In January-June 2021, Bittnet carried out eight M&A (mergers and acquisition) transactions, of which two cross-border, with a view to strengthening its foothold in the fields of software development, training and cybersecurity.
“We are a group of companies that offer an increasing range of IT&C services to clients, both in the classical manner (project based), in a recurring manner (‘recurring revenue’) and in the paradigm of ‘managed services’. We intend to continuously expand the footprint of the products and services offered to the clients of the group, both by developing the portfolio of each company (or business lines), and by continuous investments or acquisitions. We are not an investment fund, we are looking to acquire positions in companies that we intend to continue operating, regardless of how large the ownership is that we can obtain. We are active only in the field of information technology (“our circle of competence”). Even if the results produced by each of the companies in which we invest will not have regular values and evolutions year after year, even if some of the investments are in moments of growth, and need more of our expertise to grow businesses, and others are in moments of maturity that produce cashflow that can be optimized and used to expand the group, we strongly believe that their diversification combined with the above acquisition criteria significantly increases our chances to prosper from these investments,” said Mihai Logofatu, CEO and co-founder of Bittnet Group.
The Technology Division, represented by Dendrio and Elian, reported a turnover of RON42.40 million and an operating profit of RON1.48 million. The gross margin of IT&C companies providing integration services grew 3.2% to RON7.4 million. The Education Division, which includes Bittnet Training and Equatorial, reported a turnover of RON5.76 million and a gross margin of RON3.17 million. In the first half of 2021, the company delivered 102 course sessions and 56 individual sessions, which were attended by 490 students.
Bittnet Systems shares traded up 0.26% at RON0.38 per share, on Friday (Aug 27), on the Bucharest Stock Exchange. The company’s market value currently reaches RON153 million.