Bucharest-listed cybersecurity firm Safetech to raise funds for UK expansion

Bucharest-listed cybersecurity firm Safetech to raise funds for UK expansion

/ David Mark via Pixabay

By bne IntelliNews May 27, 2021

Romanian cybersecurity company Safetech Innovations, which listed on the Bucharest Stock Exchange (BVB) at the beginning of the year, aims to increase its share capital and attract money from investors to expand in the UK.

The company announces that it has already had preliminary talks with a UK start-up that will hold a minority stake in the new company founded by Safetech Innovations.

Benefiting from the current global context — the transition towards the work from home model and the growing number of cybersecurity attacks — Safetech Innovations said it has decided to take the first steps towards the geographical expansion of its business.

The company intends to begin the process of raising capital after the completion of the distribution of dividends from net profits in 2020.

The company has a €35.1mn market capitalisation and the price of its shares soared to RON55 from RON24 when they were listed in February.

For 2021, Safetech Innovations estimates turnover from its main activity of €4.1mn, (up from €3mn in 2020) and a net profit of €0.92mn (up from €0.64mn).

In 2020, Safetech Innovations signed recurring contracts for periods of two to three years, with a total value of €3mn for 24/7 cybersecurity monitoring and response services and governance services for information security.

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