Bittnet wants to take over Romanian Gecad Net with EUR 600,000

Bittnet Systems (BNET), an IT&C integrator and provider of IT training, intends to buy the local company Gecad Net for EUR 600,000, reports local Profit.ro. The funding will be provided from its own sources, from bank loans or bond issues. Gecad Net is a local provider of software and integrated IT services, with a turnover of EUR 4.2 million in 2015, according to the latest data available. The company is part of the investment portfolio of GECAD Group, owned by the local investor Radu Georgescu. Bittnet’s shareholders also plan to launch one or more bond offers in Romanian currency lei, with a total value of RON 10 million (EUR 2.2 million), until the end of 2018. Bittnet Systems listed its shares on the Bucharest Stock Exchange in 2015. In mid-2016, the company had the first bond issuance listed by an IT company in Romania. It managed to attract almost EUR 1 million from 40 private investors. Last year, Bittnet Systems recorded a turnover of RON 13.7 million (EUR 3 million), up 36% over 2015. Its net profit rose by 12% to RON 1.2 million (EUR 265,500). editor@romania-insider.com