Modirum has acquired a majority ownership stake in ITgma

  • Sector TMT
  • Date completed 30.05.2025
  • Client ITgma
  • Country -
  • Acquirer Modirum
  • Country Finland

Introduction
Modirum, a global technology leader delivering innovative digital solutions and services across diverse industries, has completed the acquisition of ITgma Group, a prominent software and IT services provider in South-East Europe. GRUBISIC & Partners Corporate Finance acted as the exclusive financial advisor to the management and shareholders of ITgma Group throughout the transaction process.
Information about Acquirer
Founded in Helsinki in 1997, Modirum has been a global leader in payment authentication until the divesture of this segment in late 2023 to Entersekt, Accel-KKR based platform. Following this strategic shift, Modirum expands its focus to include Professional Services, Security Technologies, and Fintech Consultancy, while broadening its scope into payment and security technology.
Information about the Target
Established in 2009, ITgma Group has emerged as one of the leading South East European software service providers with focus on Telco, Banking and Finance sectors. Renowned for its focus on quality and customer satisfaction, ITgma Group is recognized for excellence in delivering customized solutions to meet client needs. ITgma Group offers complex end-to-end software development solutions, covering both frontend and backend requirements, cloud infrastructure, business analysis/consulting, team rental, and project execution, catering to global clients spanning diverse industries. Led by a team of experienced professionals with over 20 years of industry experience, ITgma Group employs more than 125 specialists across its Macedonian, Serbian, and UAE delivery centers.
Transaction rationale
The acquisition of ITgma Group aligns with Modirum’s M&A strategy following the divestiture of its payment authentication business and previous acquisitions of Cloudriven Oy and NSION Technologies in Finland and WebFactory in North Macedonia. This strategic move provides Modirum with access to critical markets, particularly in Telecom and Finance sectors. By combining the strengths and expertise of both companies, this strategic alliance aims to deliver cutting-edge solutions and drive sustainable growth in the AI-driven digital era.

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