The transaction marks the entry of GRX into a new phase of development, by diversifying its client portfolio, accessing Bittnet ‘s resources at group level and further strengthening its team and position in the market.
Founded in 2015 by Cristian Sandescu and Mihnea Calin, GRX (grx.ro) offers professional and customized services in the field of cyber security to large clients in Romania and EU. With more than 20 internationally recognized experts in the security market, GRX offers IT&C consultancy services to companies active in various sectors, such as banking, insurance, public sector, and also to startups, given their extensive expertise in the most innovative technologies and DevSecOps.
Bittnet Systems is part of Bittnet Group (investors.bittnet.ro), a group of companies that has been in the Romanian IT market for over 25 years, positioning as an IT training provider and an integrator of IT services and solutions, based on the technologies of market leaders such as Cisco, Microsoft, Amazon Web Services, Oracle, Dell, HP, Google etc. A primarily Romanian-owned company, Bittnet Systems is listed on the Bucharest Stock Exchange’s main market (symbol: “BNET”).
Stratulat Albulescu Attorneys at Law provided legal assistance to GRX and to its founders in negotiating and signing transactional documents regarding the sale of the majority stake to Bittnet. Following the completion of the transaction (which is subject to suspensive conditions, estimated to be fulfilled by the sellers in the next period), the founders of GRX will continue to own 26% of the company.
The Stratulat Albulescu team was coordinated by Partner Octav Stan (Corporate/M&A) with the support of Partner Ana Kusak (Competition, Regulatory) and Associate Amanda Csaki (Corporate/M&A).
Cristian Sandescu and Mihnea Calin, the founders of GRX, stated: “Many thanks to the SAA team for their support throughout this transaction and we are happy for having them with us. We are delighted with the high level of professionalism which they have demonstrated, as well as the availability and promptness of their assistance. Our collaboration offered us all the necessary support during the negotiations and signing.“
