Bittnet founders sell 14% of the company to complete takeover

The founders of local software company Bittnet Systems, Cristian and Mihai Logofătu, sold 14% of the company’s shares in special deals on the Bucharest Stock Exchange’s alternative trading system AeRO on Wednesday, January 16. They made RON 8.05 million (EUR 1.72 million ) from the sale, which translates into a valuation of EUR 12.1 million for the whole company. According to the notification they sent to the market, the transactions were part of a broader arrangement with the former owners of Crescendo International, another local software company that Bittnet took over at the end of last year. Dendrio, a Bittnet Systems company, recently announced that it has completed the takeover of Crescendo International's IT&C integration business, and projected revenues of RON 100 million (EUR 21.5 mln) this year. Previously, Bittnet successfully raised the equivalent of over EUR 2 million in a bond placement to 20 investors to finance the acquisition of Crescendo International. Bittnet was the first Romanian IT company to float its shares on the stock exchange. editor@romania-insider.com (photo source: Facebook / Bittnet)