To finance this transaction, Softbinator Technologies will use part of the capital raised from BVB investors during the private placement for its shares, which took place in September this year.
"The acquisition of WiseUp fits perfectly in our race to develop products for the most innovative clients across the globe, and to give another face to the traditional outsourcing by refining our end-to-end services. Beyond the excellent skills of the future colleagues in the software development team, the impressive knowledge of the founders George, Radu, and Cristi in terms of practices and processes applied in product development will help us deliver more, faster, and at a higher quality. In the next period, CODE shares will start floating on the AeRO market of the Bucharest Stock Exchange. We are happy that through this acquisition, we are beginning Softbinator’s development thorough M&A transactions," stated Daniel Ilinca, founder and CEO of Softbinator Technologies.
WiseUp was founded in 2017 by George Dita, Radu Dita, and Cristi Spiru and it is focused on building and prototyping end-to-end digital products and services for innovative companies in the start-up and enterprise area. WiseUp has collaborated with companies such as Microsoft, Siemens, Deloitte, BRD, and Porsche throughout its existence.
"In general, companies that are still run by the founders share their DNA and are unique. That's why I didn't think I would meet another company to share the same values, have similar missions, and have good chemistry with the management team, as happened with Softbinator Technologies. We founded WiseUp in 2017 to form local teams and develop digital products for Western markets. It is a mission that has shaped beautifully, and 2021 was the year with the highest growth in the history of WiseUp. The forecasts are even better forecasts for 2022. As part of Softbinator Technologies, we will be able to do things even faster. Together with my partners, Radu and Cristi, we are excited to join Softbinator Technologies. We look forward to working with Daniel and his colleagues to take this mission further and much faster than we could have done independently," stated George Dita, cofounder, Product Manager & CEO of WiseUp.
Following this transaction, Softbinator will take over WiseUP and expand its technical expertise and client portfolio. At the same time, the founders of WiseUp will join the management team of Softbinator Technologies.
Currently, Softbinator Technologies holds stakes in the recruitment company TechMind (25%), the Product Design agency Ixperi (75%), and in Yummdiet (9.5%), an intelligent platform for healthy nutrition and well-being recommendations.
Following the successful closing of the private placement organized in September, through which Softbinator Technologies raised 6 million lei from BVB investors, the company started its expansion operations in the US market. In October, Daniel Ilinca and Andrei Pitis, Chairman of the company's Board of Directors, were present in San Francisco, Palo Alto, and Mountain View. There they managed to lay the foundations for several partnerships for the company.
Following this visit, Softbinator Technologies will start working on opening an office in California by the end of the first quarter of 2022. Within this office, the company will employ local business development specialists and send some of the employees from Romania to ensure the most efficient know-how exchange and the most robust possible presence in terms of exploring this market.
At the same time, the company is considering entering the markets of Texas (Austin) and Tennessee (Nashville). Thus, in mid-November, Softbinator Technologies will participate in a series of meetings to establish partnerships in these states. For the company, Texas is unexplored territory, but with a high potential given that in recent years it has begun to be perceived as a new technology centre, being also called "Silicon Hills."
As for Tennessee, Softbinator Technologies is already working with various companies based in Nashville and is looking to strengthen those relationships and expand its client network in that state.