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Signing the investment agreement with TopTech

Release Date: 3/21/2022 6:09:41 PM

IRIS Code: 1EC7D


Current Report nr. 10 / 2022


Current report according to

Law 24/2017, FSA Reg 5/2018

Date of report


Name of the issuing entity


Legal Adress

Strada Soimus Nr. 23, Bloc 2, Apartament 24, Sector 4, Bucuresti


Strada Tudor Arghezi 8-10, Bucuresti 020945


021.527.16.00 / 021.527.16.98

Fiscal Code


Number with the Trade Registration


The market where the securities issued are traded:

Segment: BSE Main Market; Category: Standard


BNET - shares

BNET23, BNET23A, BNET23C – bonds

Subscribed and paid share capital

48,043,690.40 RON

Total number of shares

480.436.904 shares face value RON 0.10 per share



Signing the investment agreement with TopTech


BITTNET SYSTEMS S.A. (hereinafter referred to as “Company” / “Issuer”) informs investors about signing the sales and purchase agreement for full takeover of TOPTECH SRL, IT&C integrator with relevant business in Transylvania area. TopTech's operations will be integrated into Dendrio Solutions SRL, part of the Bittnet Group's Technology Division.

The transaction price is RON 12 million and will be partially paid in cash (RON 7 million), and the rest to be settled in BNET shares. The actual number of shares to be issued will be determined in accordance with the provisions of art. 210 (2) of Law 31/1990 and art. 87-88 of Law 24/2017 on issuers of financial instruments and market operations and art. 174 of the FSA Regulation no. 5/2018.

TopTech is a Romanian IT&C company founded in 1992 in Deva. Today, TopTech uses technologies with leading technology manufacturers, such as Dell and HP. The company has over 80 employees, being one of the most important IT&C integrators in the central and western part of Romania. TopTech has offices in Deva, Sibiu, Timisoara, Cluj-Napoca, Alba-Iulia and Medias. Following this transaction, Dendrio expands its geographical coverage nationwide, at present the company is mainly present in Bucharest and southern Romania.

In 2021, TopTech achieved a turnover of RON 55 million, estimate EBITDA RON 2.4 million, and a net profit of RON 1.6 million. Bittnet Systems shareholders approved the acquisition of TopTech at EGMS in September 2021. The transaction will be subject of approval from the Competition Council.



President of the Board

Mihai Alexandru Constantin Logofatu



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