Bittnet buys 25 per cent in Softbinator Technologies in 2 million Euro worth transaction

Bittnet (BNET), a group of companies delivering integrated IT solutions, announces the successful completion of negotiations for the shareholding of Softbinator Technologies SA, a product development company specializing in the design, development and launch of software products, by taking over a package of 25% of the share capital.

The value of the transaction amounts to approximately two million dollars that will be paid through a mix of cash and equity.

The evolution of the key financial indicators of Softbinator Technologies, which presents an annual doubling of revenues in the last 3 years, an evolution that will be maintained during 2020, was one of the main reasons why Bittnet decided to become a shareholder of the company. Also, through this decision, Bittnet aims to open a new area of ​​services – software development and approach the North American market with joint projects.

“In recent years, in numerous discussions with our shareholders, the question has arisen regarding an investment of the group in a company specialized in software development. We were delighted to find this opportunity with a partner with whom we share a business history and, in addition to financial reasoning, the reasons that determined and strengthened this collaboration are the common values ​​we believe in, based on which we formed and developed the companies “, said Mihai Logofătu, CEO of Bittnet Group.

Softbinator Technologies, a product development company in fields such as fintech, edtech, healthtech, e-commerce, IoT, RPA, artificial intelligence / robotics and blockchain, operates in the two centers in Bucharest and Constanța, which bring together over 80 software engineers . This year, the company estimates that it will reach a turnover of 3 million dollars.

The accelerated evolution of the last 3 years has attracted Andrei Pitiș, one of the most well-known IT entrepreneurs and investors in Romania. He joined the company 2 months ago as Chairman, becoming a shareholder of the company through Simple Capital.

“The partnership with Bittnet started from a commercial project and has developed over time to today’s formula, in which we can complete our services and launch new services together in order to develop a common customer portfolio. We have always followed the evolution of Bittnet with respect and admiration, for this reason we are proud of this new collaboration and we are convinced that it will bring results with a positive long-term impact for all parties involved, taking into account the vast accumulated expertise, “said Daniel Ilinca CEO & founder of Softbinator Technologies.

Softbinator Technologies’ development plans include identifying new growth opportunities, both through product development and through technological investments in innovative companies. The main target markets, where Softbinator Technologies aims to contribute to innovative products, are the USA, Israel and Japan.

The acquisition of the 25% stake in Softbinator Technologies SA will be subject to the approval of the Extraordinary General Meeting of Bittnet Shareholders, which will take place in November 2020.