Two young Romanians make millions with IT training firm

Romanian firm Bittnet Systems, which offers IT training, aims for a turnover of EUR 2.5 million this year, 70 percent higher than last year when the company brought in EUR 1.5 million. In the first quarter of this year, the firm’s sales were up 95 percent, to EUR 480,000, according to a statement. Last year the company had an operational profit before interest, tax and depreciation (EBITDA) of EUR 77.000, the firm’s representatives say. Bittnet Systems is owned by two brothers, Mihai Logofatu (29) and Cristian Logofatu (33) who founded the business in 2007. The company organizes and delivers trainings for Microsoft Office and IBM platforms. In 2012, the company managed to attract financing through the Romanian financing platform Venture Connect. Romanian investor Razvan Capatina then took a 24 percent stake in the company for an undisclosed sum. Andrei Chirileasa, andrei@romania-insider.com