Romanian IT group Bittnet buys 25% of software package developer Softbinator Technologies

Bittnet (BNET), a Romanian team of providers with actions in the IT and electronic schooling sectors, will take in excess of a 25% stake in community program improvement company Softbinator Systems.

The benefit of the transaction amounts to about USD 2 million, to be compensated by way of a mix of funds and equity.

Softbinator Technologies, a merchandise development enterprise in fields this sort of as fintech, edtech, healthtech, e-commerce, IoT, RPA, artificial intelligence/robotics, and blockchain, has two development centers in Bucharest and Constanta, which provide jointly more than 80 program engineers.

The company estimates that it will arrive at a turnover of RON 12 mln (EUR 2.47 mln) this 12 months, double in comparison to previous 12 months. It also expects a net earnings of RON 3.2 mln (EUR 660,000), up by 44% in comparison to 2019.

For Bittnet, the financial investment in Softbinator represents the commencing of a new region in IT companies: program growth. The group’s shareholders will vote on closing this deal in November.

Bittnet outlined its shares on the Bucharest Stock Exchange in April 2015. Considering the fact that then, it has carried out quite a few acquisitions, applying funds drawn from the funds market. The group at present has a current market capitalization of RON 139 mln (EUR 28.6 mln).

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