Romanian cybersecurity firm to list shares after private placement

Safetech Innovations, a Romanian cybersecurity company, plans to list its shares on Bucharest Stock Exchange's AeRO market by the end of this year.

Before the listing, Safetech Innovations will carry out a private placement for attracting RON 2.5 million (EUR 500,000) from BVB investors, the company said in a statement.

Local brokerage firm Tradeville will manage the offer, and Cornerstone Communications will be the company's authorized consultant after the listing. Safetech Innovations is the only company in Romania accredited as a partner in the NATO Industry Cyber ​​Partnership (NICP).

The company collaborates with over ten institutions in the domestic financial-banking sector, as well as multinational and local companies in the energy, FMCG, telecommunications, IT&C, and transports.

Currently, Safetech Innovations is controlled by Victor Gansac, general manager, and Paul Rusu, financial director, each with a 50% stake in the company.

In 2019, Safetech Innovations recorded a turnover of RON 10.5 mln (EUR 2 mln), 56.4% more than in 2018, and a net profit of RON 1.25 mln (EUR 258,000), up 26.3%.

In H1 this year, the company's turnover rose by 61% year-on-year to RON 5.3 mln and the net profit increased by 62% to RON 450,000.

For the entire year 2020, the management estimates RON 15.6 mln in revenues and RON 2 mln net profit. The company currently has 43 employees.

(Photo: Diana Oros/ Inquam Photos)