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Croatian software company Infobip plans more acquisitions, says IPO plan is on track

(Bloomberg) — Croatian IT company Infobip Ltd. is planning more acquisitions as it expands in the U.S. and remains on track for a potential initial public offering next year.

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Infobip, which helps companies like Uber Technologies Inc. manage customer communications, bought four companies in 2021, including Peerless Network Inc. voice solutions company and mobile messaging system provider OpenMarket.

“Our IPO preparations are progressing as planned and we continue to monitor market conditions,” CEO Silvio Kutic said Monday, responding to emailed questions from Bloomberg News. “A potential public offering is one of our main priorities and a logical step in securing capital for further development.”

Infobip also recently acquired Shift Conference and the world’s leading text messaging firewall provider, Anam Technologies.

“The United States remains one of our key growth regions,” Kutic said. “We constantly monitor the market and look for potential targets.”

Headquartered in Vodnjan, Croatia, the company provides systems for businesses to communicate with customers, as well as authentication, security and support tools. Its revenues reached 1.2 billion euros ($1.28 billion) last year, with the increase in revenues driven by acquisitions that have enabled the company to handle more than 350 billion customer interactions across all communication channels.

Earlier this year, Infobip opened a campus in Zagreb, the company’s largest innovation center. The eight-story, $21 million building can accommodate 800 employees. The company employs over 3,600 employees around the world.

The company is working on a way that will allow users to limit the number of platforms and applications they use to communicate. It wants to enable companies to communicate with customers through their favorite messaging app, while enabling product exploration and advice.

“Our next big thing is what we like to call ‘the death of the app,'” said Ivan Ostojic, the company’s chief business officer. “The solution is to improve communication so that we can provide an end-to-end customer journey across whatever channel the customer uses.”

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