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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

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Romanian IT group Bittnet expands abroad with acquisition in Czechia

Romanian IT&C group Bittnet Systems (BNET) will turn into a regional player after it reached an agreement to buy a 35% stake in Czech company Servodata.

Bittnet will issue new shares worth EUR 1.4 mln for the stake that it will buy from Moore Czech Republic.

The deal must be approved by the two companies’ shareholders.

“This valuation offers a multiple EV/EBITDA of 6.4x, which makes the payment with BNET shares advantageous for all parties involved, including existing Bittnet shareholders,” Bittnet said in a note to investors.

In 2020, Servodata achieved total revenues of EUR 10 million and EBITDA of EUR 1 million.

For 2021, the company has a budgeted turnover of EUR 12 million, EBITDA of EUR 2.5 million, and a profit of EUR 1.5 million.

Prague-based Servodata has been active in the IT&C industry for 30 years and offers customers solutions similar to Bittnet’s Romanian subsidiary Dendrio Solutions.

The company has been investing heavily in cybersecurity and has recently significantly developed its position in Slovakia. It has 70 IT specialists: designers, architects, developers and consultants.

This is Bittnet’s first acquisition abroad, after the group has acquired several majority or minority stakes in local companies in the last two years, mainly using money raised through the capital market.

Bittnet reported RON 108.6 million (EUR 22.4 mln) consolidated revenues in 2020, up by 9% compared to the previous year, and an operating profit of RON 4.3 million (0.9 mln), five times higher than in 2019. The group has a market capitalization of RON 164 mln (EUR 33.6 mln).

(Photo courtesy of the company)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB
 

Romanian IT group Bittnet expands abroad with acquisition in Czechia

Romanian IT&C group Bittnet Systems (BNET) will turn into a regional player after it reached an agreement to buy a 35% stake in Czech company Servodata.

Bittnet will issue new shares worth EUR 1.4 mln for the stake that it will buy from Moore Czech Republic.

The deal must be approved by the two companies’ shareholders.

“This valuation offers a multiple EV/EBITDA of 6.4x, which makes the payment with BNET shares advantageous for all parties involved, including existing Bittnet shareholders,” Bittnet said in a note to investors.

In 2020, Servodata achieved total revenues of EUR 10 million and EBITDA of EUR 1 million.

For 2021, the company has a budgeted turnover of EUR 12 million, EBITDA of EUR 2.5 million, and a profit of EUR 1.5 million.

Prague-based Servodata has been active in the IT&C industry for 30 years and offers customers solutions similar to Bittnet’s Romanian subsidiary Dendrio Solutions.

The company has been investing heavily in cybersecurity and has recently significantly developed its position in Slovakia. It has 70 IT specialists: designers, architects, developers and consultants.

This is Bittnet’s first acquisition abroad, after the group has acquired several majority or minority stakes in local companies in the last two years, mainly using money raised through the capital market.

Bittnet reported RON 108.6 million (EUR 22.4 mln) consolidated revenues in 2020, up by 9% compared to the previous year, and an operating profit of RON 4.3 million (0.9 mln), five times higher than in 2019. The group has a market capitalization of RON 164 mln (EUR 33.6 mln).

(Photo courtesy of the company)

andrei@romania-insider.com

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