December 12 (SeeNews) - The parent company of Romanian IT group Bittnet, Bittnet Systems [BSE: BNET], said that it has signed an agreement to acquire 70% of the share capital of local peer Dataware Consulting for 18.6 million lei ($4 million/3.8 million euro).
The transaction will be completed in the first half of 2023, Bittnet said in a filing with the Bucharest Stock Exchange (BVB) on Friday.
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Bittnet will pay for the acquisition 13.6 million lei in cash and 5 million lei in shares.
The stake acquired by the group will be divided between Bittnet Systems, which will get 18.87%, and its subsidiary company Dendrio Solutions with 51.13%.
Following the transaction, which is yet to be probed by Romania's anti-trust body, the Competition Council, the Bittnet Group will expands its range of IT products and services with new technological capabilities as well as its range of certifications.
Dataware Consulting is a Romanian IT&C company which provides services and solutions for international vendors such as s IBM, Fujitsu and Cisco. Last year, the company booked total revenues of 28 million lei and currently employs some 40 people. For 2022, Dataware estimates a turnover of 49 million lei and an EBITDA of 5.2 million lei.
Bittnet Systems, the parent company of the group comprising 14 companies, was established in 2007. The group is focused on providing IT training and integration solutions, based on technologies such as Cisco, Microsoft, Dell, Oracle, HP, VMware, Google or Amazon Web Services.
Bittnet Systems shares traded flat at 0.2890 lei by 0912 CET on Monday on the main market of the BVB.
(1 euro=4.9211 lei)