PitechPlus finalizes the first acquisition in Romania and analyses opportunities to further expand locally and internationally
PitechPlus, the 3rd software company with Romanian capital from Cluj-Napoca, has completed the acquisition of MindMagnet, one of Magento solutions’ leading providers in Romania, by acquiring the remaining stake of 49% in September. The first part of the acquisition took place in December 2016, when PitechPlus entered MindMagnet’s shareholding with a 51% majority stake.
By including MindMagnet in the portfolio, PitechPlus adds a new consulting and project management function with the complementary expertise of the Magento eCommerce platform. Consequently, this has increased the complexity of delivered software projects and digital transformation solutions.
“The acquisition of MindMagnet is the first of its kind for us in a positive context for acquisitions and mergers on the IT market, amid the mergers trend to create bigger players with increasingly complex solutions portfolios,” says Bogdan Herea, CEO and founder of PitechPlus.
For the next period, strengthening and increasing teams in Romania and analyzing opportunities for expansion at a local and international level through strategic partnerships is an important consideration.
“Our focus is on increasing PitechPlus business by attracting new customers and offering a broader range of services to existing ones. This means we are looking to grow the teams bit in Targu-Mureş and Cluj-Napoca,” says Bodgan Herea.
PitechPlus’s turnover increased by 20% vs previous year, maintaining the positive trend from past years, expecting annual sales of EUR 9.5 million this year. In 2017, PitechPlus sales saw 18% increase.
Currently, the company has a team of 270 people, 20 of whom were co-opted for the acquisition of MindMagnet. PitechPlus will continue to retain the MindMagnet brand, which will provide Magento solutions, the most popular ecommerce platform worldwide. For next year, the company estimates an increase in activity by about 20%.