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Romania's Bittnet completes integration of Crescendo International

Romania's Bittnet completes integration of Crescendo International Romania

BUCHAREST (Romania), January 4 (SeeNews) - Romanian IT group Bittnet Systems [BSE:BNET] said on Friday it has completed the takeover and integration of local peer Crescendo International.

The acquisition and subsequent merger was made through Dendrio, a company within the Bittnet Group, Bittnet said in a press release.

The deal worth 10.9 million lei ($2.7 million/2.3 million euro) was announced in October.

In December, Bittnet raised 9.7 million lei through a successful private placement of corporate bonds on the main market of the Bucharest Stock Exchange (BVB)  in order to finance the integration of Crescendo International.

The bonds [BSE:BNET23A] have maturity of five years and bear a fixed interest rate of 9% per year, payable semi-annually.

In August, Bittnet signed a contract to buy a 25% stake in game-based learning local firm Equatorial Gaming, using the proceeds of a private placement of corporate bonds. The placement was successfully closed at the beginning of July, raising 4.7 million lei.

In July, Bittnet signed an agreement for the acqusition of a controlling stake in IT company Elian Solutions. In the third quarter of 2017, Bittnet acquired GECAD NET, an IT services integrator, which is now present on the Romanian market under the dendrio brand.

Bittnet was founded in 2007 by Mihai and Cristian Logofatu. The company focuses on IT training and delivering end-to-end IT infrastructure services and solutions from companies like Cisco, Microsoft, Dell, VMware and HP, among others.

It was the first Romanian IT company to be listed on the Alternative Trading System (AeRO) of the Bucharest Stock Exchange (BVB), in April 2015.

Shares of Bittnet traded 0.88% lower at 1.12 lei as at 0930 CET on Friday on the BVB.

(1 euro=4.6656 lei)