To fund this transaction, Softbinator Technologies will use part of the capital raised from stock market investors during the private placement for its shares, which took place in September 2021.
“The acquisition of WiseUp fits perfectly in our race to develop products for the most innovative clients across the globe, and to give another face to the traditional outsourcing by refining our end-to-end services. Beyond the excellent skills of the future colleagues in the software development team, the impressive knowledge of the founders George, Radu, and Cristi in terms of practices and processes applied in product development will help us deliver more, faster, and at a higher quality. In the next period, CODE shares will start floating on the AeRO market of the Bucharest Stock Exchange. We are happy that through this acquisition, we are beginning Softbinator’s development thorough M&A transactions,” said Daniel Ilinca, founder and CEO of Softbinator Technologies.
WiseUp was founded in 2017 by George Dita, Radu Dita, and Cristi Spiru and it is focused on building and prototyping end-to-end digital products and services for innovative companies in the start-up and enterprise area. WiseUp has collaborated with companies such as Microsoft, Siemens, Deloitte, BRD, and Porsche throughout its existence.
“In general, companies that are still run by the founders share their DNA and are unique. That’s why I didn’t think I would meet another company to share the same values, have similar missions, and have good chemistry with the management team, as happened with Softbinator Technologies. We founded WiseUp in 2017 to form local teams and develop digital products for Western markets. It is a mission that has shaped beautifully, and 2021 was the year with the highest growth in the history of WiseUp. The forecasts are even better forecasts for 2022. As part of Softbinator Technologies, we will be able to do things even faster. Together with my partners, Radu and Cristi, we are excited to join Softbinator Technologies. We look forward to working with Daniel and his colleagues to take this mission further and much faster than we could have done independently,” said George Dita, cofounder, Product Manager & CEO of WiseUp.
Softbinator Technologies had a turnover of RON12.3 million and a net profit of RON2.6 million in 2020. For 2021, the company targets revenue of RON16.2 million and a profit of RON3.4 million.