Connections Consult achieves 177 Million Lei revenue in 2023, marking 203% growth and net profit of 11.2 Million Lei


Connections (CC), a digital transformation company listed on the AeRo market of the Bucharest Stock Exchange, has increased its revenue by 203% in 2023, reaching 177 million lei, while net profit has surged by 162%, surpassing 11 million lei.

These results encompass the activities of all companies in which Connections Consult holds stakes (Connections Consult – 100%, Connections Technologies – 100%, Outsourcing Support Services – 100%, Brusch Services – 100%, Connections Serbia – 100%, Connections Bulgaria – 100%, 10Plus – 25%), with the most significant contribution to growth coming from Software Development and Integration services provided by the issuing company.

In 2023, Connections’ focus was on acquiring new clients and enhancing the relevance of projects in terms of technical complexity. Internally, attention was directed towards strengthening corporate governance and carrying out initiatives to increase capital through free share issues at a ratio of 1:10, completed in August.

The company’s development strategy aimed at both short-term results and the medium-to-long-term consolidation of its market-leading position in complex digitalization projects.“Last year was marked by turbulence on a global scale. The world economy and geopolitical status quo faced various uncertainties, compounded by the rapid growth of artificial intelligence in technology, posing significant challenges to economic actors across multiple sectors. Nevertheless, for Connections, 2023 proved to be the best year in its history so far, marking several essential milestones for the road ahead – from revenue, which nearly tripled the estimates from the listing memorandum, to the successful initiation and completion of two highly complex projects (8 million euros and approximately 10 million euros), with significant impacts on clients and, by extension, on society. Additionally, it underscored the consolidation of expertise as a technology integrator, providing us with a strong edge in the tech industry,” stated Bogdan Florea, Founder and co-CEO of Connections.

2023 also brought a significant growth in the team’s competencies, directly impacting the revenue and profit structure.

The proposed revenue and expenditure budget for the year 2023, as well as the estimates outlined in the listing memorandum on the AeRO market, were surpassed significantly, both in terms of revenue (116%) and net and gross profit (102% for both).

Throughout 2023, all verticals of the group experienced leaps between 5-10%, with a spectacular growth (549%) in the RPA and software development division.

Thus, the largest contribution to the growth in 2023 came from Software Development and Integration services, which accounted for 73% of the group’s total revenue, compared to 36% in 2022.

In addition to expanding the client portfolio, enhancing the relevance of projects undertaken, and boosting internal team competencies, in 2023 Connections Consult continued to explore opportunities for acquiring stakes in new companies with potential.

We collaborate with two companies specialized in M&A and continuously monitor potential acquisitions. The M&A market context still maintains high expectations following the sharp growth observed in the years 2019-2022. However, we have chosen to exercise caution and refrain from engaging in advanced discussions with target companies throughout the past year. In our opinion, valuations remain unrealistic and do not justify the investment demands from sellers at this time. Nevertheless, we remain open to realistic investment opportunities in fields such as cybersecurity, custom software development, AI, and ERP system implementation,” stated Radu Marcu, co-CEO of Connections Consult.

In 2024, Connections aims to take its first steps towards accessing the main market of the Bucharest Stock Exchange (BVB), strengthening corporate governance, and preparing the company for the transition to IFRS reporting. Strategic development will continue this year with the support of the newly established Advisory Board and by expanding the Board of Directors with two additional seats, providing a much stronger mechanism of checks-and-balances at the management level. Additionally, the company’s leadership plans to host investor events aimed at enhancing investor confidence and transparency in Connections’ operations, as well as fostering solid partnerships with key players in the stock market. This includes transitioning to quarterly financial reporting starting in 2025.

The comprehensive report detailing the 2023 Financial Results is available for consultation at the following link.

From startup to listed company: how we transformed

During technological excitement, we celebrate two years since we entered the stage of the Bucharest Stock Exchange and entered a phase of business maturity, following years of construction and skills training. We look back with joy and pride at our beginnings when we started with an ambitious vision: to bring digital technology closer to as many people as possible. I invite you on a brief journey together through our past, present, and future.

