Bucharest 1 October 2021 – Dendrio Solutions, an IT&C integrator, part of Bittnet Group, announces the sale of the Autodesk business division to Graphein, a Romanian entrepreneurial company specialized in engineering topography projects, for 2.2 million lei. The agreement provides for the transfer to Graphein of all the activity related to the relationship with American technology seller Autodesk, ongoing contracts with clients, relevant certifications, including the Autodesk Gold Partner status, as well as the know-how.
“We are thrilled about the closing transaction with Graphein, and we thank Eugen Ursu and Andrei Sueran for their trust. We are confident that Dendrio’s Autodesk clients will be in the best possible hands. Since the acquisition of Gecad in 2017, which served as a basis for where Dendrio is today, we have had a clear vision for our IT&C division. Our focus has always been to develop the cloud and security business, which we considered core activity, while the Autodesk division has always been secondary because we never had an engineering and construction specialization. We are thus glad that Graphein will take over the Autodesk activity, offering our clients many more complementary solutions that will benefit their business in the long-term. On the other hand, for our shareholders, this transaction marks a significant return on investment considering that back in 2017, Bittnet paid 2.2 million lei for Gecad; four years later, we sell a none-core division for the same amount,” said Cristian Herghelegiu, CEO of Dendrio.
The value of the contract between Graphein and Dendrio is 2.2 million lei, an amount which will be paid to Dendrio in cash in four installments between 2021 and September 2023. The capital from the transaction will be reinvested to develop the strategic business lines of Dendrio – cloud and security, as well as potentially fuel the future M&A transaction in these areas.
Graphein, a topography and 3D scanning business for building and public infrastructure projects, is developing through investments and acquisitions as a growth strategy in construction to become the strongest integrator of services and products for the digitalization of built space in Romania.
“The main objective of the expansion through mergers and acquisitions is to become an integrator of services and products that will facilitate the digitalization of constructions in Romania. Next, we aim to acquire Proptech companies that can innovate how people rent, buy, sell, or manage a property. We will also develop our franchise network and intend to attract funding for national development, internationalization, and to strengthen our team,” said Eugen Ursu, CEO and co-founder of Graphein.
Graphein is a Romanian entrepreneurial company launched in 2014 by two Romanian entrepreneurs, Eugen Ursu and Andrei Sueran. The company specializes in engineering topography projects, topographic assistance for infrastructure, cadastre and tabulation, 3D scanning, BOMA measurements and tracking the behavior of buildings over time.
Autodesk, Inc. is an American multinational software corporation that makes software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries. The principal product of Autodesk used in Romania is AutoCAD, a commercial computer-aided design and drafting software application. Dendrio has been Autodesk’s authorized partner in Romania, holding a Gold Partner status. In 2020, the turnover generated by the Autodesk division amounted to approximately 4 million lei, out of 87 million lei revenues that Dendrio generated at the individual level.
About Bittnet Group
Bittnet was founded in 2007 in Bucharest, by brothers Mihai and Cristian Logofatu, as a training and IT solutions company in Romania and abroad. Today, Bittnet is a group of IT companies that include the following brands: Bittnet Training, Dendrio, ELIAN Solutions, Equatorial Gaming, The eLearning Company, Softbinator, ISEC Associates, Computer Learning Center, IT Prepared and Nenos Software. The Bittnet Group is listed on the Main Market of the Bucharest Stock Exchange under the symbol BNET. As of March 22, 2021, BNET shares are included in two global indices: FTSE Global Micro-Cap and FTSE Total-Cap.
Dendrio is the reunion of three well-known companies on the Romanian market: Bittnet, Gecad Net and Crescendo. Dendrio inherited the values, skills, portfolios and teams of some of the best-known integrators on the Romanian IT market and further developed the integration business from the position of Secured Hybrid Multi-Cloud Integrator. Dendrio is part of the Bittnet Group, a group of companies listed on the Bucharest Stock Exchange since 2015, under BNET ticker.