How did two Romanian entrepreneurs sell digital solutions worth millions


During the documenting of this article, Ioan Iacob and Radu Constantinescu, the founders of Qualitance, repeat a piece of advice they received from Tom Chi, the co-founder of Google X and the creator of the prototype of the VR glasses Google Glass, which they confess to following. “Doing is the best way of thinking and thinking is the worst way of doing. ”

This is what Chi, who is also one of our advisors, told us, and we strongly believe in his statement, “said the two former Olympians in mathematics. Iacob and Constantinescu run a global business expected to grow this year to 13.5 million euros. Specifically, they point out, the recipe for a successful business is to move first to the facts and adapt yourself to an effective plan. The proof that such an algorithm gives results is even the company they set up in 2007, with their own investment of several tens of thousands of dollars.

Since then, Qualitance has not only been included in the rankings of the fastest-growing companies internationally, such as Deloitte Technology Fast 50 Central Europe, Financial Times 1000 or Inc. 5000 Europe, but also attracted advisors such as Chi, Radu Cautiș, founder of MedTech Partners, or Robert Neivert, Venture Partner of 500 Startups. “Over the last five years, the business has grown by about 300%, cumulatively,” explains the entrepreneurs.

Last year, the company reported business worth 11 million euros locally, 40% more than the results obtained in 2017 – when the Employers Association of the Software and Services Industry (ANIS) offered it the title of “Company of the Year”. In the portfolio of the company, which has reached approximately 200 employees on three continents – Europe, North America (USA) and Australia – today, names such as IBM, Deutsche Telekom, Virgin, IKEA or Merck appear, for which Qualitance teams have developed over time software systems and innovation projects for which they have used the latest technologies.

“It’s about countless groundbreaking products: from digital interactions in workspaces to patient tracking and medical device solutions in hospitals in the United States, from the creation of the world’s most advanced marketplace platform in the field. financial services and insurance, which has already obtained funding of about $ 5 million and joining the largest partners in the field, to platforms with impact on society, ”explains Ioan Iacob, managing partner of Qualitance. A concrete example is a platform that streamlines the time and procedures of emergency medicine residents or another one built for Let’s Do It, World!, which was the basis of the largest volunteer event in the world in September 2018, held in 150 years. countries.

Through their experience in the market, big companies, such as Uber, Netflix or Amazon, have exponentially raised the level of user expectations. As a result, people expect today that all the companies they interact with offer the same level of experience. That’s why, the founders of Qualitance confess, their stake today is to build digital businesses, beyond being a very good technology company. “Today, we are not only building the technology behind the products, but even the solution to bring big companies into the 21st century,” explains Jacob’s new business model.

In parallel, the two entrepreneurs started financing technology startups, the total value of the investments made in the last two years amounting to 250,000 euros.

The latest investment, whose value entrepreneurs prefer to keep confidential, was in ReadyUp, a kind of LinkedIn of professional players in electronic sports. In fact, ReadyUp is the only platform where the interests of professional gamers meet and has attracted investments of two million euros so far. The company’s founders include Roderick Germania, former VP of business development at IGN, Johnathan Fatal1ty Wendel, one of the most popular players in the history of e-sports, and Carter Lipscomb, an investor in the video game industry and former Director of Publisher Relations at Sony.

As part of the project, the two Romanian associates seek to understand how players work in the online sports area, so as to generate a solution that can subsequently make recommendations for forming teams with similar abilities. “You don’t want to play with people with weaker skills than you, but there is compatibility between you,” they explain. The same solution, entrepreneurs say, can be adapted to solve the classic HR problem of building “ideal teams”.

Another startup that has built its business around the platform created from scratch by Qualitance is Gainfully ( This is the most advanced marketplace for financial and insurance services in the world, which has already attracted investments of $ 2.5 million.

And the next client that appears on the list is the Romanian Commercial Bank, a financial institution that has relied on technology in recent years. In the middle of this month, BCR launched the first digital solution for mortgages in the country.

“By launching the Casa Mea platform, BCR radically transforms the process of acquiring a home through mortgage credit. This is an innovative product that shows that banks can be as efficient and modern as fintechs, ”he explains. Solutions exist. Or they can be built.


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