Navigating through transformation

In 2005, we laid the foundations for Connections, firmly believing that we could make significant changes in the IT landscape in Romania and beyond its borders. We underwent a continuous development process, and in our 18 years of existence, we built our own products and expanded our service portfolio to include intelligent automation, IT infrastructure support, digital process management capabilities, and customized software development. In 2010, we took our first steps towards international expansion, establishing a strong presence not only in Romania but also in the markets of Bulgaria and Serbia, with sales offices in the United States, the United Kingdom, and Germany. We became a Gold Partner of UiPath and an Aurachain Partner to enhance our capacity to deliver complex digital transformation projects. We evolved by gaining significant clients, and the main sectors in which the company operates include FMCG, Finance, Manufacturing, Health, Logistics and Distribution, and the public sector. Thus, we contribute to the development of the digital economy through various types of projects, both private and public, ensuring a balanced business outlook for today and the years to come.

Listing on the Stock Exchange – a significant moment

A significant moment in our history was our listing on the Bucharest Stock Exchange (BVB) in September 2021 under the symbol CC. This move represented not only a recognition of Connections’ performance and potential but also a strong commitment to transparency and continuous development. In March 2022, shortly after listing, Connections became part of the BET AeRO index. We expanded our team of specialists by 30%, and the number of our shareholders doubled from the time of listing, reaching over 400 at present.

In the first two years since our debut on the capital market under the CC symbol, our teams have proven that technology has the power to simplify the daily lives of people and companies, wherever we are and whenever we want to connect with processes, colleagues, and organizations.

The company’s financial performance has been a consistent factor in our journey, with solid results. Recent reports for the first half of the year show a turnover of 40.9 million lei, with revenues up 62% compared to the same period in 2022. We estimate that we will close the year with revenues exceeding 100 million lei. Net profit for the first half of 2023 recorded a 273% increase, reaching 3.6 million lei.

We entered the AeRO market with confidence and determination, and from an ambitious startup dreaming of bringing innovation to the IT landscape, we have become a presence with increased leadership and relevance in the industry. Today, at Connections’ “coming of age,” we have spent the first 2 years on the stock exchange, quickly becoming part of the BET AeRO index, which has facilitated our access to increasingly complex projects, accelerated our financial results, and achieved a higher employee retention rate than the IT industry average.

Our journey so far represents a great deal of growth effort, but the direction is clear for the future: we remain true to the promise of creating value for our shareholders and contributing significantly to the digital transformation of Romania and the markets in which our teams operate.

We appreciate the confidence with which you invest in #ConnectionsTeam!

Connections Group increases its net profit by 273% in the first half of 2023 and passes 40 million lei turnover

Connections Consult (CC), a digital transformation company listed on the BVB-market AeRo, increased its net profit by 273% in the first half of this year, reaching 3.6 million lei, (37% above budgeted figures), while turnover increased by 62% compared to the same period in 2022, reaching 40.9 million lei. The results include the activity of all companies in which Connections has control, and the largest contribution to growth was made by Software Development services in the first half of this year. 

In 2023, the company’s activity was largely focused on winning new customers and high-profile contracts, i.e. strengthening corporate governance and carrying out the 1:10 bonus share capital increase, completed in August. The company’s development strategy focused both on short-term results and on consolidating its position as a market leader in complex digitalization projects in the medium and long term.

 “Connections achieved a number of notable improvements in the first half. We have strengthened our competencies in bidding and delivering complex projects for public institutions; we are continuously developing our corporate governance towards budget discipline and predictability; we are emphasizing assessment processes and career plans for our internal team, and our portfolio is diversified (public-private; software-infrastructure-business process management-technology integration). We have solid foundations and a business construction able to cope with potential imbalances and contractions due to external factors, so that we can bring further benefits to our shareholders and employees, and all these successes are reflected in the figures obtained”, says Bogdan Florea, Connections co-CEO.

During the reporting period, the company’s gross profit showed a significant favorable variance (46%) compared to the estimate, both due to higher-than-expected revenues (unbudgeted projects) and cost savings. Compared to the same period in 2022, however, the evolution was remarkable, up 216%, on the back of growth in activity overall and in the Software sector in particular.

“2022 was a key year in which Connections continued the major commitments made at the end of 2021 in the Software Development service line and won a number of significant projects in this area, the benefits of which partially materialized at the end of 2022 and continued to be realized in the first 6 months of 2023. Commitments involved careful preparation of capacity to deliver new projects by engaging highly skilled resources. As a result, the gross margin of the whole group improved in H1 2023 both compared to the same period last year and compared to what we had originally estimated for the current year. Attracting highly qualified staff is an ongoing concern and is already making a difference”, says Radu Marcu, Connections co-CEO.

