Connections Consult appoints Radu Marcu as co-CEO

Bogdan Florea remains in the management of the companies

Bucharest, January 12, 2023 – Connections Consult SA, listed on the AERO market of BVB and the leader of the digital transformation market in Romania, announces the appointment of Radu Marcu as Executive Director (co-CEO) starting from 03.01.2023.

Radu Marcu will lead the company alongside the founder of Connections Consult, Bogdan Florea, who remains the leader of the company.

Radu Marcu joined Connections Consult in November 2021 and held the position of Software Chief Operating Officer. Until now he led the bidding, delivery, and post-implementation operations of the software development team and was part of the Management Board of the Connections group. He has over 15 years of experience in managing software development activities, within TotalSoft, but also within other companies, where he managed integrated projects for clients from Romania and other markets, complex products, and led extensive software development teams and products.

“Ever since I joined the Connections team I have shared the same vision and I am excited to step forward in this company that pursues operational excellence and the delivery of value-added products and services. We will continue to work together, innovate and develop new products”, said Radu Marcu, co-CEO of Connections Consult.

Bogdan Florea will remain the President of the Board of Directors and co-CEO and will continue to implement the strategy of expanding the portfolio of complex digital transformation projects both in the local market and in other regions.

“Connections Consult continues to grow and needs more pillars to follow our expansion strategy. Radu Marcu already knows everything about Connections projects and is the right person to collaborate on Connections’ mission to accelerate the digital transformation of the public and private business environment. I am sure that together we will be able to take Connections Consult even further. Collective leadership ensures a considerably higher level of governance and allows us to be sufficiently flexible and agile in decision-making, in the perspective of a turbulent and constantly changing economic environment. Consolidation of the managerial act in Connections will continue in the coming months. We are already working on a new organizational chart and attracting future colleagues with significant exposure in various areas of specialization, both in the management team and on the Board of Directors. This step is the second stage in the creation of solid and resilient governance mechanisms, after the founding of the Advisory Council, carried out in 2022,” said Bogdan Florea, founder, and co-CEO of Connections Consult.


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

Connections Consult improves access to justice by implementing the electronic file

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

Bucharest, November XX 2022 – Connections Consult SA, listed on the AERO market of BVB and the leader of the digital transformation market in Romania, signed a new significant contract with the Ministry of Justice for the implementation of the ECRIS management system, which facilitates access to justice and implements the electronic file.

The project, one of the most complex in recent years in the field of digital transformation in the public sector, was won by a consortium of partners whose leader is Connections Consult SA. The total amount of services delivered will be over 39.4 million lei plus VAT, and the value of the activities carried out individually by Connections Consult SA will be 23,138,159 lei plus VAT.

“Connections continues to implement the strategy of expanding the portfolio of significant digitalization projects. We are pleased to announce the signing of a new contract with the Ministry of Justice for the delivery of services for the development, testing, and commissioning of the new ECRIS V case management system and related staff training services. The new digital architecture will significantly contribute to increasing the degree of digitization of the judicial system, among the major functionalities brought is the electronic file, which will allow the beneficiaries full electronic management of the documents in the files – at the level of courts and prosecutor’s offices”, said Bogdan Florea, founder and CEO Connections Consult.

Implementing the new ECRIS V electronic case management system also requires interconnection with other existing IT systems, including implementing a unified data standard. In addition, ECRIS Courts will be integrated with the ECRIS Portal Courts application, which will become the key component for the digitization of the judicial system and can be used by interested parties (parties to a case, lawyers and others) about the courts as a single point of online interaction – submitting documents online, consulting the contents of a file online, etc. Also, a similar portal for prosecutors will be created – ECRIS Portal Prosecutors.

The estimated deadline for the delivery of the solution to the Ministry of Justice is July 2024.


Connections Consult, revenues up 24% in 2021

connection consult revenue increase RPA service line

Bucharest, 2nd May 2022 – Connections Consult (CC), a group of digital transformation companies listed on the main market of the Bucharest Stock Exchange, reported consolidated revenues of 45.32 million lei in 2021 and a gross profit of 3.46 million lei, an increase by 25% compared to 2020.

During the reporting period, the Connections Group recorded a 24% increase in revenue compared to the previous year, amid new projects under the software and RPA service lines, as well as the increase in the volume of software consulting and outsourcing services offered together with Outsourcing Support Services SRL and Brusch Services SRL. Gross profit increased by 25% compared to 2020, and, at the same time, there was a change in the composition of the main contributors to the group’s revenue structure. Thus, the line of services that represents software development reached a share of contribution in revenues of 22%, and hyper-automation services (RPA) represented, in 2021, 6 per cent of total revenues.

At the same time, Connections Consult exceeded the financial estimation for 2021, mentioned in the memorandum of private placement and in the September 2021 technical listing memorandum, in terms of revenues (21% increase compared to the estimated figures) and gross profit (9 per cent increase compared to the estimated figures).

As a result, the Connections Group maintained its commitment to its investors and continued to invest resources in developing potential service lines to maximize the value of the group’s net assets. At the time of publication of the 2021 Annual Financial Report, Connections already reached another important goal in the strategy presented to investors at the time of the private placement: the creation of the US subsidiary, Connections Consult LLC. Considering the division of shares (10:1 ratio) and the budget of revenues and expenses above the initial estimates from July 2021 (at the date of the private placement), the Group is optimistic about the year 2022.
In a highly volatile international and local market context, with many uncertainties and difficulties to manage: the war in Ukraine, inflation, the potential food crisis, the energy crisis and the supply chain crisis, therefore, in a complex landscape, the Connections Group maintains its energy, perseverance and positive estimations for 2022.

The financial information presented in the annual financial report is in line with Connections’ business development strategy, which is proof that the Group has the ability and takes commitment to increase the value of its assets.
The year 2021 was meant for the company Connections Consult SA the strengthening the financial position on the Balance Sheet. The company recorded an increase in the value of easily convertible assets in cash, as shown in the comparative balance sheet 2020 versus 2021. The increase in current assets is mainly generated by two important factors: capital inflow as a result of listing on the AeRO market and careful management of working capital.
At the end of 2021, the issuer registered a balance of Current Assets in the amount of 19,775,687 lei, of which 7,9 million lei was represented by cash.

According to the budget for 2022, Connections SA aims to achieve a consolidated turnover of 59 million lei and an EBITDA of 5,64 million lei. This estimation includes the results generated by all group companies, including Brusch Services – a company acquired by the Group in 2021.
Annual Report 2021 – PDF