Investment fund Agista announces exit from IT company Dendrio at 22% IRR

The Agista investment fund announced that it is exiting Dendrio Solutions, an IT company controlled by Bucharest Exchange-listed Bittnet Systems, with a yield of 60% and an Internal Rate of Return (IRR) of 22%, achieved over a period of two and a half years.

Bittnet Systems announced that it purchased an 11.78% stake in Dendrio from Agista for RON 16.8 mln, Economica.net reported. The price was set in line with Dendrio’s evaluation (RON 142 mln), which resulted from the capital increase operated earlier this year.

Subsequent to the exit, Agista increased its stake in cybersecurity company Fort – also in the portfolio of Bittnet Systems. Bittnet Systems announced it sold its entire participation of 58.9% in Fortum to Agista and Impetum Investments for RON 23.5 mln.

Following the deal, Agista increased its stake in Fort from 4.4% to 38% and, together with Impetum Investments, became the majority shareholder with a total stake of 63.3%.

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