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May 19, 2022 14:22 EEST
May 19 (SeeNews) - Romanian software developer Softbinator Technologies [BSE:CODE] said on Thursday it has leased a space for a permanent office in Silicon Valley.
The company expects for 70% of its new clients to be from the U.S. market by the end of 2022, it said in a press release.
In the short term, Softbinator will focus on registering as a limited liability company (LLC) in the U.S.
"The U.S. market is the main generator of clients for Softbinator. Opening an office there is a natural step for us, which will bring us several advantages and opportunities. On the one hand, we will be closer to our existing clients and will be able to strengthen our relationships with them. On the other hand, we will be able to attract new clients more efficiently and easily," Softbinator founder and CEO Daniel Ilinca said.
The company has already signed four new U.S. clients in 2022, from varying industries.
Softbinator Technologies also opened a business development department dedicated to acquiring clients from the blockchain industry, in an effort to generate 10% of its revenues from this field by the end of 2022.
In November, the company also announced it had started a takeover of local peer WiseUp, a transaction it funded through a private placement of shares carried out on the Bucharest Stock Exchange in September.
Softbinator went public on the AeRO market of the Bucharest Stock Exchange at the end of 2021. The company has a current market capitalization of over 70 million lei ($14.8 million/ 14.18 million euro).
Founded in 2017, Softbinator employs approximately 100 staff and collaborators, operating in the company’s headquarters in Bucharest and Constanta. Its portfolio includes clients from the US, Israel, Singapore, Romanian, and the UK.
Softbinator recorded a net profit of 2.6 million lei in 2021, up 3% on the year and a turnover of 15.1 million lei, up by an annual 22%.
Softbinator shares traded 0.29% down at 69 lei/share at 10:58 CET on Thursday, on the Bucharest Stock Exchange.
(1 euro = 4.9474 Romanian lei)
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