Romanian IT company “Life is Hard” listed on BVB AeRO market

The representatives of the Romanian IT company Life is Hard officially opened the trading session of the Bucharest Stock Exchange (BVB), on Tuesday, December 8, 2015, marking the debut of the first software developer on the AeRO market.

Life is Hard is the developer of the most important software platform for insurance brokerage and comes on AeRO with an anticipated market capitalization of almost RON 6.9mn (EUR 1.5mn). Via the 24Broker.ro application there were subscribed polices of EUR 160mn in 2014, which is a 30% market stake of all intermediations performed by insurance brokers.

‘After over 10 years of experience in Romanian software industry, after the development and successful launch of innovative IT products and services, we decided it was time to do more. We decided to list the company Life is Hard on the AeRO market of the Bucharest Stock Exchange. It is an extremely important step for our company's future strategy’, stated Barna Erik, Life is Hard CEO.

Life is Hard has a share capital of RON 700.000, divided in 700.000 shares with a nominal value of RON 1. Catalin Chis owns 71.25% of the company’s shares, while Barna Erik has 23.75%. The rest of 5% of the shares are owned by company’s employees and partners. Catalin Chis and Barna Erik undertook to put together on sale a 10% stake in Life is Hard in the first 30 days from the listing of the company. The free-float may be supplemented by the shareholders that are holding 5% stake.

In H12015, Life is Hard registered a turnover of RON 1.3mn and a profit of RON 408,000. In the same period last year, the company recorded a turnover of RON 1.4mn and a profit of RON 43,000. Life is Hard expectes to end this year with a turnover of RON 4mn, slightly above the one registered in 2014, while the profit is anticipated to reach RON 960,000.

The turnover and profit are estimated to rise gradually in the coming years, thus in 2019 the turnover will reach RON 9.2mn and the profit to be RON 2.2mn, according to the info presented in the memorandum.