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Croatia's M+ Group to buy 51% stake in software firm Bulb

Croatia's M+ Group to buy 51% stake in software firm Bulb Croatia's M+ Grupa

ZAGREB (Croatia), February 9 (SeeNews) - Croatian business process outsourcing (BPO) services provider M+ Group, owned by Meritus Ulaganja [ZSE:MRUL], said it has signed a deal to acquire a 51% stake in local software company Bulb through its subsidiary Meritus Upravljanje for 7 million euro ($8.5 million). 

M+ Group will buy the shareholding interest in Bulb from the company's co-founders, Vedran Rezar and Neven Stipcevic, it said in a statement on Monday.

"Strategic cooperation with the M+ Group, in addition to additional financing of development activities, will enable us to access international markets, as well as open 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 the statement. 

Established in 2006, Zagreb-based Bulb operates in the segment of process automation and digitalisation and user experience management. It is known for its software platform Cempresso. The company generates 3 million euro in annual revenues with its approximately 70 employees.

($ = 0.8269 euro)