Balkan Events

Romania's Bittnet Group raises €2m from BVB investors in corporate

11 january 2023

Bittnet (BNET), a group of IT companies listed on the Main Market of the Bucharest Stock Exchange, Romania, announced the successful completion of a private placement of corporate bonds. This is what BalkanEngineer.com learned from Romaniajournal.ro.

The private placement took place between December 21 and 27, 2022, and within it, 53 investors subscribed to 20,596 bonds denominated in euros. The funding raised is 1,961,144€.

The capital will most likely be used to finance the acquisition of a 70% stake in Dataware Consulting SRL, an IT&C integrator of products and services, which will join the Cloud & Infrastructure business group within Bittnet's technology division. If finalized, Bittnet Group's consolidated results, including the performance of Dataware, will result in annual revenues in excess of €60 million.

"We are excited that despite all the challenges the local capital market has endured this year, the stock market is working and solid companies with a proven track record are able to raise capital." In our case, the success of this offer, in our view, is due to the fact that every year since 2015, Bittnet's financial performance has been supported by strong cash flow.

This gives investors a sense of security when they choose to invest in Bittnet," said Christian Logofatou, co-founder of Bittnet Group.

Photo source: freepik.com

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