Serbia-founded consulting, software engineering and digital product development company HTEC Group announced on January 26 that it has entered into a partnership with the American investment fund Brighton Park Capital for an investment worth $140mn for global expansion.
The investment by Brighton Park, which specialises in partnering with growth-stage software, healthcare and tech-enabled services businesses, is among the largest initial funding rounds by dollar value in Europe this past year, HTEC said.
The agreement between HTEC and Brighton Park was reached a month after the Serbian company announced the acquisition of the American Momentum Design Lab, a study for product design from Silicon Valley.
HTEC said in a press release that it will use the funds from Brighton Park to further scale its capacities to deliver industry-leading products and technologies to its growing global customer base. It plans to further scale its product design and deep technology engineering capabilities through acquisitions and accelerate organic growth in new markets.
We plan to use the funds raised to bolster organic growth with acquisitions to create unparalleled career development opportunities for our people and continue providing the best service to our customers. We see HTEC as the place where the best talent can reach their full potential, and are confident that with Brighton Park’s support, we will build HTEC into one of the most impressive global technology consulting companies,” said Aleksandar Cabrilo, CEO of HTEC Group.
HTEC was founded in 2008 as a startup within the Business Technology Incubator of Technical Faculties of the University of Belgrade.
It has now grown into a local company that employs over 1,000 people globally in offices in Australia, the Netherlands, Sweden, the UK, the US and 16 development centres in Southeast Europe. It moved its headquarters to San Francisco five years after its launch.
Projects it has carried out to date include digitising the shipping industry, creating wearable devices that measure foetal health and building robotic hands for warehouses.
It one of the fastest-growing digital services companies in Europe, achieving 100% year-on-year growth. Every month, it creates around 70 new jobs, and is actively hiring.