As one of the fastest growing economies in the Western Balkans, Serbia is turning into an attractive destination for international investors looking for new business opportunities. The IT sector has been one of the country’s most dynamic sectors and a propeller for its economic growth, generating around 10 percent of its GDP from the IT industry and IT companies in Serbia.
Over the past few years the Serbian IT industry has also seen a lot of growth. This trend continues into 2022, we are witnessing a significant increase in demand for IT services and products, and a rising number of IT companies in Serbia.
Additionally, 2021 was one of the most successful ones for the Serbian startup ecosystem, attracting more than €123M in investments. As these companies are investing more into innovation and services, there is also a rise in the demand for IT professionals from the country and the region.
In this article, we present you with our choice of the IT companies in Serbia with the biggest revenue that you should watch for in 2022.
Atos IT Solutions and Services is a Belgrade-based company initially established in 1973, as a part of French digital services provider Atos, which operates in more than 60 countries across the world.
The company’s Serbian unit focuses on providing solutions in the areas of application management archiving, business intelligence, content management, data management, enterprise integration, ERP, global sourcing, SAP business warehouse/strategic, software innovation, Oracle/Exchange/SAP, outsourcing, security services, server management, storage and virtualization and consolidation.
Annual revenue: $24.5M
Name: HTEC Group
HTEC Group is a Serbia-founded global firm offering consulting, software engineering, and digital product development services.
Founded in September 2008 in Belgrade, the company has a strong development team in the Western Balkans, with over 800 engineers coming 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, it tripled its headcount after the acquisition of Execom, and now has more than 1,000 employees.
At the beginning of this year, HTEC raised $140M from growth equity investment firm Brighton Park Capital, planning to use the funds to scale the capacities of its operations, making it one of the most prosperous IT companies in Serbia.
Annual revenue: $21.6M
Name: Vega IT
Vega IT is a software service company, founded in 2008 by engineers Vladan Ostojic and Saša Popović.
In 15 years, Vega IT has worked on more than a thousand products in areas such as fintech, pharmatech, healthtech, transportation and logistics, foodtech, enterprise blockchain, and others.
Today, Vega IT is an experienced software service company with more than 750 engineers, with both technical and domain knowledge, and its team also includes product owners, business analysts, project managers, DevOps, and QA engineers.
Annual revenue: $20M
Name: Quantox Technology
Quantox Technology is Serbia-founded software development company with more than 15 years of experience in software development that brings IT experts in the fields of QA & testing, application services, and design.
The company develops unique Data & AI strategies for Cloud and IT infrastructure that allows improved performance, availability, and quick solutions for issues that could arise. Today, the Serbian company has development centers in seven countries, with over 500 people working in 13 offices.
Annual revenue: $10M
Algotech is a company specialized in the design and implementation of integrated communications systems based on the world’s most advanced solutions and technologies. The company was founded in 1992 and, as the Algotech Group, aside from Serbia it successfully operates in Hungary, the Czech Republic, Slovakia, Poland, Romania, and Bosnia and Herzegovina.
Algotech’s focus of the business orientation is on the digitization of communication processes, the automation of business processes, but also on the implementation of other advanced solutions that enable better integration of communication and sales channels.
This year the company celebrated 30 years in the business, and its founder and CEO, Aleksandar Bakoč, pointed out that their focus will always be on the future.
During the past three decades, the Serbian company has worked with renowned global names in industry such as Avaya, Cisco, Teleopti, and Microsoft among others, and this is one of the key factors for its business success.
Annual revenue: $9.5M
Founded in 2012, Devtech is a Serbian IT company that provides digital innovation services and helps companies better with digital transformation.
The company has a team of more than 250 experts across Europe and North America, Devtech partners with leading software vendors, telcos, cloud service providers, and managed service providers to accelerate their digital innovation.
Devtech’s main services are deep domain expertise in cloud native transformation, R&D and technology roadmap execution, channel and marketplace enablement, and system and platform migration.
Last month, the company raised €12M in financing, in a round led by Claret Capital Partners. Led by founder and CEO Milovan Milic, the Serbian company plans to use the funding to accelerate growth in key markets worldwide and expand its end-to-end digital innovation capabilities.
Annual revenue: $7M
Founded in 2007, Symphony is an IT company specializing in software development services, with teams of engineers that help entrepreneurs and executives worldwide to tackle technology challenges.
The company’s team has grown to over 500 technologists, working with startups and Fortune 5 category leaders globally. Although its headquarters are in San Francisco, Symphony is actively present in the Western Balkans, with engineering hubs in the cities of Sarajevo, Belgrade, Skopje, Novi Sad, and Nis.
Annual revenue: $4.6M
Triton IT is Belgrade-based IT services and consulting company that has been in the business for more than 20 years, working with big names such as IBM, Fujitsu and Cisco.
The company’s portfolio includes a wide range of IT integrator services – from identifying business needs, through advisory and consulting services, to designing and implementing solutions for facilitating and improving operations in different industries.
Annual revenue: $3.5M