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Bittnet Systems gets large contract with Defense Ministry


Bittnet Systems, one of the fastest-growing technology groups in Romania, whose shares are trading on the Bucharest Stock Exchange (BVB), announced that its subsidiary Dendrio Solutions signed a major contract with the Romanian Defense Ministry.


The framework contract is for a period of three years, during which Dendrio Solutions should supply IT&C equipment worth up to RON 22.7 mln (EUR 4.67 mln) to the Defense Ministry.


In the first nine months of 2020, Bittnet Systems recorded revenues of RON 76 mln (EUR 15.6 mln), 36% higher than in the same period of 2019.


The group, which currently has a market capitalization of RON 157 mln (EUR 32.3 mln), will soon launch a capital increase through which it aims to draw RON 10.7 mln (EUR 2.2 mln) from investors.


The subscription period starts on January 27 and ends on February 25. Investors will be able to subscribe one new share at a price of RON 0.59 (14% lower than the current market price of RON 0.688 per share) for every seven subscription rights they hold. The subscription rights are currently trading on the Bucharest Stock Exchange.