Croatian business process outsourcing services provider M+ Group said it has signed a deal to acquire a 51% stake in local software company Bulb through its subsidiary Meritus Upravljanje for €7mn.

South Central Ventures’ Enterprise Innovation Fund (ENIF) has already invested significant funds in Bulb, while private equity firm Mid Europa Partners has invested into M + Group with the aim of globalising the business and leading in new technologies, according to Bulb's post. 

Bulb operates in the segment of process automation and digitalisation and user experience management. It is known for its software platform Cempresso. The company’s annual revenue is around €3mn.

M+ Group, which is owned by Meritus Ulaganja, will buy the shareholding interest in Bulb from the company's co-founders, Vedran Rezar and Neven Stipcevic.

"We believe that the result of this strategic cooperation between Bulb and M+ Group will be a significant acceleration of Bulbs’ development. Over the past period, Bulb has gained strong references in the regional market as a company that delivers advanced and reliable software solutions from the CEM segment. Strategic cooperation with the M+ Group, besides further financing of development activities, will empower us with access to international markets as well as direct access to over 260 existing clients in 58 global markets in which the M+ Group operates," Rezar, who is also director at Bulb, said in a statement published by Bulb on its website.

“Bulb is on an impressive journey to become one of the leading companies in the process automation industry in the region. We’re excited this value has been recognised by M+ Group and I believe the partnership between the companies will result in the accelerated growth of Bulb and consequently in an increased value for all the shareholders. South Central Ventures remains an active partner in the company and will assist the company on its future growth,” said Jure Mikuz, managing partner of South Central Ventures.