Semester 2 perspectives

The company expects the second half of 2023 to continue to deliver earnings growth, at least in line with the management team’s original budgeted estimates.

Connections has recently signed 2 new contracts with significant financial relevance. The first, signed in August 2023, is worth 26 million lei, with an expected gross margin of 8%, and is with a public institution in Romania. The contract provides for the design and implementation of a hardware and software infrastructure for the management system of the Romanian justice system.

The second recent contract, dated September 2023, amounts to 56.48 million lei, with an expected gross margin of 4%, and the beneficiary is a public institution/government agency in Romania. The contract involves the delivery and implementation of a cyber security infrastructure – hardware and software elements.

The Connections Group expects the second half of this year to continue the upward curve in terms of results and the focus of the operational team is to ensure a high standard of delivery.

More information about the results of the first half of the year can be found here.

Connections Consult exceeded financial estimates for 2022. Consolidated revenues of 58,46 million lei in 2022 and a gross profit of 5,11 million lei

Bucharest, March 27, 2023 – Connections Consult (CC), a group of digital transformation companies, listed on the AeRO Market of the Bucharest Stock Exchange, reported consolidated revenues of 58,46 million lei in 2022 and a gross profit of 5,11 million lei, with an increase of 48% compared to 2021.

In the reporting period, Connections recorded a 29% increase in revenues compared to last year on the back of new projects carried out within the lines of software and RPA services, as well as the increase in the volume of software consulting and outsourcing services offered within Outsourcing Support Services SRL and Brusch Services SRL.

Gross profit increased by 48% compared to 2021, and also during this period, the technology verticals saw a consolidation of the contribution to the total revenues of the group.
In this regard, the line of software development services (“software development”) reached a 36% revenue contribution rate, and hyperautomation services (RPA) represent, at the end of 2022, 6% of total revenues.

Furthermore, the Group exceeded the financial estimates for 2022, mentioned in the memorandum from the private placement and in the one from the technical listing of September 2021, both in terms of revenues (18% increase compared to estimates), but also gross profit (an increase of 20,31% against estimates).

Connections delivered on its commitment to its stakeholders and continued to invest resources in developing high-potential service lines to maximize the Group’s net asset value.

“In an extremely volatile market context, internationally and locally, with many uncertainties and difficult to manage: the war in Ukraine, inflation, the potential food crisis, the energy crisis and that of the supply chains, therefore, in a landscape complex, we maintain our energy, perseverance, and positive estimates for 2023. The financial information presented in the Report aligns with the strategy announced by Connections regarding the development of the business and is proof of the ability and commitment to increasing the value of its assets”, said Radu Marcu, co- CEO Connections Consult.

At the date of publication of the current financial report for 2022, Connections has already included on the agenda of the General Shareholders’ Meeting of 24.04.2023 the voting of the Employee Stock Options (ESOP) program and the distribution of dividends related to the group’s profit obtained in 2021. The founder and majority shareholder, Bogdan Florea, will not be part of the ESOP program.

“The year 2022 meant for Connections Consult the continuation of strengthening the financial position in the Balance Sheet. The company recorded an increase in the value of assets easily convertible into cash, as shown by the comparative balance sheet 2021 versus 2022. The increase in current assets is mainly due to the increase in the balance of receivables on December 31, 2022 compared to 2021, correlated with a decrease in the balance of cash. This is due to the use of cash for business growth”, stated Bogdan Florea, co-CEO of Connections Consult.

At the end of 2022, the issuer recorded a balance of Current Assets in the amount of 22.009.821 lei, 11,25% more than on 31.12.2021, of which 4,5 million lei represented cash availability.

According to the budget for 2022, Connections proposes a consolidated turnover of 83 million lei and an EBITDA of 7,75 million lei. These estimates include the results generated by all the group companies in which Connections Consult S.A. owns more than 51%, including Brusch Services – the company acquired by the Group in 2021.

