The Bucharest Stock Exchange (BVB) announced on Wednesday that Connections Consult, a leader on the Romanian digital transformation market has started trading on the AeRO market of BVB under the ticker CC, according to a press release.
The Connections Consult listing comes after a private placement of shares held in July 2021 attracting funds worth RON 10mln from the capital market investors for the opening of a subsidiary in the United States.
The company issued 144,928 new shares with a nominal value of RON 0.10. The shares were sold in the private placement at a price of RON 69/share.
Connections Consult operates regionally, with offices in Romania, Bulgaria and Serbia
„The listing of Connections Consult strengthens the sector of the IT and software companies on the Bucharest Stock Exchange, being the fourth company in this field to come to the capital market this year. It is also the nineteenth company listed on the stock exchange in 2021,” said Radu Hanga, President of the Bucharest Stock Exchange.
„The funding we have attracted from investors is helping us to expand into foreign markets, primarily targeting the North American market, in product development, in the area of specialised robots and the use of technology to promote green energy, as well as in the acquisition of matching companies. We also aim to expand our team of specialists, including at management level, and we hope that the capital market mechanisms, such as the Stock Options Plan, will help us to bring some of the best professionals in the market, both in Romania and in other countries,” says Bogdan Florea, CEO and founder of Connections Consult.
A total of 184 investors subscribed to the placement, out of which 45 qualified investors (including professionals) and 139 retail investors. TradeVille assisted the private bond placement and listing.
Connections Consult recorded a turnover of RON 32.3mn in 2020, an increase of 10.6% compared to 2019 (29.2mln). The largest share of revenue is generated by business process outsourcing services (2020: RON 22.7mln), followed by other service categories as IT infrastructure, software development and Robot Process Automation.
The company’s net profit in 2020 amounted to RON 2.3mln, a 100% increase compared to 2019 (RON 1.15mln). By the end of this year, the company expects a turnover of RON 35.9mln and a net profit of RON 2.6mln.