Tech co 2Performant starts trading on Bucharest bourse alternative segment

"In order to take advantage of the opportunities that will come in the next years, the natural step for us at this moment is the listing on the Bucharest Stock Exchange. I am convinced that this is the healthiest financing route for technology companies and that the connection between the capital available on the Bucharest Stock Exchange and the potential of Romanian technology companies can bring important changes in our economy in the coming years," 2Performant co-founder and CEO Dorin Boerescu said, as quoted in a BVB press release.

The current shareholding structure of the company consists of 44 shareholders: CEO and major shareholder Dorin Boerescu with 38.7%, 2Performant founder Radu Spineanu with 10.1% and Sergiu Negut, member of 2Performant advisory board, with 7%. Over 65% of 2Performant shares are owned by management, founders and members of the 2Performant advisory board.

"2Performant comes to the stock exchange at a good time, with a validated business model and a proven ability to grow and scale. We have before us a window of opportunity in online and digital commerce, not only in Romania, but also in the region," 2Performant CFO Bogdan Aron said.

Over time, 2Performant has grown over 200 times in terms of turnover. Directly connected to the significant acceleration of online commerce during this period and to the development of digital marketing, the company has a high growth potential.

After a 20% annual increase in turnover in 2019, to 15.5 million lei ($3.9 million/ 3.2 million euro), the company reported a 37.5% increase in turnover in the first half of 2020, to 9.3 million lei.

2Performant has conducted multiple rounds of financing with business angels, cumulating approximately 500,000 euro ($605,975).

2Performant has become a joint stock company since 2015. So far, the company has made investments of over 1 million euro in its own technology developed and operated by the internal team of developers.

2Performant shares were trading at 29 lei on Wednesday at 1348CET on the BVB.

(1 euro=4.8680 lei)