Romanian technology company Arctic Stream debuts on the AeRO market
Arctic Stream, a Romanian IT infrastructure and security integrator founded in 2017, was listed today, July 29, on Bucharest Stock Exchange’s AeRO market. The company’s shares are traded under the ticker AST. The company will continue to use capital market mechanisms for financing and development, such as providing free shares and implementing an employee loyalty program.
`We end July with 16 new companies on the stock exchange, 14 on the AeRO market and two on the Main Market. These are 16 companies with a cumulative capitalization of 909.8 million euros, so almost one billion euros. We are glad to have another IT company listed on the stock exchange. The Arctic Stream team shows a long-term vision because four years after the establishment they chose to take this step and come to the capital market with development plans. Welcome to the stock market`, stated Radu Hanga, Bucharest Stock Exchange President.
`The listing is an important step for us, and it helps us increase our notoriety in the labour market, to attract IT specialists. We already have a solid team, which we want to strengthen, to be able to capitalize on all the development opportunities available now. We want short-term organic growth, by attracting new customers from less accessible sectors. We also aim to develop business directions, namely cybersecurity and datacenter, where we already have existing capabilities, but at the same time, we also consider development through company acquisitions and mergers. I thank my colleagues for the excellent results that brought us here, but also the investors who chose to join us. We will not neglect the motivation of shareholders and we will do so through recurring capital increase operations with free shares. We want our shareholders to benefit from the company’s growth process right from this development period, when dividends will be distributed to a lesser extent`, said Dragos Octavian Diaconu, Arctic Stream founder and CEO.
The company’s listing comes after a private placement of shares carried out in June 2021 through which the majority shareholder sold 838,260 shares at a price of RON 25/share. 178 investors subscribed in the private placement, out of which 39 were qualified investors and 139 retail investors. The value of the anticipated capitalization is RON 104.7mn. The private placement and listing were carried out with TradeVille’s support.
Arctic Stream was established in 2017 and is an IT integrator with a focus on the technologies of the world-renowned manufacturer Cisco Systems and is in line with the latest trends in the global market (Software-Defined Infrastructure, DevOps). The company has a physical presence in Bucharest and, as well, it carries out IT infrastructure and security projects at the national level, both through its own team and through the development of local partnerships. The company has clients from both the public and private sectors, in areas such as retail, energy, utilities. The number of employees has grown steadily since its establishment until now. If in 2017 the company had one employee, at the end of 2020 it had 8 employees, at this moment it has 12 employees, and for the end of this year Arctic Stream takes into account a number of 16 employees.
Arctic Stream recorded in 2020 a turnover of almost RON 44mn, more than double the turnover from 2019 (RON 18mn). The company’s net profit in 2020 was RON 6.3mn, up from the previous year (RON 1.8mn). The company estimates for the current year a net profit of RON 4.2mn, and for 2022 a net profit of approx. RON 5mn.