Bittnet Group acquires 20% stake in Czech IT Training company DataScript
Bucharest, 28 June 2021 – Bittnet (BNET), a group of IT companies listed on the Main Market of the Bucharest Stock Exchange, announces the acquisition of a 20% stake in a Czech IT training company DataScript sro from Moore Academy CZ sro. This is the second cross-border transaction for Bittnet Group. In March 2021, announced the acquisition of a 35% stake in Servodata Group, an IT&C integrator with a presence in Czech and Slovakian markets.
“We are thrilled to announce our second cross-border M&A this year, and also a second transaction with our partners from Moore Czech Republic. The training division has always been of strategic importance to us considering that Bittnet started as an IT training company. We expect more and more companies to invest in the education as well as reconversion of their employees. According to experts, approximately 40% of existing jobs will disappear by 2030 due to digitalization, while the IT&C specialists deficit will continue to deepen in the EU in the coming years. This favorable context, paired with attractive profit margins that can be achieved in the IT training business, as well as our successful collaboration thus far with Moore Czech Republic were the determining factors behind this transaction. We are confident that this acquisition will bring many benefits to Bittnet Group and, most importantly, to our shareholders,” stated Mihai Logofatu, co-founder at Bittnet Group.
The value of the transaction is 275,000 euro. Moreover, Bittnet will invest additional 500.000 euro in debt financing over the next three years, based on specific development projects of DataScript. According to the investment agreement, starting with 2021, DataScript will distribute annual dividends in a maximum proportion of 50% of the profit. In 2020, DataScript achieved a turnover of approximately 1 million euro and an EBITDA of 180,000 euro.
DataScript has 13-years’ experience in the Czech market, and it is one of the most important IT training centers in the Czech Republic. The company operates both in the delivery segment to corporate clients and for individuals, covering courses in the DevOps, RedHat and the Amazon Web Services curriculum.
Following the completion of the transaction, Bittnet Training, which is the leader in the Romanian IT training market and currently has the largest team of IT trainers in Romania, will engage in know-how exchange with DataScript. The company’s services portfolio is complementary to that of Bittnet Trainingș thus, important synergies can be achieved at the cross-border level by the two companies. Complementary certifications of DataScript training center include, among others: Red Hat Alliance Training Partner, Symantec Authorized Education Delivery Partner and Veritas Authorized Training Partner.
DataScript is part of the consulting, audit and technology group Moore Czech Republic, owned by Petr Kymlička and Radovan Hauk. The group includes consulting and auditing, as well as accounting, tax, legal, training and educational, technological and ICT services. In 2020, Moore Czech Republic reported a consolidated turnover of approximately 20 million euro. Moore Czech Republic is part of Moore Global, one of the largest international audit and consulting firms. After finalizing the transaction with Bittnet Group, Moore will hold 80% of shares in DataScript sro through the entity Moore Academy CZ sro.
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About Bittnet Group
Bittnet 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 Training is the leader of the IT training market in Romania, with over 15 years of experience and the largest team of IT trainers in Romania. Equatorial is a game-based learning company specialized in providing transformative training and consulting programs at the individual, team and organizational levels in Romania and abroad. Dendrio is the only multi-cloud integrator in Romania, consolidating its position as a company certified by the most important IT providers globally, focusing on cloud security and cybersecurity. Elian Solutions specializes in providing Microsoft Dynamics NAV Enterprise Resource Planning (ERP) implementation services.
Bittnet Group is listed on the Main Market of the Bucharest Stock Exchange under the BNET symbol. As of March 22, 2021, BNET shares are included in two global indices: FTSE Global Micro-Cap and FTSE Total-Cap.