Business Forum • 11 October, 2024 at 11:53 AM
AGISTA announces its exit from Dendrio Solutions and the reinvestment of the profits obtained from this transaction in increasing its stake in Fort SA. The value of the exit from Dendrio Solutions (part of Bittnet Group), for a holding of 11.7%, is approximately €3.4 million. AGISTA's exit from Dendrio Solutions, an IT solutions and services integrator, was made with a return of 60% and an Internal Rate of Return (IRR) of 22%, achieved over two and a half years.
"Our initial strategy was to inject capital into Dendrio to support the company in consolidating its market position through M&A. This strategy has delivered results – and after two and a half years, the company has made significant progress in operational integration in the cloud and infrastructure segment. Therefore, the decision to exit came naturally in this process," stated Anca Manițiu, Executive Board Member of AGISTA.
Regarding the investment in the cybersecurity company Fort, following the acquisition transactions, AGISTA increased its holding from 4.4% to 38.5% and, together with Impetum Investments, became the majority shareholder with a total stake of 63.3%, acquiring the entire shareholding previously owned by Bittnet Group.
"The Fort transaction is part of AGISTA's new investment strategy, which seeks to diversify strategic industries, focusing on sectors with growth potential, such as cybersecurity. Thus, we are pivoting from a minority position to a majority one, from a generalist to a niched company, which is very much in line with current trends. Cybersecurity offers significant development opportunities, especially given the highly fragmented local cybersecurity market, with consolidation possibilities and solid profit margins, particularly in consulting services. We are expanding our stake in Fort SA, which aligns with our investment thesis, aiming to scale it and take it to the next level," added Anca Manițiu.
The two transactions are subject to approval by the Commission for the Examination of Foreign Direct Investments (CEISD).
AGISTA invests across various sectors but primarily focuses on industries such as IT&C, healthcare, cybersecurity, energy and other niche sectors. Since its launch, AGISTA has invested in Eplus Smart Energy, Dendrio Solutions, Fort, Top Tech, Bittnet Group and Centrokinetic.
The growth investment fund AGISTA, currently undergoing authorization by the Financial Supervisory Authority, is a brand launched by Impetum Group, supporting Romanian SMEs whose products and services are important for society through capital and know-how. With a minority shareholder approach, AGISTA invests tickets between €2-5 million and acts as an anchor investor with a strategic role, holding a seat on the boards of portfolio companies and contributing to their rapid and healthy development. Through partnerships with AGISTA, companies benefit from customized solutions, guidance, and networking, as well as having a growth partner by their side as they aim to transform into regional champions.