Croatian Software Firm Infobip Eyes More Acquisitions, Says IPO Plan on Track

Jasmina Kuzmanovic, Bloomberg News

Casual working space on first floor. TKTKTK at the new Infobip Ltd. tech campus in Zagreb, Croatia, on Monday, April 25, 2022. XXXSECOND SENTENCEXXX , Bloomberg

(Bloomberg) -- Croatian software company Infobip Ltd. is on the prowl for more acquisitions as it seeks to expand in the U.S., and remains on track for a potential initial public offering next year.

Infobip, which helps companies such as Uber Technologies Inc. manage communications with clients, has bought four companies in 2021, including voice solutions firm Peerless Network Inc. and mobile messaging systems provider OpenMarket.

“Our preparations for IPO readiness are going to plan, and we are continuing to monitor market conditions,” Chief Executive Officer Silvio Kutic said on Monday, replying to emailed questions from Bloomberg News. “A potential IPO is one of our main priorities and a logical step in securing capital for further growth.”

Infobip also recently acquired Shift Conference, a cloud communications company, and the world’s leading text message firewall provider, Anam Technologies.

“The U.S. remains one of our key regions for growth,” Kutic said. “We are continuously monitoring the market and looking for potential targets.”

The Vodnjan, Croatia-based company provides systems for companies to communicate with their clients as well as tools for authentication, security and support. Its revenue reached 1.2 billion euros ($1.28 billion) last year, buoyed by acquisitions that allowed it to process more than 350 billion customer interactions across all of its communications channels.

Infobip earlier this year opened a campus in Zagreb, the company’s biggest innovation center. The $21 million, eight-story building can accommodate 800 employees.

The company is working on a way for users to cut down the number of platforms and apps they communicate on. It wants to enable companies to communicate with customers via their favorite messaging app, at the same time allowing for exploration as well as product advice.

“Our next big thing is something we like to call ‘death of an app’,” said Ivan Ostojic, the company’s chief business officer. “The solution is to streamline communications so we can create end-to-end customer journey within any channel customer uses.”