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Serbian-founded HTEC Group raises $140M to expand its global business

Co-founders Aleksandar Cabrilo (CEO) and Dusan Kosic (President)

HTEC Group, a global firm offering consulting, software engineering, and digital product development services, has raised $140M from growth equity investment firm Brighton Park Capital. The funds will be used to scale the company’s capacities to serve its growing global customer base through acquisitions and organic growth.

According to the group, the round, which took place at the end of last year, was one of the largest initial rounds recorded in Europe in 2021. In Southeast Europe, similar rounds were raised by Bulgarian-founded Payhawk, with a $112M Series B, and Gtmhub, with a $120M Series C.

“We plan to use the funds raised to bolster organic growth with acquisitions to create unparalleled career development opportunities for our people and continue providing the best service to our customers,” announced Aleksandar Cabrilo, CEO at HTEC Group. The news is a key step for the company towards becoming a unicorn, added the company COO, David Schoch, on social media.

HTEC is looking to expand their teams in multiple locations, having opened 250+ positions in their engineering, IT, and HR departments.

Building a global technology consulting firm

Founded in September 2008 in Belgrade, Serbia, HTEC has a strong development team in Eastern Europe, comprising over 800 engineers from Serbia, Bosnia and Herzegovina, North Macedonia, and Romania. Currently, the company is headquartered in San Francisco, with local offices in Serbia, UK, Scandinavia, and Slovenia. In 2020, the teams tripled after the acquisition of Execom and organic hiring, now counting 1,000 employees.

HTEC Group has an extensive portfolio of services, from product conceptualization and design, to software engineering including big data systems, AI, robotics, platform development, and IoT. Its portfolio, counts Fortune 500 enterprises, high-tech companies, and disruptive startups, across various industries from healthcare, to logistics, transportation, financial services, and renewable energy.

“By combining sophisticated engineering with best-in-class product innovation and design skills, HTEC has steered its efforts towards becoming a global leader in digital product development. We are thrilled to be backing a company that is providing opportunities to the increasing tech talent in Europe,” said Mark Dzialga, Managing Partner at Brighton Park Capital.

In turn, HTEC is counting on their new investor for their deep industry insights and strong network.

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Antoanela is a Deputy Editor at The Recursive, where she writes about climate tech, blockchain, and other high-impact innovations in Southeast Europe. She loves complex topics and translating geek to chic. Her holy grail is telling stories that have great potential for social and environmental impact. Prior to becoming a full-time journalist, she worked in various sustainability roles.