Croatias M+ Group buys 51% stake in software firm Bulb for €7mn
Summary
Croatian business process outsourcing services provider M+ Group said it has signed a deal to acquire a 51% stake in local software company Bulb through its subsidiary Meritus Upravljanje for €7mn. South Central Ventures’ Enterprise Innovation Fund (ENIF) has already invested significant funds in Bulb, while private equity firm Mid Europa Partners has invested into M + Group with the aim of globalising the business and leading in new technologies, according to Bulbs post. M+ Group, which is owned by Meritus Ulaganja, will buy the shareholding interest in Bulb from the companys co-founders, Vedran Rezar and Neven Stipcevic. Over the past period, Bulb has gained strong references in the regional market as a company that delivers advanced and reliable software solutions from the CEM segment. We’re excited this value has been recognised by M+ Group and I believe the partnership between the companies will result in the accelerated growth of Bulb and consequently in an increased value for all the shareholders.