Company
Who you are actually contracting with.
Theta One Digiplex S.R.L. has traded as Theta One Digital out of Bucharest since 2022. We work on one layer of enterprise delivery: turning what the business meant into specifications engineers can build from without coming back to ask. Our clients are delivery teams in the UK, the EU and the US, mostly in banking, capital markets, or a programme with a regulator behind it. We are small, we intend to stay narrow, and if what you need is a five-thousand-person systems integrator we will tell you that on the first call rather than in a proposal three weeks later.
How this started
The company was registered in Bucharest in 2022, at the point Theodor Istratescu left a permanent Senior IT Business Analyst role at ING Hubs Romania and moved into contracting. For the first year it was a contracting vehicle rather than a firm: one person, engagements reaching him through primes, and a separate strand of smaller direct builds — web platforms, e-commerce and document-workflow work — sold and delivered without an intermediary.
What turned it into a firm was the same failure turning up in five different institutions.
Who you're working with
Theodor Istratescu
Founder · Technical Business Analyst and Proxy Product Owner
Since 2022, Theodor has been the Lead Business Analyst and Proxy Product Owner on a Romanian retail bank's lending modernisation, the Proxy Product Owner on a UN climate-finance portal supporting Article 6 of the Paris Agreement, the analyst and Scrum Master on a capital-markets collaboration platform in the US, and currently the technical BA decommissioning a legacy rights-management system inside a UK music group. Before that, nearly four years inside banks: data governance and data integration at ING Hubs Romania (Mar 2020 – Aug 2022), and digital onboarding, online lending, PSD2 and AML at Alior Bank (Nov 2018 – Mar 2020).
Two details from that record matter more than the list. Most of it was delivered as a subcontractor under a prime: NTT DATA, Qualitance/ALTEN, Investigo/Definia, E-Resourcing UK. That is the model most enterprises would contract us under anyway, so it is worth saying before you have to ask. And inside the bank he ran the technical interviews that hired other Technical Business Analysts, which is where our view of what the role should produce comes from.
What we think the actual problem is
The homepage makes the one argument this firm runs on: an acceptance criterion that two people read differently is a defect that has not happened yet. This page is about the firm that argument produces.
We sell the analysis and treat the code as its output, which is an unusual way round for a delivery firm. It is why the four lines fit together instead of being four hobbies, why we don't staff engineering teams, and why we have never bid a programme. The narrowness is a decision, and it costs us every tender where a client wants one supplier for everything.
It also sets the bar we are willing to be judged against. Most people with "business analyst" on a badge document meetings. The test is whether your engineers can build from what they were handed without asking a follow-up question. If yours can, you do not need us.
How the firm is actually shaped
Theta One Digital is one senior practitioner. There is no bench behind that and nobody is rotated in behind the logo. The person who scopes the engagement is the person who shows up, which is the mechanism the rest of this page rests on and the reason we cap what we take on. If you need three analysts starting next quarter, we are the wrong firm and you will hear that on the first call.
Four business lines, and why there are four
Four is more than a firm this size should be running, unless they are the same thing at four stages, which is the case here. Line one pays for everything and proves the argument on other people's programmes. Line two is how we used to build the software that follows the analysis, and it is being folded into line three. Line three is line one's method with the manual steps automated and the approval gates deliberately left in. Line four makes the people line one sells and line three depends on. If we ever add a fifth it will be because it is line one at a different stage, not because it looked like a market.
