December 14 (SeeNews) - Romanian IT group Bittnet Systems [BSE:BNET] said that it has signed an agreement to acquire a 74% stake in Global Resolution Experts (GRX), a local company specialized in providing information security advisory.
Following the transaction, the remaining shareholding interest in GRX will be owned by the company's founders, Bittnet said in a press release on Monday.
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"The investment of Bittnet group in GRX strengthens our recent years' efforts and allows us to begin a phase of accelerated expansion in the coming years at European level, making it possible to scale our skills to a growing number of potential customers, as well as raising the human and capital resources needed to sustain this growth," GRX co-founder Cristian Sandescu said.
The value of the transaction was not disclosed.
Bittnet Group plans to launch a new entity in the field of cybersecurity consisting of ISEC and GRX companies next year and will continue to invest in developing the service portfolio and expertise of this new entity. Bittnet Group acquired 69.99% of ISEC Associates in August.
The group also said it aims to list the new entity on the AeRO market of the Bucharest Stock Exchange in the second half of next year.
In this regard, in the first three months of 2022, Bittnet Group will set up a board of advisors for the new brand, which will support the management in achieving the business objectives for the 2022-2026 period.
"Through this transaction, a new division - cybersecurity is born within the Bittnet Group. The expertise within Dendrio, together with the investments in ISEC and GRX, forms the most extensive professional services team in the cybersecurity sector, with over 30 specialists having over 100 certifications in this field," said Mihai Logofatu, CEO of Bittnet Group.
GRX was founded in 2015 by Romanian entrepreneurs Cristian Sandescu and Mihnea Calin. The company's mission is to offer professional and personalized services in cybersecurity to large clients in Romania and the EU.
Bittnet was founded in 2007 in Bucharest, by the Logofatu brothers Mihai and Cristian as a training and IT solutions company in Romania and abroad. Today, Bittnet is a group of IT companies that include the following brands: Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, The eLearning Company, Softbinator, ISEC Associates, Computer Learning Center, IT Prepared and Nenos Software.
Bittnet's shares traded 1.74% higher at 0.3225 lei on the Bucharest Stock Exchange as at 0922 CET on Tuesday.
(1 euro=4.9491 lei)