First investment of Carpathia Capital in Romania

According to the report, the Company acquired 450,439 of SC Bittnet Systems shares for cash with total nominal value RON 45.043,90 (the nominal value per share is RON 0.10) representing 10% of the share capital and total votes at the General Meeting of Shareholders, for a total amount of EUR 150,000 (approx. RON 665,000), which gives the price per share at EUR 0.33 (approx . RON 1.46).

Company SC Bittnet Systems SA operates in the IT sector in Romania since its foundation in 2007. The main activities include training and IT consultancy and systems integration. Bittnet is the market leader in IT training in Romania.

By the end of March 2015 SC Bittnet Systems SA intends to debut on AeRO market, which is organized by Bucharest Stock Exchange. On 9 March, 2015 Carpathia Capital announced the signing of the agreement for the purchase of shares of the Romanian company SC Bittnet Systems SA.

“Through the investment Carpathia Capital, increasing of courses portfolio and IT services we will be able to accelerate the development plans at the national level with the use of cloud computing solutions. At the same time we will reach our goal of increasing sales, technical team and marketing department”, said the president of Bittnet Systems, Mihai Logofatu.

Carpathia Capital investment fund intends to invest more than 7 million lei in the sector of small and medium-sized enterprises in Romania: “We believe that this cooperation is the cornerstone for both parties, not only because it is the first Carpathia Capital investment in Romania, but also because of the preparation of Bittnet to debut as the first company in the IT sector on AeRO market. We estimate that by the end of July 2015 our capital will increase to 10 million lei, and our objective is to invest in 10-15 Romanian companies from various sectors, which will be listed on the AeRO”, said Pawel Sliwinski, the president of Carpathia Capital in the interview for

(09/03/2015) Current report no 1/2015

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