Platforms and Software Development

This segment comprises the following companies:

  • Elian Solutions SRL (Tax registration number: 23037351 ), managed by Iulian Motoi, is a company founded in 2008 and 51% owned by Bittnet Systems SA. Gold partner certified by Microsoft for ERP solutions.
  • Nenos Software SRL (Tax registration number 29612482), managed by Toader Toporau, is a company 61% owned by Bittnet, being a custom software development company with focus in Artificial Intelligence and Machine Learning (AI/ML).
  • Nonlinear SRL (Tax registration number 37758005) is a SPV established to access European funding, 60% owned by Bittnet. The activity is a product based software development, focused on the development of a platform for digitization and automation of processes in small and medium companies using low code/no code and machine learning technologies.

In the case of Elian the year 2022 was (again!) an exceptional year, achieving an overrun of the budget set; in this respect the company recorded a 74% increase in turnover, with a significant increase in implementation services (implementation provided 40% of revenue, compared to 26% in 2021). The increase in the share of services is due to the expansion and consolidation of the delivery team, with a direct consequence of the increase in the capacity to deliver projects to customers but also the demand for upgrading to the latest system version released by Microsoft. More and more customers have decided to switch from various older versions of NAV to Dynamics 365 Business Central on the latest Microsoft technology. Both the general benefits of the latest versions released by the manufacturer, the legislative requirements (SAFT, e-Factura) and the limitations of older technologies have led to a sharp increase in interest to upgrade

  • Elian continued the recruitment process started in previous years, following the same recruitment principle (attracting senior resources, who have the ability to enter production in a shorter timeframe). If at the end of 2021 we had a team of 32 people, in 2022 the team reached 46 – an increase of more than 40% in delivery resources.
  • Another factor that contributed to increasing delivery capacity and achieving the above results is the operational performance objective (KPI) for consulting and programming teams that the Elian team implemented starting Q2 2022: self-planning – each team member does their task management together with the Team Manager and Project Manager. In this way there is clear traceability on delivery times, resource load and possible deviations from the delivery deadlines. The KPI is calculated based on the number of tasks per week.
  • The accelerated growth trend will continue in 2023- the company is still planning to expand the team, with the potential to double the team by the end of the year.
  • We have launched Software as a Service, a type of licensing that we expect to continue to grow aggressively in 2023. This translates into strengthening recurring income from monthly subscriptions.

Nenos continued to grow the business albeit at a relatively slow pace – a 10% increase in revenue and 17% increase in gross margin – due to the closure of previous projects. The company has managed this situation nimbly, reducing related operating costs (and team size) proportionately.

By 2023 we aim to:

  • Continue to expand sales activities within Nenos Software by adding a dedicated international expansion colleague to the Sales Development Specialist team
  • Carry out Rebranding process and marketing campaigns. At the end of 2022 the Nenos Software rebranding campaign was started. The industry in which Nenos Software operates, namely Artificial Intelligence,is constantly developing and moving, so together with the group’s marketing team we are reconsidering the company’s communication strategy.
  • We have a new generation of programmers. It’s time for the final exam for students in the first generation of Nenos Academy. We are proud of the participants who have made it this far, who have met the requirements and performed homework prepared by the mentors, for the two junior categories: FullStack Web Developers and Python Developers. We support students’ development at all stages and encourage them to accumulate information at the pace they feel comfortable with. We are also proud of those Nenos Academy students who have bonded with our team during this training journey, and then chose to become our colleagues. We hope that the current edition, which started in December, will give us the chance to discover talented, passionate young people eager to join us in the job market!
  2021 2022 2021 2022 2021 2022
Revenues from contracts with clients 6,856,103 11,938,112 2,716,680 2,908,045 891,241 1,068,642
Cost of sales -5,375,130 -7,783,472 -947,564 -1,527,558 -309,400 -762,502
Gross margin 1,480,974 4,154,640 1,769,116 1,380,488 581,841 306,140
Sales/distribution costs -236,915 -580,625 -10,649 -89,573 -55 0
Administrative expenses -1,097,241 -2,006,378 -1,012,934 -775,931 -229,560 -158,528
of which depreciation -83,273 -253,276 -48,669 -152,037 -7,299 -11,515
Operating profit (without one-offs) 153,588 1,619,017 751,722 523,813 370,982 168,776
Financial result -19,043 -67,604 -1,956 -32,731 -1,780 -6,000
Gross profit 134,544 1,551,413 749,766 491,082 369,203 162,777
Net profit 90,297 1,359,914 723,082 462,033 360,393 152,127