Introduction
Infinum d.o.o. (“Infinum”), one of the largest Croatian companies with international experience in digital products development, is expanding its software development operations to North Macedonia by acquiring 3P Development (“3P”). 3P is a company specialized in development of web and mobile applications. GRUBISIC & Partners Corporate Finance acted as exclusive financial advisor to the management and shareholders of Infinum in the transaction process. The transaction is subject to customary regulatory approvals.
Information about the Acquirer
Infinum, one of the leading technology companies in Croatia, continues to expand its business operations by acquiring the North Macedonian company 3P as a part of a strategic plan to strengthen its delivery presence in the region. Consequently, in the last six months, three new offices in three new markets have been opened, so the Infinum group now operates in six locations across Europe and America (Croatia, Slovenia, USA, Montenegro, UK, and North Macedonia). With this acquisition, Infinum intends to scale 3P team to more than 100 employees in the next three years. Infinum currently employs over 350 professionals from various fields and works with clients from the automotive, finance, healthcare, telecommunications, and other sectors.
Information about the Target
3P was founded in 2011 by Mr Gjorgi Kosev. Infinum plans to retain Mr Gjorgi Kosev as an executive director for the Northern Macedonia market, who will primarily oversee developing Infinum operations on that market. 3P’s client portfolio includes companies such as Virgin Mobile, Novartis, Hilton, Coca-Cola HBC, and many others. 3P will continue to support the existing clients within Infinum Group, and as the Northern Macedonian office expands, employees will have the opportunity to work on the largest projects on the global market. 3P currently employs over 30 experts in the field of design and development of mobile and web applications.
Transaction rationale
With the acquisition of 3P, Infinum continues to expand its business operations and strengthen its delivery capacities, with the expectation that the positive trend of growth and development will continue in the future. Following the acquisition, Infinum’s employee base grows close to 400 employees.
