September 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) will extend to HTEC Group, a Serbia-founded and U.S.-based IT company, a 55 million euro ($52.98 million) loan for further expansion in Europe, the lender said on Tuesday.
HTEC will use the funds for new acquisitions and investments to strengthen its services and expertise across all domains, including fintech, the EBRD said.
This summer, HTEC acquired Bosnia and Herzegovina-based technology companies Mistral and WaySeven Technologies, further expanding its footprint in the country.
The loan is the biggest EBRD financing to an IT sector company in the Western Balkans to date, the lender said in a press release.
In 2020, the EBRD provided a 12 million euro loan, co-financed by the Enterprise Expansion Fund (ENEF), to HTEC to back its acquisition of Serbian IT company Execom.
HTEC was founded in Serbia in 2008 and has grown into a global engineering services and digital product development company, present in 29 locations across seven countries, and provides services to a number of international clients, ranging from blue chip companies to high-tech scale-ups in sectors such as retail, healthcare, transport, and logistics.
The EBRD has invested more than 7.5 billion euro in Serbia to date.
($ = 1.0385 euro)