US-based Serbian group HTEC raises $140m for global expansion
(Officially corrected first and second paragraphs to show that the agreement is an equity agreement and not a debt-equity agreement)
SARAJEVO, Jan 25 (Reuters) – HTEC Group, a Serbia-founded and U.S.-based IT services, consulting and software company, said on Tuesday it had secured $140 million from investment firm Brighton Park Capital in a under a capital agreement to accelerate its global expansion.
“This is a fundraiser for a minority stake in the business,” HTEC Group CEO Aleksandar Cabrilo told Reuters in an interview.
“The idea is to merge the best of what South East Europe has, which is sophisticated engineering, with product design in the US and Britain,” said Cabrilo.
The company’s headquarters, founded by a small team in Belgrade in 2008, moved five years ago to San Francisco, where most of the revenue came from, Cabrilo said.
The HTEC Group currently employs over 1,000 people, mostly in South East European countries, with 70 new jobs being created every month. It is one of the fastest growing digital services companies in Europe, boasting 100% annual growth, he added.
“The Brighton Park investment, which is considered one of the largest initial financing rounds recorded in Europe in 2021, will allow us to accelerate organic growth and acquisitions in new markets,” said Cabrilo.
HTEC Group has a strong track record in developing innovative products, such as digitizing the shipping industry, creating wearable devices that measure fetal health, and building robotic hands for warehouses.
“We are delighted to support a business that provides opportunities for growing tech talent in Europe and look forward to leveraging our significant industry expertise to help the business grow,” said Mark Dzialga, Managing Partner of Brighton. Park Capital, in a statement.
The Brighton Park is a growth equity investment firm specializing in partnerships with growth-stage software, healthcare and technology services companies. (Reporting by Daria Sito-Sucic; Editing by Chizu Nomiyama)