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Connections Consult starts trading on Bucharest bourse, to open US unit

Connections Consult starts trading on Bucharest bourse, to open US unit Connections Consult CEO and founder Bogdan Florea Source: BVB

BUCHAREST (Romania), September 22 (SeeNews) - Romanian digital business transformation services provider Connections Consult started trading on AeRO market, the alternative market of the Bucharest Stock Exchange, the bourse said on Wednesday.

The funds raised from the capital market will support the opening of a subsidiary in the U.S. and investments in its own products and in other sector players, the bourse said in a press release.

"The funding we have attracted from investors is helping us to expand into foreign markets, primarily targeting the North American market, in product development, in the area of specialised robots and the use of technology to promote green energy, as well as in the acquisition of matching companies," Connections Consult CEO and founder Bogdan Florea said.

The listing comes after a private placement in July, through which connections Consult raised 10 million lei ($2.4 million/ 2.02 million euro). The company sold 144,928 new shares, with a nominal value of 69 lei each.

Founded in 2005, Connections Consult is part of a group of technology companies specializing in digital business transformation that also includes Connections Technologies and Outsourcing Support Services.

The company operates two delivery points in Bucharest, one in Belgrade and one in Sofia and manages sales representatives in Germany, Saudi Arabia and Serbia. Connections Consult currently employs more than 300 people.

By the end of this year, the company expects a turnover of 35.9 million lei and a net profit of 2.6 million lei.

In 2020, the company booked 2.3 million lei net profit and a turnover of 32.3 million lei.

(1 euro=4.9495 lei)