Romanian software developer Life is Hard [listed on the Bucharest Stock Exchange: LIH] will propose to its shareholders to approve the takeover of local e-commerce solutions developer Innobyte Solutions.
Shareholders will be asked to approve the deal at an extraordinary general meeting scheduled for February 24, Life is Hard said in a statement filed with the Bucharest Stock Exchange, BVB.
The value of the planned transaction was not disclosed.
Following the deal, Life is Hard aims to complement its portfolio with web development services tailored for small and medium-sized companies, it added.
The two companies are now in the due-diligence period, during which they will define the terms of the transaction.
Founded in 2009 in Bucharest, Innobyte Solutions posted a turnover of 1.8 million euro ($2.18 million) in 2020. The company is owned by Romanian entrepreneurs Catalin Somfalean and Catalin Bordei.
Life is Hard was established in 2004 in the northwestern city of Cluj and is listed on the alternative trading system of Bucharest Stock Exchange, AeRO. Romanian entrepreneur Ioan-Catalin Chis is its majority shareholder with 62.8%, while general manager Erik Barna holds 13.05%. The remainder is owned by various legal entities and individuals.
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