Announced in Q4, Bittnet (BNET), a Romanian group of companies with activities in the IT and digital education sectors, will take over a 25% stake in local software development company Softbinator Technologies.
The value of the transaction amounts to about USD 2 million, to be paid through a mix of cash and equity.
Softbinator Technologies, a product development company in fields such as fintech, edtech, healthtech, e-commerce, IoT, RPA, artificial intelligence/robotics, and blockchain, has two development centers in Bucharest and Constanta, which bring together over 80 software engineers.
The company estimates that it will reach a turnover of RON 12 mln (EUR 2.47 mln) in 2020, double compared to last year. It also expects a net profit of RON 3.2 mln (EUR 660,000), up by 44% compared to 2019.
For Bittnet, the investment in Softbinator represents the starting of a new area in IT services: software development.
Bittnet listed its shares on the Bucharest Stock Exchange in April 2015. Since then, it has carried out several acquisitions, using funds drawn from the capital market. The group currently has a market capitalization of RON 139 mln (EUR 28.6 mln).
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