Romanian cybersecurity company Safetech Innovations, listed on the Bucharest Stock Exchange (BVB) at the beginning of the year, aims to increase its share capital and attract money from investors to expand in the UK, Economica.net reported.

The company announces that it has already had preliminary talks with a UK start-up that will hold a minority stake in the new company founded by Safetech Innovations.

Benefiting from the current global context, namely the transition towards the Work From Home model, associated with the growing number of cybersecurity attacks, Safetech Innovations explains that it has decided to take the first steps for the geographical expansion of its business.

The company intends to begin the process of raising capital after the completion of the distribution of dividends from net profits in 2020.

The company has a EUR 35.1 mln market capitalization, and the price of its shares soared to RON 55 from RON 24 when they were listed in February.

For 2021, Safetech Innovations estimates a turnover from the main activity of RON 20 million (EUR 4.1 mln, up from EUR 3 mln in 2020) and a net profit of RON 4.5 million (EUR 0.92 mln, up from EUR 0.64 mln).

In 2020, Safetech Innovations signed recurring contracts for periods of 2 to 3 years, with a total value of 3 million euros for 24/7 cybersecurity monitoring and response services and governance services for information security.

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andrei@romania-insider.com