Romanian IT group aims for EUR 21.5 mln turnover by 2020

Romanian IT group Bittnet, founded by local entrepreneurs Cristian and Mihai Logofatu aims to reach a turnover of RON 100 million (EUR 21.5 million) by 2020. This would require an average yearly growth rate of about 70% as the 2017 revenues amounted to RON 21.7 million (EUR 4.75 mln). The company plans new acquisitions and will ask its shareholders to approve RON 100 million (EUR 21.5 mln) worth of bond issues, local Startupcafe.ro reported. Bittnet wants to issue RON 50 million worth of corporate bonds and another RON 50 million worth of convertible bonds. The company also plans to acquire 55% of local IT solutions provider Elian Solutions and 25% of game-based learning firm Equatorial, for a combined EUR 520,000. Last year, Bittnet bought IT solutions provider Gecad Net from local investor Radu Georgescu for EUR 600,000. The company provides IT services based on the Microsoft Gold, Cisco Gold, Amazon Web Services, Google, Nexans, Bitdefender, Citrix, Dell, Checkpoint and Veeam technologies. It was rebranded Dendrio. Bittnet is listed on the Bucharest Stock Exchange’s AeRO market and has a market capitalization of EUR 9.2 million and over 500 shareholders. editor@romania-insider.com