January 31 (SeeNews) - German marketing and advertising group MYTY has taken over Croatia's largest communications agency 404 and its affiliate technology company Shape, one of the owners of 404 said.
"MYTY has acquired 404 and Shape from the previous owners - Nikola Vrdoljak, Martina Pintaric and Zoran Stekovic," Pintaric said in a statement to SeeNews late on Monday. “And we are getting partners in MYTY. Investment and reinvestment,” she added without disclosing financial details of the deal.
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Together, 404 and Shape have a total of 170 employees.
The acquisition is marking the next step in the internationalization of the group which so far has focused on the region of Germany, Austria and Switzerland, MYTY said in a press release.
“The plan: 404 is to become the hub for the group’s continued expansion in southeastern Europe; with more than 80 clients, including major brands like Adidas, Uber, Huawei, Coca Cola and McDonald’s, the agency lays the groundwork for further expansion,” MYTY said in a separate statement.
According to a statement by law company Karanovic & Partners, which advised MYTY on the transaction, the 404 agency consists of four entities: 404 d.o.o., Shape 404 d.o.o., software company SevenofNine (Flow) d.o.o. and public relations company Rijetka Biljka d.o.o.