75% of BIT Software, one of the most dynamic business software providers in Romania, was acquired by Entersoft.
Following this acquisition, the Entersoft Group substantially doubles its target market. Together with its own subsidiary in the country, the Entersoft Group will now be one of the leading business software suppliers in Romania with the most complete product portfolio, according to the listed company.
The group covers solutions for the entire corporate ecosystem with cloud ERP, CRM, Retail, WMS, eInvoicing, Mobile Field Sales and Service, as well as BI and vertical solutions for almost all vertical markets. It will now have more than 350 facilities in demanding Romanian and multinational companies, most of which are medium and large, including JTI Romania, Imperial Tobacco, Unilever Betty ICE, RCS & RDS – one of the largest providers Auchan Retail Group – one of the largest retail chains in Europe, Oil Terminal Constanta, as well as 10 of the largest wineries in Romania.
BIT Software revenue for 2021 was approximately € 3.2 million with € 0.3 million EBITDA. The company has zero debt. At the time of the deal, BIT Software had 71 employees based in Brasov and with a branch in Bucharest. Under the agreement, Entersoft will initially acquire 75% of the company for 3 million euros. Following the acquisition, Entersoft will merge its existing Romanian subsidiary with the newly acquired BIT Software in order to consolidate its market presence. The new company will operate in Romania under the name BITSoftware. Finally, after a period of about 3 years, Entersoft will acquire the minority shareholder of the consolidated entity and become its sole owner. The acquisition will be financed from the company’s available cash.
This agreement confirms the already announced plans of Entersoft to strengthen its position and dynamic expansion in the Romanian market. At the same time, it is becoming a major software vendor for the expected EU-funded Recovery Fund projects in Romania, which include significant funding for the digitization of local businesses.
Source: Capital
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