Safetech Innovations wants to expand in Saudi Arabia

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Safetech Innovations wants to expand in Saudi Arabia

Versiunea în limba română

The shareholders of the cyber security solution developer Safetech Innovations (SAFE) are summoned, on December 21, to approve the establishment of a company in Saudi Arabia, according to a company report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The company, which will be based in Riyadh, will be fully owned by Safetech Innovations, as an associate. In the spring, the cybersecurity company established a subsidiary in the United States, Safetech's third international location, following the opening of offices in the United Kingdom and the United Arab Emirates during 2022.

For the first nine months of the year, Safetech Innovations reported, on an individual level, a turnover of 20.1 million lei, down 4% compared to the same period last year, and a net profit of 5.9 million of lei, an appreciation of 13% compared to the first three quarters of 2022. Cybersecurity services contributed 47% to the total turnover, and the implementation of cyber security solutions contributed 53%, according to the company.

On September 6, Victor Gânsac and Paul Rusu, the two founders of the company, each had 31.6% of the developer of cyber security solutions. Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange starting on February 6, 2023, with a valuation of around 175 million lei.