Bittnet announces that at the end of 2018 the business transfer of the IT&C integration activity of Crescendo International to Dendrio Solutions, a Bittnet company, has been formally completed. Along with the transfer of the IT&C equipment as well as all the other assets that are needed to carry out the ongoing work, the deal also involved the transfer of 41 employees from Crescendo International to Dendrio.
“Operating at a larger scale brings many advantages, one of the most important being offering opportunities to expand our teams’ professional competences. We are glad that today, Bittnet Group consists of over 100 professionals who have joined our entrepreneurial journey, enjoying the development opportunities in both areas of our activity – education and technology. In a situation where the competition for talent is as fierce as it is now in the IT field in Romania, we believe this will be one of the key differentiators for Bittnet Group in the coming years that will help us retain the best people,” said Mihai Logofatu, CEO at Bittnet.
As a result of the transaction, Dendrio benefits not only from the extended personnel, but also an enlarged portfolio of customers, products and services. The goal for 2019 is for the company to consolidate its position of a multi-cloud integrator both locally and regionally, by increasing presence in Romania as well as entering foreign markets and extending the delivery capacity to the CEE level. The management estimates that Dendrio Solutions will reach standalone revenues of RON 100 million by the end of 2019.
“We have undertaken a number of ambitious goals for 2019, including beginning the transfer to the Bucharest Stock Exchange’s Main Market and taking into consideration the closing of the business transfer of IT&C division of Crescendo, we are confident that we are off to a great start. With no doubt 2018 was the year of enlarging the Bittnet Group through a number of acquisitions. In 2019, we plan to focus on consolidating the company at the Group level, maximizing our revenues as well as redefining our status of a listed company,” said Logofatu.
“We appreciate this collaboration and we would like to thank Bittnet for smoothly executing this deal, through which we aim to support Dendrio in reaching the status of a regional leader on the IT&C integration market. At the same time, we will continue the development of Crescendo brand. The business division dedicated to specialized software activities, including the resource management of companies from several well-defined market sectors, with which Crescendo begun its operations in 1993, will be further developed through dedicated niche partnerships, in order to consistently provide our customers with the solutions that they need,” said Adrian Petrea, CEO and shareholder at Crescendo International.
Prior to finalizing the transaction, the deal has received an approval from the Competition Council as well as was voted favorably by Bittnet’s Extraordinary General Shareholders Meeting, which took place on December 17th, 2018. The transaction, totaling RON 10.9 million, was financed through corporate bonds issuance BNET23A, which was closed on December 27th, 2019. BNET23A bonds are expected to float on Bucharest Stock Exchange’s ATS-Bonds market in the first quarter of 2019.