Life is Hard management has summoned the General Meeting of Shareholders to approve this project.
The terms of the transaction will be defined during the due diligence period by Innobyte shareholders and the Board of Directors of LIFE IS HARD, run by entrepreneur Catalin Chis, who owns 62% of the company’s shares.
Innobyte, a business founded 15 years ago by Catalin Somfalean, ended 2020 with a turnover of EUR1.8 million. Innobyte is run by Catalin Somfalean and Catalin Bordei, both shareholders and holding the position of Managing Partners.
Upon the completion of the transaction, the current shareholders of Innobyte will be holding shares in Life is Hard, and the management team will remain involved in the development of the ecommerce business, having an operational role.
Life is Hard ended the third quarter of 2020 with a net profit of RON255,788, down 60.25% versus the same period in 2019, due to a 23.8% increase in operating costs, corelated with the way of accounting revenue generated by two EU projects carried out by the company, against the backdrop of a RON4.1 million turnover, up 17.9% versus the third quarter of 2019, due mostly to higher revenue from the production sold.