Carpathia Capital’s portfolio company as the first in history will to change the quotation market on the Romanian market stock exchange

Bittnet, a portfolio company of Carpathia Capital, will go down in the history of the Romanian capital market. It will be the first to switch from the alternative AeRO market to the main market of the Bucharest Stock Exchange BVB. INC was responsible for introducing Bittnet shares on the AeRO market in 2015. Since then, the Company has increased its capitalization by 20 times from RON 7.9 million to approximately RON 158 million and significantly improved its financial results.

Bittnet is a Romanian company that initially focused on providing e-learning solutions and IT training. Currently, it is already an extensive capital group. As a result, Bittnet has gained a leading position in the e-learning segment, while diversifying its operations. Since the beginning of cooperation with the INC Group, the Company has started to develop dynamically. Over the past 5 years, it increased revenues from RON 8.2 million (approx. PLN 7.5 million) to RON 99.8 million (approx. PLN 91.3 million), and operating profit from RON 582 thousand (approx. PLN 533 thousand) to RON 4.6 million (approx. PLN 4.2 million).

Bittnet is also a successful investment of the INC Group. The Company’s IPO on the AeRO market in 2015 was fully covered by a fund from the INC Group – Carpathia Capital. In addition, INC as part of the remuneration acquired a stake of several percent at nominal price. The total investments of the INC Group in Bittnet amounted to approx. PLN 1 million, currently generating approx. 480% of profit.

– We can say that we co-created the Romanian AeRO stock market, which, like the Polish NewConnect, is dedicated to small and medium companies from the new economy sector. The first debut on the AeRO market was a fund from our group- Carpathia Capital. In 2015, we introduced Bittnet to trading on this market, and Carpathia Capital covered the entire issue of shares. We are very pleased with the investment. First of all, we achieved a very high rate of return, and in addition we gained recognition and a very good reputation on the Romanian market. – comments Paweł Śliwiński, president of INC.

Carpathia Capital has already invested in three entities in Romania. The investment in Bittnet gave the most spectacular results. The fund – despite the sale of shares for a total of PLN 4.2 million – still has a block of shares in this Company valued yesterday at around PLN 1 million.

INC Group, at the end of March, signed a letter of intent with Movie Games. The goal is a cooperation on the Romanian market. The plan is to support Romanian game producers by creating a gaming group that will consolidate the local market. The Group will offer financial and substantive support to independent studies in order to promote the Romanian market and select its leaders.