January 29 (SeeNews) - Croatian software firm IN2 Group plans organic growth and acquisitions in the next two years to build up on the consolidation process under its new owner - Toronto-based Constellation Software Inc., local media reported.
"In the next two years, we expect further organic growth but we will also work on organic growth - via the acquisition of new products, i.e. the purchase of ownership or IP rights on these products, and acquisition of IT firms that would bring in new products, clients and growth," news daily Poslovni Dnevnik quoted IN2's CEO Katarina Siber Makar as saying earlier this week.
Constellation Software Inc. took over IN2 through its wholly-owned division Vela Operating Group and its subsidiary Aquila Software in January 2018.
Makar also said that in the past two years IN2 has been focused on segments where it wants to stay in the long-term and on improving its business efficiency.
According to initial estimates, IN2 Group saw its net profit jumping 80% to 17 million kuna ($2.5 million/2.3 million euro) in 2019, with revenue rising 7% to 232 million kuna. According to Makar, this trend is expected to continue.
Zagreb-headquartered IN2 is one of the first major Croatian software only companies, founded 25 years ago.
(1 euro = 7.4412 kuna)