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Romanian IT co AROBS to list on Bucharest bourse's AeRO segment, expand to U.S.

Romanian IT co AROBS to list on Bucharest bourse's AeRO segment, expand to U.S. AROBS CEO and founder Voicu Oprean Source: AROBS

BUCHAREST (Romania), October 14 (SeeNews) - Romanian IT company AROBS Transilvania Software said on Thursday it plans to list on the AeRO market of the Bucharest Stock Exchange before the end of the year and to open a subsidiary in the U.S.

Before listing, AROBS will carry out a private placement to raise approximately 75 million lei ($17.5 million/ 15.1 million euro), increasing its share capital by 13.62%, it said in a press release. The placement of new ordinary shares will take place this month.

The capital raised through the private placement will be used to acquire other companies in the IT field - software services, fleet management solutions, as well as for business optimization - both nationally and internationally, through which the company will be able to accelerate its growth and strengthen its position in the markets in which it is present.

At the same time, AROBS is considering expanding geographically by strengthening its subsidiaries in Germany and the United Kingdom, opening a subsidiary in North America, and developing new expertise and specializations, the company said.

"Listing on the stock exchange and conducting corporate operations through the capital market and with the support of investors is a new vehicle for developing our business in the coming years," AROBS founder and CEO Voicu Oprean said.

Founded in 1998, AROBS Transilvania Software specializes in providing customized software solutions based on the latest technologies. It also has several software solutions that are already implemented on the Romanian market and in the Central and Eastern Europe.

For 2020, AROBS Transilvania Software reported, at the individual level, a turnover of 154.5 million lei, EBITDA of 46.6 million lei, and a net profit of 40.4 million lei.

For 2021, the company expects a consolidated turnover of 192.7 million lei and a consolidated EBITDA of 52.8 million lei.

(1 euro=4.9490 lei)