Croatia to buy 49% of Apis IT for 37.8 mln euro

Of the total acquisition cost, about 1 million euro will be covered by the 2023 state budget, while the remaining 36.7 million euro will be settled through a debt-for-equity swap. This swap involves converting receivables from loans previously granted by the government to the town authorities into equity, finance minister Marko Primorac told a weekly cabinet meeting.

Earlier this week, Apis IT revealed its collaboration with the government's central office for digital society development to create a shared services centre, marking Croatia's inaugural state cloud infrastructure. The project, valued at 47.9 million euro, is receiving co-financing from the European Union.

Apis IT, which has some 500 employees, generated revenue of 52.7 million euro in 2022.

($ = 0.919 euro)