Arctic Stream takes over 23% of the share capital of Data Core Systems

0

Get real time updates directly on you device, subscribe now.

Arctic Stream, an IT security and infrastructure integrator, announces that it has received the approval of the Competition Council to take over a part of Data Core Systems (DCS), a provider of cyber security services in Romania.

“ARCTIC STREAM S.A. (AST / Company) informs investors regarding the receipt of a decision from the Competition Council regarding the economic concentration operation in view of the purchase transaction of 23% of the share capital of DATA CORE SYSTEMS. In this sense, the Competition Council informed the Issuer that no inadvertences were found at the level of the competition legislation and there are no serious doubts regarding the compatibility with a normal competitive environment”, states the information sent to the Bucharest Stock Exchange.
The Competition Council announced at the end of August that it is analyzing the transaction by which Arctic Stream SA wants to take over a share of Data Core Systems (DCS), a provider of cyber security services in Romania.
In April, Arctic Stream announced that it had signed a memorandum of understanding on the transfer of 23% of the share capital of Data Core Systems. In August, the target market value of the company Data Core Systems SRL was 43 million lei (about 8.65 million euros).
“The structure of the transaction will be made up of a cash component, i.e. from the reserves made up of Arctic Stream’s profit in previous years (according to the strategy approved by the shareholders), from AST shares and bonus payments for meeting some objectives agreed by the parties. Data Core Systems, founded in 2012, is a company on the rise, operationally and financially, in a continuously developing cybersecurity services market, both in Romania and globally. The company recorded revenues of 30.09 million lei (6.05 million euros) last year, up by over 66% compared to 2020. For 2024, Data Core Systems anticipates revenues of 52.6 million lei (10 .5 million euros) and an operating profit of 4.4 million lei”, according to the press release.
DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.
So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRL
UniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002

Leave A Reply

Your email address will not be published.