May 26 (SeeNews) - Greek software vendor Entersoft announced on Thursday it has purchased a 75% stake in Romanian business software vendor BIT Software for 3 million euro ($3.2 million).
This deal confirms Entersoft’s already announced plans to strengthen its market position and expand dynamically in the Romanian market, the company said in a press release.
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Apart from Greece, it also becomes a key software vendor for the anticipated EU-funded projects of the Resiliency and Recovery fund in Romania, which include significant funding for the digitization of local companies.
Following the acquisition, Entersoft’s Romanian subsidiary will merge with BIT Software and the newly formed entity will continue operating under the BIT Software brand.
Entersoft aims to buy out the minority shareholder of the new entity over approximately 3 years, becoming its sole owner.
Founded in Greece in 2002, Entersoft is a software vendor with subsidiaries throughout Southeastern Europe. The group’s products include solutions for cloud, Retail, eInvoicing, Mobile Field Sales, or Service software. Its portfolio of Romania clients includes Imperial Tobacco, RCS&RDS, and the Auchan Retail group.
According to the latest data held by the finance minister, Entersoft Romania recorded a net profit of 1 million lei ($216.300/202.300 euro) in 2021, as well as total turnover of 5 million lei. In 2020, the company recorded a net profit of 1.7 million lei, on a turnover of 5.4 million lei.
BIT Software was founded in 1994 as a developer of integrated management software systems. The company has over 300 clients, both Romanian and International. In 2021, it employed 71 across its offices in Bucharest and Brasov. In 2021, the company recorded a 0.3 million euro EBITDA, as well as 3.2 million euro in revenues.
(1 euro = 4.9423 Romanian lei)