BITTNET SYSTEMS S.A. (hereinafter referred to as the “Company/“Issuer”/”Group”) informs the investors about the full purchase of the company Dataware Consulting SRL. In this regard, the agreement was signed for Bittnet Group to take over the difference from the founders of Dataware – 30% . Following the changes at Trade Register, Dendrio Solutions (part of the Bittnet group) will hold 71.13% of Dataware and Bittnet Systems will hold the remaining 28.87% of the share capital and voting rights. The transaction price is EUR 3,000,000 and will be paid as follows:
- partly in cash by Bittnet Systems (amount in ron of 1,000,000 euro – 2 days after signing the closing. The closing is subject to approval from the Competition Council)
- partially in Dendrio shares that will be allocated to the Dataware founders, Catalin Georgescu and Constantin Savu. They will also occupy 2 seats in the future Board of Directors of Dendrio Solutions and consisting of 5 members. The co-founders of Dataware will remain in the management and development of the two IT integrators – Dendrio and Dataware – considering that the 2 companies have a similar business profile and complementary skills on various technologies. For the allocation of Dendrio shares in the account of this transaction, Dendrio will increase its share capital and within this operation the conversion of debt into Dendrio shares will be done. The convertible value of the debt of the 2 co-founders of Dataware will be in amount of 1,000,000 euro.
- partially in cash: 1,000,000 euro paid in RON at the exchange rate on the date of the bank transfer, which will be paid by Dendrio by the date: 31.05.2025.
Together, the 2 companies part of the Cloud& Infrastructure pillar of the Group – Dendrio and Dataware – will generate annual revenues of 300 million RON starting with FY 2024. The transaction of full takeover of Dataware by the Bittnet Group is subject to the approval of the Competition Council and the closing certificate will be signed after receiving the Council’s approval.