“We are happy to announce the signing of the deal with TopTech, one of the three companies we said we were in advanced talks at the time of the publication of the preliminary 2021 report,” says Bitnet Group CEO Mihai Logofatu.
TopTech is a Romanian IT&C company founded in Deva in 1992. Today, TopTech uses technologies with leading technology manufacturers, such as Dell and HP. The company has over 80 employees, being one of the most important IT&C integrators in the central and western part of Romania. TopTech has offices in Deva, Sibiu, Timisoara, Cluj-Napoca, Alba-Iulia and Medias.
The transaction price is RON12 million and will be partially paid in cash (RON7 million), and the rest to be settled in Bittnet shares.
In 2021, TopTech achieved revenue of RON55 million, estimated EBITDA of RON2.4 million, and a net profit of RON1.6 million.
Bittnet Systems shareholders approved the acquisition of TopTech at Extraordinary General Meeting of Shareholders in September 2021. The transaction will be subject of approval from the Competition Council.
(English version by Loredana Fratila-Cristescu)