Span has acquired Ekobit.
- Sector TMT
- Date completed 23.08.1970
- Client Span Group
- Country Croatia
- Target Ekobit
- Country Croatia
Span Group, a publicly listed company on the Zagreb Stock Exchange (SPAN-R-A), specializing in professional services in the design and development of information systems, has acquired a 100% stake in Ekobit, one of the leading software development companies in Croatia. The value of the transaction is HRK 37.4 million. GRUBISIC & Partners Corporate Finance acted as an exclusive financial advisor to Span Group in the transaction process.
Information about the Acquirer
Span Group is comprised of three highly specialized IT solution companies – Span, BonsAI, and Trilix – which operate through nine branches around the world providing information systems design services. Apart from Croatia, where the headquarters are located, Span is present in Slovenia, Ukraine, Azerbaijan, Moldova, the United Kingdom, the United States, Switzerland, and Germany. In 2021, the company IPO’d on the Zagreb Stock Exchange and raised one hundred million kuna of share capital. The main activities of Span and its subsidiaries, which as of today include Ekobit, are the provision of software management services, licensing, as well as design, development, and maintenance of information systems and cloud business. Span Group employs over 550 employees, led by Nikola Dujmović, CEO. In 2021, Span Group generated HRK 767.3 million in consolidated operating revenue (+26% YoY), while EBITDA before non-recurring items amounted to HRK 48.6 million (+54% YoY) . Also, in 2021, the company was named Microsoft Partner of the Year in Croatia.
Information about the Target
Ekobit was founded in 1992 in Zagreb, where it is still headquartered today. The company also has a branch in Varaždin. Ekobit’s core business is development of software solutions and applications and their integration into various business environments, with the primary emphasis on outsourcing, i.e. the formation of teams in charge of developing solutions in accordance with the requirements of individual customers. The company has also developed BizDataX, proprietary data masking software. In addition, Ekobit also provides consulting services and organizes DevArena, a conference on software development and information technology. Ekobit’s primary market is Western Europe. Former co-owners Goran Glišić and Martin Kralj continue to manage Ekobit as an independent business entity within Span Group. Ekobit employs a staff of over 70 employees, most of whom are IT professionals. In 2021, the company generated HRK 24.5 million in operating revenue (+21% YoY) and HRK 4.9 million in EBITDA (+15% YoY).
By integrating Ekobit into Span Group, Span’s business has been further strengthened in the segment of software solutions development, primarily through human capital brought by Ekobit’s experts through their knowledge and experience. As a result of this transaction, both companies are expanding their service portfolios, opening new markets, and unlocking valuable synergies, thus creating a strong foundation for further development of their solutions and services.
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