Bucharest-listed cybersecurity expert Safetech to finance expansion abroad with new shares
Romanian cybersecurity firm Safetech, listed on the Bucharest Stock Exchange (BVB), announced plans to issue new shares to finance its expansion abroad particularly on the key markets of the UK and US.
The company’s shares rose another 6% upon the announcement, trading at multiples that — just like other tech firms on the BVB’s AeRO secondary market do — defy the fundamentals: a price to book value ratio of 30 and a price-earnings ratio of 59.
Based on the company’s documents to be discussed and approved by the shareholders on July 19, Wall-Street.ro concluded that the company aims to raise RON8mn (€1.6mn).
With the attracted capital, Safetech intends to set up two subsidiaries — one in London and another in Reston, Virginia in the US.
In both companies, at least 67% of the share capital will be held by Safetech Innovations and the remaining share capital will be held by a limited liability company registered in the UK, Astaria Sec Ltd. Astaria Sec Ltd is a UK based start-up owned by Anca Stancu, which will lead Safetech International's operations abroad.
Lately, Russian businesses have been actively adopting solutions based on artificial intelligence (AI) and machine learning (ML), while the government is also incentivising the use of these technologies.
Engaged in sweeping transformations since the death of dictator Islam Karimov just seven years ago, Uzbekistan is seeing first results in the investment they’ve made to boost their IT sector.
The quality of the internet has been severely compromised by restrictions placed on the market.
Activists were openly critical of Serbia’s government, which NGOs say has a track record of deploying spyware and other digital surveillance tools.
Officials say that it will make government spending more transparent.
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