BVB-listed Bittnet Systems (BNET), a Romanian integrator of IT&C solutions and training services in the IT field, has completed the negotiations for purchasing a 23% stake in 'The E-Learning Company' (ELC) for RON 1.75 million (EUR 0.36 mln).

Bittnet will pay for the stake through a mix of cash and shares.

The first tranche of RON 850,000 will be partially paid in cash, respectively RON 450,000 and the rest by issuing BNET shares and allocating them to the founders of ELC.

The value of the second tranche will be calculated at the beginning of 2022 based on specific performance indicators. Bittnet will also have a seat on the Board of Directors of The E-Learning Company, to be occupied by Ivylon Management through Cristian Logofatu.

The E-Learning Company has a portfolio of solutions and products structured in several directions, covering personal and professional development, communication, sales and negotiation, marketing, human resources, project management, Microsoft Office, finance, and English.

(Photo courtesy of the company)

andrei@romania-insider.com