Consulting, software engineering and digital product development company HTEC Group announced on September 2 it has acquired Bosnian Mistral Technologies.
The deal brings the number of engineers and product specialists at HTEC’s development centres across Southeast Europe to over 2,000 as it continues to expand its engineering base in the region.
The deal, whose value has not been disclosed, will add Sarajevo-based Mistral Technologies’ team of 300 experts. This makes HTEC the largest technology company in Bosnia & Herzegovina with almost 600 experts in the country.
HTEC is headquartered in San Fransisco, but has its roots in Serbia and operates in six countries in Southeast Europe. It also has creative and consulting offices in Silicon Valley, London, New York, Minneapolis, Amsterdam, Stockholm and Gothenburg.
Mistral was founded in Sarajevo in 2010 and works with several Fortune 500 companies. According to HTEC’s press release, the acquisition of Mistral “will complement and extend HTEC’s domain expertise in fintech, telco, multimedia and other key industries”.
Commenting on the deal, Aleksandar Cabrilo, co-founder and CEO of HTEC told bne IntelliNews: “Mistral will complement and extend HTEC’s domain expertise in fintech, telco, multimedia and other key industries where it has more than 12 years of experience delivering creative tech solutions to its primarily US client base.
“Together, HTEC Group and Mistral will provide an extended service offering to their clients, additional technology and product design capabilities, and will in the long-term secure stability and growth for both clients and employees,” added Cabrilo in comments emailed to bne IntelliNews.
Cabrilo elaborated on the plans after HTEC’s acquisition of Mistral. “Following the acquisition of Mistral, we will work together to identify new opportunities to support our more than 130 clients world-wide. In the long-run, a joint portfolio that spans all possible business domains and technology areas will give our teams opportunities to learn and grow, while at the same time our teams will provide top of the shelf technology consulting and digital product development service to our clients,” he said.
The deal follows a $140mn investment in HTEC by Brighton Capital at the beginning of the year.
HTEC said at the time that it planed to use the funds from Brighton Park to further scale its capacities through acquisitions as well as accelerating organic growth in new markets.
In November 2021, HTEC acquired Momentum Design Lab, a Silicon Valley product design studio.