Bittnet Group makes third acquisition of 2022, IT&C integrator Dataware

Bittnet (BNET), a group of publicly traded IT companies, recently announced the third M&A transaction of 2022 after acquiring a 70% stake in Dataware Consulting SRL, an IT&C integrator of products and services.

Once the Competition Council approves the transaction, Dataware will join the Cloud & Infrastructure business group within the Technology Division of Bittnet Group. Furthermore, it will be integrated into the financial consolidation perimeter of Dendrio Solutions, a company that brings together the IT&C integration activities within the group.

“Dataware is a company that will expand the range of IT products and services of our technology division by adding new technological capabilities and certifications. We estimate that the transaction will be completed in the first part of next year,” said Mihai Logofatu, CEO of Bittnet Group, in the press release.

“We are glad to announce a new transaction by the end of this year, reaching our objective of starting 2023 with a capacity to generate a turnover of over RON 300 mln,” he added.

Bittnet aims to consolidate its presence in the IT&C integration and managed services market with the purchase.

Founded in 2011 in Bucharest, Dataware implements technology services and solutions such as data networks, storage block & file, storage area networks, disaster recovery and business continuity solutions, forensic software, and security solutions. The company has partnerships with important producers in the field, such as Fujitsu, Cisco, Brocade, and M-Files. The Dataware team consists of approximately 40 employees and collaborators.

Valued at RON 18.6 mln, the acquisition will be paid in cash and Bitnett shares. The 70% stake in the share capital and voting rights of Dataware acquired by Bittnet Group will be divided proportionately between Bittnet Group (19%) and Dendrio (51%). The remaining 30% of Dataware will remain the property of the company’s founders, who will additionally receive a variable amount, representing 30% of Dataware’s net profit for 2022.

Last year, the company registered revenues of RON 28 mln and a gross profit of RON 3.5 mln. Dataware expects an EBITDA of RON 5.2 mln for 2022, alongside a gross profit of roughly RON 4 mln and a RON 49 mln turnover.

This is Bittnet Group’s third transaction in 2022, following the TopTech and 2Net takeovers. Founded in 2007 by brothers Mihai and Cristian Logofătu as a training and IT solutions company in Romania and abroad, the Bittnet Group includes numerous brands today.

(Photo source: Bittnet)