BVB-listed AROBS pays EUR 17.9 mln for subsidiary of Swedish Enea Software

AROBS Transilvania Software (BVB: AROBS), the largest IT company listed on the Bucharest Stock Exchange, announced the signing of a EUR 17.9 mln contract for the acquisition of Enea's Software Development Services business (Enea Services Romania SRL), a subsidiary wholly owned by Enea Software AB whose parent company Enea AB is listed on Nasdaq Stockholm in Sweden.

Through this transaction, the largest ever for the Romanian company, AROBS will strengthen its Software Services business line by integrating approximately 160 employees into the Group, boosting its presence in Romania and the United States, and growing its customer base across Europe and the United States.

To carry out the transaction, AROBS will use part of the capital raised from BVB investors during the private placement for its shares, which took place in October 2021, and bank financing.

With a total net sale (GAAP) of approximately EUR 12 mln in 2021, Enea's Software Development Services business provides a mix of competencies with full-scope services, including software design and architecture, development, porting, integration, validation, and quality assurance, with expertise in embedded software and outsourced R&D, in a variety of fields such as medical, maritime and embedded devices.

AROBS's shares rose by 1.9% on the day the deal was announced, resulting in a market capitalisation of RON 907 mln (EUR 182 mln).

(Photo source: Facebook/Bursa de Valori Bucuresti)