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August 8, 2022
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Dendrio Solutions signs a partnership with Agista and is preparing to become a public company

Bittnet (BNET), a group of IT companies listed on the Main Market of the Bucharest Stock Exchange, announces the signing of a transaction regarding the entry into the shareholding of Dendrio Solutions of Agista, an alternative investment fund under the authorization, part of Impetum Group. The transaction involves the sale by Bittnet Group of approximately 12% of the share capital and voting rights of Dendrio for a total amount of 7.5 million lei.

With the entry of Agista into the Dendrio shareholding, the company begins the journey to listing on the capital market. We are considering several options in this direction, including a private placement, or listing through an initial public offering at BVB. We are also considering the possibility of merging with a listed company on a regulated market or an alternative trading system in a European Union member state. Considering the value of the transaction, once it is completed, the initial market valuation of Dendrio Solutions will be 62.5 million lei. We are glad that in this accelerated development process of Dendrio, we will have a partner with a clear vision of the company’s growth potential. The main goal is to work together to turn Dendrio into one of the most significant multi-cloud integrators in Central and Eastern Europe,” stated Mihai Logofătu, CEO and co-founder of Bittnet Group (photo L).

Dendrio Solutions brings together IT&C integration activities from Bittnet, Gecad Net, and Crescendo International and is part of the Infrastructure and Cloud pillar of Bittnet Group’s Technology Division. The company is the only multi-cloud integrator in Romania, a partner certified at the highest level by major technology vendors, including Cisco, Microsoft, Google, and Amazon Web Service. Dendrio provides services related to implementing complex IT infrastructures, cybersecurity, managed services, business applications, and software and artificial intelligence applications.

Beyond the fact that it is a highly dynamic sector with huge development potential, the IT&C market in Romania ensures increasingly essential needs for many people. If 20 years ago IT&C services were a luxury, now they have become, in my opinion, one of those needs that are almost at the base of Maslow’s pyramid. Agista seeks to support through capital and know-how those companies whose products are or become essential for society. Thus, the partnership with Dendrio is valuable, allowing us to put into practice the mission of Agista to accelerate the company’s journey towards the capital market,” stated Nicolae Kovacs, CEO of Agista.

In 2021, Dendrio Solutions registered turnover of 87 million lei and an operating profit of 5.41 million lei. In the first quarter of 2022, the company recorded revenues of 28.5 million lei, an increase of approximately 60% compared to Q1 2021. The gross margin increased by 61% compared to the same period last year, amid the increased share of high value-added services in the division’s revenues. This led to a 133% increase in operating profit, to the value of 0.66 million lei.

In the first three months of the year, Bittnet Group finalized negotiations on investments in TopTech and 2Net Computer, two companies that will be operationally integrated into Dendrio Solutions, once the approval of the Competition Council is obtained. Thus, Dendrio becomes an integrator with a revenue generation capacity of over 200 million lei per year, which has demonstrated over time that it can sustain a growth rate of over 20% per year in the medium term.

Recently launched, Agista is the first investment fund under authorization in Romania, focused on the AeRO market of the Bucharest Stock Exchange. The fund finances and supports local SMEs in their accelerated development through the capital market. Agista targets investments such as PRE-IPO, private placements, companies in the IPO stage, or even the shares of companies already listed with high growth potential.

 

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