Bittnet Systems, an IT company listed on the Bucharest Stock Exchange, announced the sale of its 61.68% stake in software provider Elian Solutions to the Latvian company Digmatix AS. The total value of the transaction reached EUR 6 million.<\/p>\n
According to a report published on the BVB, Bittnet will receive EUR 3.3 million at the end of the transaction, while the remaining sum will be paid in March 2027.\u00a0<\/p>\n
Elian Solutions, along with subsidiary Elian Development System, was part of the group\u2019s digital platforms pillar.\u00a0<\/p>\n
The sale, part of a strategy to monetize portfolio assets, marked Bittnet\u2019s fourth exit within two years. By selling its holding in Elian, Bittnet achieved an IRR (internal rate of return) margin of over 40%. The funds obtained will be redirected toward share buybacks of BNET and\/or dividend distributions to the issuer\u2019s shareholders.<\/p>\n
The buyer is the Latvian company Digmatix AS, a provider of Microsoft business applications and advanced IT solutions serving clients in the Central and Eastern Europe (CEE) region, especially in the SME market segment.\u00a0<\/p>\n
\u201cOptimizor, Fort, Softbinator, and now Elian. Four companies that we built and grew within the group, and which we have now taken further, to partners who can accelerate their growth beyond what we could do alone. In the case of Elian, we are talking about an eight-year story: we grew the company more than six times \u2014 from under EUR 1 million in revenues in 2018 to over EUR 6 million in 2025 \u2014 and transformed it into a local market leader, among the top three Microsoft-recommended partners in Romania,\u201d said Mihai Logof\u0103tu, CEO of Bittnet Group, in a LinkedIn post.<\/p>\n
Elian Solutions ended 2025 with a turnover of RON 25 million (EUR 5 million), a profit of RON 2.76 million, and 52 employees. The other two partners in the sold company are Iulian Motoi and Mihaela Iv\u0103ncu\u021ba, who each hold 19.15%.<\/p>\n