Bittnet founder
Founders of Bittnet Systems SA- Cristian (R) and Mihai Logofătu (L)

Romania’s Bittnet sells 11.9% of Dendrio Solutions

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Bucharest-listed Bittnet Systems, an IT&C solutions integrator and provider of training services in the IT sector, sold 11.9% of Dendrio Solutions to Agista Investments, part of Impetum Group for a total amount of 7.5 million lei. Dendrio Solutions represents the reunion of three companies well-known on the Romanian market: Bittnet, Gecad Net, and Crescendo. The company is the only multi-cloud integrator in Romania.

“With the entry of Agista into the Dendrio shareholding, the company begins the journey to listing on the capital market. We are considering several options in this direction, including a private placement, or listing through an initial public offering at BVB. We are also considering the possibility of merging with a listed company on a regulated market or an alternative trading system in a European Union member state. Considering the value of the transaction, once it is completed, the initial market valuation of Dendrio Solutions will be 62.5 million lei. We are glad that in this accelerated development process of Dendrio, we will have a partner with a clear vision of the company’s growth potential. The main goal is to work together to turn Dendrio into one of the most significant multi-cloud integrators in Central and Eastern Europe,” stated Mihai Logofatu, CEO and co-founder of Bittnet Group.

In March 2022, Impetum Group launched Agista, the first investment fund in Romania focused on the Bucharest Stock Exchange’s alternative trading system AeRO, helping local SMEs to get listed on the stock market, financing and accelerating their increase through the capital market. Agista sets out with a EUR 25 million capitalization, nearly half of the entire capital raised by the AeRO market companies in 2021, and is planning to invest in 20 local companies in the next two years, out of the 150 to be analysed.

Bittnet Systems SA was founded in 2007 in Bucharest, by brothers Mihai and Cristian Logofătu, as a company offering IT training and IT solutions in Romania and abroad. Today, Bittnet is a Group of companies in the IT field of which the following brands are part: Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, the eLearning Company and Softbinator. Bittnet was the first Romanian IT company to float its shares on the local bourse.