Bittnet Group takes over local IT&C company TopTech

  • March 23, 2022
  • Future Banking
  • 2 min read

Bittnet, a group of IT companies listed on the Main Market of the Bucharest Stock Exchange, finalized the negotiations for the complete takeover of TopTech, a local company specialized in equipment and IT&C solutions. The transaction is subject to approval by the Competition Council.

TopTech is a Romanian IT&C company founded in 1992 in Deva, being one of the largest IT&C solution companies in the center and western part of the country. TopTech currently uses advanced technologies and has solid partnerships with leading manufacturers such as Dell and HP. The company has over 80 employees and collaborators, being one of the most important companies operating in the offices in Deva, Sibiu, Timișoara, Cluj-Napoca, Alba-Iulia, and Mediaș. Thus, due to this transaction, the group is expanding its national geographical coverage.

The value of the announced transaction is estimated at 12.5 million lei and will be subject to the usual adjustments for this type of deal. This value will be partially paid in cash (7.5 million lei directly by Dendrio), while the remaining 5 million lei will represent BNET shares. Bittnet shareholders approved the investment in TopTech at the General Meeting of Shareholders on September 7th, 2021. The acquisition is part of the Bittnet Group’s expansion and consolidation plan through M&A transactions, with the goal of the group being the strengthening of its presence in both the classic IT&C integration and in cybersecurity.