INC and Movie Games established a gaming company on the Romanian market

According to the letter of intent signed in March, INC SA together with Movie Games SA established a company that will support gaming studios in Romania. The intensification of the INC Group’s activities on the Romanian market is one of the assumptions of the development strategy, which assumes the group’s foreign expansion. The establishment of the new company took place on the day of the transition of Bittnet Group, Carpathia Capital’s first investment in Romania, from the alternative AeRO market to the main market of the Bucharest Stock Exchange market, as the first company in the history of the Romanian capital market. 

The main task of the new company will be to create a platform to support and consolidate the Romanian gaming market. INC and Movie Games each took 50% shares in the new company. The new entity will provide financial and substantive support to local and independent game studios in order to promote the local market and identify its leaders, whose productions have the potential to achieve international commercial success. 

– I am pleased with the joint project that we are implementing together with Movie Games. I can confidently say that we know the Romanian market quite well, as we have been present on it for a long time. We have successfully conducted two company debuts on the local stock exchange. Additionally, a fund from our Group – Carpathia Capital has so far invested in three entities in Romania. The investment in Bittnet produced the most spectacular results. Since its debut on the AeRO market in 2015, the company has increased its capitalization 20 times and significantly improved its financial results. Thanks to this, we have also gained recognition and a very good reputation on the Romanian market. – comments Paweł Śliwiński, president of INC. 

Studios that will cooperate with new company, will be able to count on the substantive support of Movie Games in budgeting and projects implementation, as well as publishing and marketing support. In turn, the INC Group will provide professional support for the process of obtaining financing and for the debut process on the Romanian stock exchange. 

– Today we have taken another step on the way to expansion on the Romanian gaming market, which in our opinion has significant potential. Following the example of the Polish market, we would like to promote Romanian gaming and generate interest of local investors. I believe that thanks to the cooperation with the INC Group, which knows the local capital market and our know-how, we are able to take on such a challenge. – comments Mateusz Wcześniak, president of Movie Games. 

In addition, on June 3, the shares of Bittnet (a portfolio company of the INC Group) successfully debuted on the main market of the Bucharest BVB stock exchange. In the first minutes of trading, the company’s stock grew by over 5%. The company signed up in the history of the Romanian capital market as it was the first to move from the alternative AeRO market to the main market. Bittnet Systems debut on the AeRO market in 2015 with the support of INC SA as an Authorized Adviser. In addition, the entire issue of shares in the company’s IPO was acquired by Carpathia Capital on the day of its debut, bringing the fund a very high rate of return. 

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