May 26 (SeeNews) - Romanian software developer Softbinator Technologies [BSE:CODE] announced on Thursday it is taking over local product marketer Digital Tailors for an undisclosed sum.
By adding Digital Tailors’ services to its portfolio, Softbinator aims to increase the success rate of products launched, while also providing clients with integrated services for launching new products, it said in a press release.
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On its part, Digital Tailors targets revenues of over 1.1 million lei ($237,600/222,500 euro) in 2022, as part of Softbinator.
To carry out the transaction, Softbinator Technologies will use part of the capital raised from Bucharest bourse investors during the private placement for its shares, which took place in September 2021. This is the company's second transaction with funds raised from the capital market after taking over WiseUp at the end of 2021.
"Following today's transaction, we are adding a new category of services - product marketing, to our portfolio and therefore completing the cycle of services that a technology company needs to enter the market with a new product," Softbinator Technologies founder and CEO Daniel Ilinca said.
Founded in 2017, Digital Tailors is a Romanian product and content marketing agency. Its portfolio includes clients from Romania, Germany, Spain, Hungary, Bulgaria, as well as the USA. According to the press release, Digital Tailors’ turnover was 0.85 million lei in 2021.
Softbinator Technologies was established in 2017 and employs approximately 100 in Bucharest and Constanta. Its portfolio includes clients from the US, Israel, Singapore, Romanian, and the UK. The company posted 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%, according to data from the finance ministry.
Earlier this month, Softbinator announced it had opened an office in Silicon Valley, aiming to increase its U.S. client base.
Its shares traded down 0.29% at 68.4 lei/share at 09:55 CET on Thursday, on the Bucharest Stock Exchange.
(1 euro = 4.9417 Romanian lei)