Safetech Innovations, a Romanian cybersecurity company listed on the AeRO market of the Bucharest Stock Exchange, announces intention to raise 8 million lei from Bucharest Stock Exchange investors to finance its expansion on the British and American market.
The decision to carry out a share capital increase will be put to shareholders' vote at the General Meeting of Shareholders scheduled for July 19th, 2021.
"The health crisis has taught us that we can achieve everything we set out to do with a well-established plan and strategy. We have adopted and implemented all technical and organizational measures during this time so that 95% of cybersecurity services and solutions in the company's portfolio can be provided and implemented remotely. This means that we are fully capable of serving clients across Romania and anywhere in the world. Since our listing on the AeRO market, we have been approached by numerous international investment funds willing to finance our international expansion. We consider this a sign that there is a significant opportunity in the market, but we want to let the local investors reap the benefits coming from this development", said Victor Gansac, CEO of Safetech Innovations.
With the capital raised, Safetech plans to establish two subsidiaries – one in London, United Kingdom, and another in Reston, Virginia, USA. In both companies, at least 67% of the share capital will be owned by Safetech Innovations SA, and the rest of the share capital will be held by a limited liability company registered in the United Kingdom of Great Britain and Northern Ireland, Astaria Sec Ltd.
Astaria Sec Ltd is a local start-up owned by Anca Stancu, who will lead the operations of Safetech International abroad.
The company estimates that the turnover in 2021 will reach 20 million lei, with net profit reaching a historical high of 4.5 million lei in the context of the growing demand for cybersecurity solutions.
Safetech Innovations' services include data protection, identification of vulnerabilities and risks, implementation of cybersecurity solutions and measures, response to cybersecurity incidents through STI CERT - Safetech Cyber Security Incident Response Center, and creating an organizational culture oriented towards safety.
The company has a broad portfolio of clients, having worked with more than ten key institutions from the local financial banking sector, international players, as well as local companies from the energy, FMCG, telecom, IT&C, and transportation sectors.