First Romanian IT company floats on the local market

Romanian IT services provider Bittnet Systems will debut on the AeRO market on Wednesday, April 15, 2015. Polish company INC is the Authorized Advisor that assisted it on its listing. Bittnet Systems thus becomes the first Romanian IT company listed on the Bucharest Stock Exchange. The company’s main activity focuses on IT trainings and delivering end – to – end IT infrastructure services and solutions from market leaders such as Cisco, Microsoft, Dell, VMware, and HP. Romanian entrepreneurs Mihai and Cristian Logofatu established Bittnet Systems in 2007. In November 2011 Romanian investor Razvan Capatana joined the company’s shareholders bringing new capital for strengthening the company’s marketing and sales departments. The company’s client base includes big companies such as IBM Romania, Metro Systems Romania, Mit Motors International, Praktiker, Porsche Romania, TNT Express, Wiebe Romania, Dacia, Erste Bank, Cosmote Romania (currently Telekom Romania), Cycle European (Part of ICAP Group), and E.On Romania. In 2014, the company increased the IT services (consulting, audit and design), even exporting IT professionals to implement Datacenter projects in Germany. The company’s revenues reached over EUR 1.8 million. In March 2015, Bittnet raises additional EUR 150,000 capital by selling 10% of its shares to Polish private equity fund Carpathia Capital. The new AeRO market segment launched by the Bucharest Stock Exchange (BVB) in February 2015 aims to help small and medium enterprises find financing. BVB regulates the market, and listing requirements are laxer than on BVB’s main market. A company can become public on AeRO if it has a predictable minimum value of EUR 250,000, the number of shares to be sold is at least 10% or the company has at least 30 shareholders. Romanian Bittnet founder: AeRO listing, solution for new capital Andrei Chirileasa, andrei@romania-insider.com