Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the AeRO market of the Bucharest Stock Exchange (BVB), announced it completed a capital increase operation by raising RON 10.6 mln (EUR 2 mln) from investors.

Out of the money raised during the share capital increase, RON 5.7 mln will be used to expand the company’s business by setting up two new subsidiaries in the UK - London and the US - Reston, Virginia, to promote and sell Safetech Innovations solutions and services in the two countries.

The rest will be used as working capital for future company projects in developing new cybersecurity solutions.

For 2022, Safetech Innovations targets total revenues of approximately RON 44 mln and a profit of RON 10 mln, according to the estimated budget published at the end of 2021.

The estimate does not include the revenues generated by the subsidiaries that the company will open this year.

Starting January 29, 2021, Safetech Innovations shares are floating on the AeRO market. The company has a market capitalization of over RON 180 mln, and starting October 11, 2021, SAFE shares are included in the BET-AeRO index developed by the Bucharest Stock Exchange for the AeRO market. Within this index, Safetech Innovations holds the third largest share.

(Photo: Victor Gânsac, CEO Safetech Innovations - courtesy of the company)

andrei@romania-insider.com