovakia, 5 km from the Ukranian border in 2000. After a lot of searching, it appears that the Slovakian subsidiary was called P J Bike S.R.O., which was based in Humenne. As yet, no P J Bike components have been seen, other than the vaguely tragic "Sierra", Ofmega branded, plastic wrapped cranks. It is not clear whether P J Bike had their own branded components nor is it clear whether the company still exists.