| Line | Where it stands | What it is |
|---|---|---|
| Technical BA outsourcing | Live · the main business | Senior Technical Business Analysts, Technical Product Owners and delivery-focused Scrum Masters, embedded in your squads. We do the analysis; your engineers write the code. |
| Software builds | Live · being folded into Etheria | End-to-end custom builds with our own engineers. We still quote and deliver them, and the line is openly on a path into Etheria. The page says when a classic build is still the right call. |
| Etheria | Beta · general availability targeted Autumn 2026 | Our own delivery pipeline. An agent writes the code against an approved work item and opens a pull request; a named human approves before anything moves. Product site: etheria.ro. |
| Technical BA Academy | First cohort Winter 2026/27 | Eight instructor-led sessions teaching the technical half of business analysis: API contracts, data flows, acceptance criteria that survive UAT. Taught by a practising technical BA, not a certification body. |
Two brands, two websites
There are two sites because there are two buyers. thetaone.digital is the firm: who we are, where this work has been done, and how you contract with us. etheria.ro is the product: what the pipeline does, what the Beta includes, and how to book a walkthrough. Etheria is built and operated by Theta One Digiplex S.R.L., same company and same people, on a separate site because a company buying a build and a bank hiring an analyst are not the same conversation and should not share a page. Nothing on etheria.ro carries our client list, deliberately: every engagement on that list is Technical BA work and none of it is an Etheria reference.
Where this work has been done
Institutions where this Technical BA work was delivered
Universal Music Group (UK), Raiffeisen Bank Romania, UNFCCC (Germany), LSEG (USA), Finstro (Australia), ING Hubs Romania, Alior Bank and DCA Ventures. Of those, 3 were permanent roles held before this company existed; the 5 since 2022 were delivered as a subcontractor under a prime: NTT DATA, Qualitance/ALTEN, Investigo/Definia, E-Resourcing UK. We name the institutions and we name the primes. We describe the work at sector level and publish no client narratives, quotes or outcomes, because we did not ask anyone's permission to.
The custom builds we have delivered direct to smaller clients are a separate line with no named references, and nothing on this list belongs to it.
Every engagement above is Technical Business Analysis work. None of it is an Etheria reference, a custom-build reference, or Academy proof.
What we don't do
Scope, stated once, so nobody wastes a call finding out.
- We don't staff engineering teams. One analyst inside your squad, or a small multi-role squad. Not twenty developers.
- We aren't a systems integrator and won't bid like one. If the tender needs a five-thousand-person supplier, it isn't us.
- We don't sell juniors on a senior rate card. There is one senior practitioner here, and when he isn't available we say so rather than sending somebody else's CV with our name on it.
- We don't take pure documentation roles. If nobody on your side can sign anything off, we are producing paper, not specifications.
- We don't do managed services, infrastructure, or support desks.
- We don't build cheap MVPs for pre-seed startups. Real work, wrong firm.
- We don't take engagements where the point is removing humans from the approval loop. That is the one thing Etheria is specifically built not to do.
How we work with clients
- Contracting
- Directly with Theta One Digiplex S.R.L., or as a subcontractor under a prime you already hold a contract with. We have delivered inside enterprises in exactly that model since 2022, which is usually the fastest route past a closed supplier list.
- Where we work
- Bucharest. Clients and squads in the UK, the EU and the US. Full overlap with EU working hours, roughly seven hours with the UK and two with US Eastern on a standard Bucharest day.
- Working languages
- English and Romanian. Specifications, acceptance criteria and handover documents in whichever your delivery team actually reads.
- Inside your setup
- Your Jira or Azure DevOps, your ceremonies, your definition of done. We don't ask you to adopt our tooling to work with us.
- Ending it
- What you keep either way: the specifications, the refined backlog, the traceability record and the handover pack.
Entity and vendor details
The details procurement asks for, in one place, so nobody has to email for them.
- Legal entity
- Theta One Digiplex S.R.L.
- Trading name
- Theta One Digital
- Registered office
- Str. Verzișori 6, bl. D, ap. B118, Sector 4, București 040301
- CUI / VAT
- RO46462008
- Trade register no.
- J40/13360/2022
- Operating since
- 2022
- Data protection
- We act as data controller for enquiries made through this site. Details and your GDPR rights: Privacy & cookies.
Still deciding whether we're the right size?
The fastest way to settle that is thirty minutes with the person who would do the work. If we are wrong for it, you get that answer on the call.