“The group’s exceptional results, reflected in the indicators mentioned above, are the effect of the perseverance, creativity, and energy demonstrated by the Connections team, to whom we thank for a remarkable 2022! We thank our investors who showed patience, trust and moral support through their open attitude and honest approach in relation to the company!”, added Bogdan Florea, co-CEO of Connections Consult.

Connections enters the shareholding of the edtech company 10 Plus and acquires 25%

The acquisition of the platform will bring a yield of at least 30-40% annually, in the next 5 years

Bucharest, November 3rd, 2022 – Connections Consult SA, listed on the AERO market of BVB and the leader of the digital transformation market in Romania, announces the acquisition of a 25% stake in the edtech 10 Plus Future Education SRL company.

The company, specialized in online courses for adults and children, language courses, mathematics, Romanian language, etc. is the first acquisition of this year of Connections Consult SA, after last year’s full purchase of Brusch Services SRL. After the acquisition, Brusch proved to be a real success, with excellent performance, considerably above last year’s figures.

“The reason why we decided to make this transaction is the explosion of edtech services, respectively the digitalization of education using the latest technologies – virtual reality, augmented reality, artificial intelligence. We estimate that the acquisition of the platform will bring a yield of at least 30-40% annually, in the next 5 years, either from exploitation or from finding of a new partner. The takeover of the shares was achieved through a transaction that implies only the investment made by Connections in the technological development of the digital platform for the delivery of online courses and in online marketing services to attract customers”, says Bogdan Florea, founder and CEO Connections Consult SA.

Connections Consult S.A. aims to contribute together with the founder Victor Militaru and Anca Florea, managing partner, to the development of the company in digital environment.

 “The entry into the shareholding of Connections Group represents, on the one hand, the validation of the efficiency and efforts invested by the current management team, and, on the other hand, a trust capital earned by the company, for the accelerated evolution in the next 3-5 years, towards the flagship edtech platform of the South-East European region”, added Victor Militaru, founder of

10plus is positioned today among the best performing companies in the industry, through its didactic expertise, constant technological innovations, and background in organizational processes.

The 10Plus journey began in the year 2012, at the same time as Google Glasses, 4 years before the launch of Google Translate and 8 years before COVID-19.

The founder of the company, Victor Militaru together with Imelda Bădescu, a teacher with over 14 years of experience, chose a business model little known to the Romanian market at that time – online courses to complement the traditional education system. They have developed an entirely online teaching system based on a premium educational standard and teaching methods.

After 10 years, the live teaching-learning platform with 10Plus teacher has become one of the most popular, especially due to the expertise of teachers, teaching methodology and the relevance of language courses, Romanian language and mathematics.


Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board

Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board

Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board


Bucharest, 27th September 2022Connections Consult (CC), a group of digital transformation companies listed on the secondary market of the Bucharest Stock Exchange (AeRO), is pleased to announce its Advisory Board and the first meeting that took place in London on 16th September 2022.

”With the occasion of our first-year anniversary as a publicly traded company, we are proud to introduce our Advisory Board. Together with the executive team the Advisory Board’s recommendations and advice will shape the strategy and development of the group.  The Connections Consult Advisory Board is made of experienced business leaders and entrepreneurs that will guide us as we grow and deliver for our customers”, said Bogdan Florea, CEO of Connections Consult SA.

Bogdan Lazaroae chairs the Advisory Board.  He has over 25 years of experience in technology and large projects delivery in the United States and Europe. His extensive experience in the public sector will help shape Connections Consult’s expansion in the public sector and international markets.

Michael Lithgow, CBE CEng FIET has more than 40 years’ experience of planning, deploying and operationally managing large technology programs. His experience spans research and development, procurement, leadership of large enterprises of up to 7,000 personnel, chair of an influential defense technology think-tank and advising at Board level on major technology investments and go to market strategies.  He has operated across Europe, South Africa and the Middle East, working with local, national and inter-governmental bodies as well as commercial organizations in the telco, financial services, retail and energy sectors.  

Diana Olar brings over 20 years of experience in technology, innovation and entrepreneurship in Europe and the United States. Her experience in accelerating tech businesses and service innovation will help strengthen long-term development of the company.

”The Advisory Board will undeniably help guide and shape the future of Connections Consult.  With regular meetings and updates, we look forward to working with our new advisors.  We are delighted to welcome them to Connections Consult and are grateful they are a part of our journey to growth”, added Bogdan Florea.