Bittnet Systems (BVB:BNET), a provider of IT&C solutions listed on the Bucharest Stock Exchange (BVB), informed investors in a note about signing the sale-purchase agreement for taking over 74% of the cyber security company Global Resolution Experts (GRX).

GRX joins Bittnet Group in the Technology division, in the cybersecurity business, together with the activity in this field of Dendrio Solutions and the company ISEC Associates (which joined Bittnet in September 2021), thus forming a strategic centre in the future business development of the group.

The transaction price will be established after auditing the financial results for 2021 and will be paid in two instalments. The first tranche, RON 5.15 mln (just over EUR 1 mln), will be unblocked and paid to the founding shareholders of GRX after fulfilling some suspensive conditions such as the transformation of GRX into a joint-stock company, the adoption of the new articles of association of the company, the appointment of new directors - estimated December 2021. 

In 2022, Bittnet Group will launch a new entity consisting of ISEC and GRX companies in the field of cyber security. It will continue to invest in the development of the service portfolio and expertise of this new company.

At the same time, the group aims to list the new entity on the AeRO market of the Bucharest Stock Exchange in the second half of the year.

GRX provides its clients with professional and personalized consulting services in the field of cyber security, design services for the IT architecture and infrastructure solutions for the integration of financial information systems in the Public Cloud, also the design for technical IT infrastructure solutions for the implementation of information systems in the public sector.

The company expects RON 8.1 mln 9EUR 1.6 mln) revenues and RON 2.77 mln (EUR 0.55 mln) in 2021. 

(Photo: Pixabay)

andrei@romania-insider.com