2B Intelligent Soft (Bento, Intellectually Curious, BVB: BENTO), a Romanian entrepreneurial company, specialized in the development and implementation of software solutions and the provision of IT and Cloud infrastructure services, posts a turnover of 11.8 million lei in the first half of 2022, similar to the one recorded for the same period last year and a net profit of 2.5 million lei, a 27% increase.
“The first half of 2022 was an extremely dynamic period for our team, in which we faced interesting challenges both operationally and in terms of the company’s development plans. We are proud of the results achieved, especially the substantial appreciation of the profitability rate compared to the same period last year and the prospects we have for the future. Bento is going through a period of accelerated growth, partly fueled by winning a major project with European funding, which at the same time leads us to consolidate the non-operational areas of the team, such as the human resources and marketing departments. Also, obtaining and starting the project with European funding complement almost perfectly the development strategy around our software products, which we accelerated in the context of the financing obtained through the capital market. This project gives us the necessary incentive to use the capital raised in the private placement more diligently, for the benefit of all the company’s shareholders both in short and in the longer term,” stated Radu Scarlat, Chairman of the Bento Board of Directors.
Regarding the division of turnover by business lines, the “Software Development” (DEV) division contributed 44% to the turnover related to the first half of 2022. DEV includes software development and implementation – these activities having a contribution of 65% within this business line and services related to maintenance and evolution – activities in this category representing 35% of revenues. The second line of business, IT, Infrastructure and Cloud (IT), consists of services and implementation, equipment, and software resale. This business line contributed 56% to the revenues generated in the first half of 2022.
Of the total revenue generated in the first half of 2022, approximately 38% was recurring revenue, similar to the first half of 2021. The company notices a steady increase in the absolute value of recurring revenue, namely revenue associated with support services and updates for applications of existing clients. Recurring revenues have a substantial share in the results of both divisions, representing the stability factor for Bento’s activity and being an indicator of the maturity of the services delivered.
The company’s most significant event in 2022 is the signing of the contract related to the financing project won under the Competitiveness Operational Program (POC 2014-2020). Under the name “Platform for Modular Digital Transformation in the Enterprise Environment and the Public Sector,” the project has a value of approximately 25 million lei, of which about 15 million are non-refundable funds.
With the start of the targeted activities within this project, two complementary directions of the Bento strategy are consolidated around its software products under the same action plan. The functional development of its products, Bento Field Service Management (FSM) and Bento Mobile Device Management (MDM), an objective assumed towards the company’s investors and shareholders and supported by the financing obtained through private capital, is now integrated with a suite of developments in the platform and software infrastructure, whose goal is to modularize Bento applications within a single product family.
Upon completion of this project, Bento will have in its portfolio, in addition to software applications, its intellectual property, superiorly developed and present in the market, also a common software platform that will include many more Bento applications and will work in an integrated manner, being promoted as a product family. In its entirety, the platform developed with the support of European funds is intended to automate and optimize the processes within the organizations where one or more of its modules will be implemented.
“This year, we continue the execution of the other components of our development strategy, assumed at the stock exchange listing, with the most notable progress in sales, but also in the direction of strategic partnerships. We thus completed a process that lasted more than four months, following which the Commercial and Sales departments were reshaped, the foundations were laid for new processes for managing opportunities and partners, and new colleagues were selected to join Bento and work in these directions. The efforts in the Marketing area have also reached a higher level, supporting the growth of activity in product promotion, the need for sales support, and the integration of new activities related to the relationship with shareholders,” stated Vlad Bodea, co-founder of Bento.
Taking into account the evolution in the first half of 2022 and the prospects for the second part of the year, the management of the company maintains the revenues and expenditure budget, as approved by the shareholders during the Ordinary General Meeting of Shareholders in April 2022 – total revenues of 28,4 million lei and a net profit of 5 million lei. However, there is a possibility that the budget will be updated by the end of the year, as the company is currently analyzing the operational and financial impact determined by the European funding project.
Bento is listed on the AeRO market of the Bucharest Stock Exchange as of March 16, 2022, being one of the few technology companies in Romania that develop its software products. The products and solutions provided by Bento are used by local and international companies operating in diverse fields such as energy, FMCG, utilities, telecommunications, healthcare, agriculture, IT, media, the food industry, distribution, transport, and services.