BUCHAREST (Romania), March 24 (SeeNews) - Romanian IT integrator Arctic Stream [BSE:AST] said on Monday that it has signed an agreement to acquire a 23% stake in local cybersecurity company Data Core Systems.
"The transaction price is RON 9.89 million [$2.16 million/1.99 million euro], payable both in cash and in AST shares, resulting from a subsequent share capital increase, together with bonus payments for meeting certain financial performance indicators established in the memorandum," Arctic Stream said in a statement filed with the Bucharest Stock Exchange.
The two companies signed a memorandum of understanding for this transaction last year.
Established in 2012, Data Core Systems specialises in providing cybersecurity audit and consulting services, security solution integration, penetration testing, managed security services provider (MSSP) offerings, and security operation centre (SOC) services.
Arctic Stream was established in 2017 and is an IT integrator with a focus on Cisco technologies. The company has a physical presence in Bucharest and implements IT infrastructure and security projects at the national level, both through its own team and through local partnerships.
Shares of Arctic Stream traded 3.92% higher at 21.2 lei as of 1148 CET on Monday on the Bucharest bourse.
(1 euro = 4.9766 lei)