“Following the transaction, the Company will expand its portfolio with new clients, predominantly from the United States (New York and Washington DC) and will integrate in its team 40 new employees and collaborators, who will be coordinated, including after the completion of the transaction, by Daniel Markovits, the current CEO of E-spres-oh,” the company said in a stock market report.
The signing of the sale-purchase agreement represents the completion of the transaction, the Company already initiating the necessary steps in order to register the corporate changes at the Trade Register.
The price of transaction is $600,000 paid in cash, plus company shares representing the equivalent of the profit recorded in 2022 multiplied by 2.2. The price will be paid in two tranches throughout the years 2023 and 2024. E-spres-oh specializes in software development, consulting, testing and UI/UX.
Towards the end of May 2022, Softbinator Technologies leased a permanent space in Silicon Valley that will operate as a working point in the United States of America. In the coming period, the company will be focusing on establishing a limited liability company in the US.
Softbinator shares are listed on the AeRO segment of the Bucharest Stock Exchange under the stick ticker CODE and have lost 15.4% so far in 2022, amid deals worth RON5.8 million, as per stock market data.
The Group has a market value of RON71.5 million and is 45.1% held by the co-founder and CEO Daniel Ilinca. Natural persons own 22.8%, legal entities hold 17.1% and Bittnet Systems owns 15% of the company’s shares.