Romanian group Bittnet buys 20% stake in Czech IT training company DataScript

Bittnet (BNET), a Romanian IT group listed on the Main Market of the Bucharest Stock Exchange, acquired a 20% stake in Czech IT training company DataScript for EUR 275,000. In addition, the Romanian group said it would invest an additional EUR 500.000 in debt financing over the next three years, based on specific development projects of DataScript.

This is the second cross-border transaction for Bittnet Group. In March 2021, the company announced the acquisition of a 35% stake in Servodata Group, an IT&C integrator with a presence in the Czech and Slovakian markets.

“The training division has always been of strategic importance to us considering that Bittnet started as an IT training company. We expect more and more companies to invest in the education as well as reconversion of their employees. According to experts, approximately 40% of existing jobs will disappear by 2030 due to digitalization, while the IT&C specialists deficit will continue to deepen in the EU in the coming years,” Bittnet Group co-founder Mihai Logofatu said.

According to the investment agreement, starting with 2021, DataScript will distribute annual dividends in a maximum proportion of 50% of the profit. In 2020, DataScript achieved a turnover of approximately EUR 1 million and an EBITDA of EUR 180,000.

After completing the transaction, Bittnet Training will engage in know-how exchange with DataScript, the company said.

DataScript is part of the consulting, audit and technology group Moore Czech Republic, owned by Petr Kymlička and Radovan Hauk. The group includes consulting and auditing, as well as accounting, tax, legal, training and educational, technological and ICT services. In 2020, Moore Czech Republic reported a consolidated turnover of approximately 20 million euro. Moore Czech Republic is part of Moore Global, one of the largest international audit and consulting firms. After finalizing the transaction with Bittnet Group, Moore will hold 80% of DataScript sro through the entity Moore Academy CZ sro.

Bittnet was founded in 2007 in Bucharest, by brothers Mihai and Cristian Logofătu, as a company offering IT training and IT solutions in Romania and abroad. Today, Bittnet is a Group of companies in the IT field of which the following brands are part: Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, the eLearning Company and Softbinator.

Bittnet Group is listed on the Main Market of the Bucharest Stock Exchange under the BNET symbol. As of March 22, 2021, BNET shares are included in two global indices: FTSE Global Micro-Cap and FTSE Total-Cap.

(Photo source: Bitnett Group)