Technology Division 

In the course of Q3, the Technology Division is part of a well-known seasonality, with a slower evolution of the delivered volumes, as a result of the summer period. As a specific of 2020, we notice an overlap of holidays with the relaxation period following the restrictions imposed by the health crisis. As a result, we observed a slightly longer period of reduction of activity in the business environment. However, both Dendrio and Elian continued to sign new contracts and attracted new customers throughout this quarter, allowing us to maintain sustained growth on all financial indicators for the first 9 months of the year. 


In Q3 we continued to develop the strategic directions in which we have been involved since 2019 and even in previous years: 

  1. Development of integration projects with added value for our clients 
  • Several data infrastructure projects with national coverage were continued and extended, the Dendrio teams ensuring the quality level of delivery even in the context of a prolonged health crisis; 
  • The number and size of projects delivered in the Banking Financial segment has increased – including the development of Data Center infrastructures or the delivery of specialized services in the field of digital transformation – projects included in the Business Continuity and Modern Workplace initiatives; 
  • Based on the partnership with players from the telecommunications services market, we managed to deliver an extensive number of integration projects in this segment. Also, although they were not completed in Q3, the foundations were laid for technological projects that will generate a long-term impact. 
  1. Constant increase in the volume of services delivered 
  • One of the main objectives of the Dendrio team was the constant increase of the services attached to the integration projects – leading to a consistent increase (over 78%) of the services delivered at the level of the technology division; 
  • We continued the delivery of technical support projects at national and even regional level (currently having services delivered in 7 countries in the European area and negotiations carried out in the CIS area); 
  • This increase in the volume of services delivered was achieved in the conditions of significant increase in the degree of load at the level of the technical team. We will continue a moderate policy regarding increasing the size of technical teams (we prefer to increase efficiency and reward increased performance – including through bonus programs such as Employee Stock Option Plan). However, keeping this indicator high encourages us to accelerate the process of attracting and forming new human capital within Dendrio – thus preparing us for a period of stabilization/growth in the local economy in 2021. 
  1. Scalability and performance = cloud 
  • The business in the area of cloud solutions is by definition a business that produces incremental, long-term growth – which can be seen in the results recorded by Dendrio at the level of the first 9 months of 2020; 
  • We expect this trend to continue and even accelerate in the next period, especially since we believe that Romania is only at the beginning of the adoption cycle (at scale) of the “as a Service” model. 
  1. Development of the Small and Medium companies’ segment 
  • We launched, together with the Education Division of the group, a digitalization program addressed to small and medium companies; 
  • This segment – extremely exposed to current economic conditions – will attract significant financial resources through European funding programs, and a scalable approach, based on digital tools and processes can lead to the development of an extremely important growth engine for Bittnet Group in the coming years. 


T3 for Elian Solutions meant the development of teams by departments in the following directions: 

  1. Programming / Development: the team has grown with two new senior resources. 
  1. Consulting: the team has grown with two new resources: one senior and one junior. 
  1. Sales: the team has expanded with a new resource. 

From the project point of view, the third quarter marked the completion of a new retail implementation, being the Chopstix project that started in the spring of the previous year. The project covered the entire Chopstix business, with implementation taking place in parallel in all departments. 

T3 also meant the signing of 3 new projects and implicitly bringing in the portfolio of three large clients: ELBI Electric & Lighting, Eurosport DHS and Ivatherm.