Softbinator Technologies, a Romanian R&D and consultancy company providing solutions in fintech, edutech, healthtech, blockchain, and AI, has taken over WiseUp, a local software development company. This news follows Softbinator’s €1.2M private funding round from the Bucharest Stock Exchange (BVB) investors in September.
With the BVB investment, Softbinator’s 2022 goal is to open offices in the US and Israel, acquire more companies, launch and promote their first 100% product Softbinator Magic Stack. They are also developing two new services Smart Contracts Audits and DevOps Legacy App Migration.
Daniel Ilinca, founder and CEO of Softbinator Technologies, shared in the press release that he set his ambition to become a global key player in the software development market. To do this, the team will focus on M&A operations which they will pay with shares in Softbinator Technologies.
Their latest acquisition, WiseUp, is a Bucharest-based product building software company that delivers MVPs, as well as specialized teams for startups looking for developers. Softbinator will help WiseUp expand its expertise and portfolio, while WiseUp will join Softbinator’s management team.
Daniel Ilinca explained in the press release that the merger will redefine traditional outsourcing and the company’s end-to-end services. George Dita, co-founder and CEO of WiseUp added that this move will boost their mission faster than they could have done it on their own.
Softbinator reported sales of around €1.5M in the first half of 2021, a 43% growth compared to 2020, and net profits of over €250K, with over 18% more compared to the previous year. They aim to have a 70% annual growth in the next four years.
The Softbinator concept
Softbinator Technologies Mission is to write clean code for disruptive changes and help both developers and startups progress. It is a 2020 spin-off of Cornerstone Technologies International, a global professional services company with offices in Romania and the US.
Besides developing their software and hardware solutions, they are also investing in other companies and outsourcing. Their portfolio is vast and includes TechMind, an IT recruiting company founded by Andrei Pitis; yummdiet, a wellbeing platform developed by Cori Gramescu; and Ixperi, a product design agency co-founded by Radu Vucea.
The company is also interested in sponsoring academic research in blockchain, AI, and Machine Learning, onboarding the Mathematical College, part of Bucharest’s University, as their partner. Ilinca is also the co-founder of Logos Academy in Bucharest, a before and after school based on Classical Education, an American method.
Softbinator Technologies has 100 team members in the offices in Bucharest and Constanta, Romania, and serves clients in Asia, Europe, and America. The company will soon open offices in California, tackling the markets of Austin, Texas and Nashville, Tennessee, as 95% of the company’s revenue is coming from contracts in the US and Israel.
The Softbinator concept is divided into two entities, Softbinator Technologies and Softbinator Foundation, which was founded back in 2012. The latter one is an NGO building the largest IT community in Romania, run by both Daniel Ilinca and his co-founder Radu Amarie.
Amarie shares on his LinkedIn profile that the Foundation was first an IT Recruitment Platform that gathered data to match candidates with companies. As this did not pan out, they pivoted and turned it into “a community of communities”. He is also the co-founder of Findie, a platform that enables brands to create video-centric customer communities, and Kamua, an automated video creation and editing platform.
Currently, Softbinator Technologies’ shares are divided amongst the team members, Daniel Ilinca owning around 46%, Alexandra Dianu (COO), Marius Baiasan (CTA), and Andreea Popa (CFO) around 10%, while Bittnet Systems owns almost 19%. Simple Capital owns around 8%, BVB investors 10%, and the rest go to Impetum, Autonom, and other 35 collaborators. The Board of Directors is made up of VC investor Andrei Pitis as president, Daniel Ilinca as Vicepresident, and the co-founder of Bittnet Systems Cristian Logofatu.