Acquisitions in Serbia

United Group, majority owned by BC Partners, agreed to sell SBB doo Belgrade (SBB Serbia) to e& (Etisalat) PPF Telecom B.V. In a separate transaction, United Group agreed to sell its NetTV Plus business and its Western Balkans sports broadcasting rights to Telekom Srbija. The combined enterprise value of the transactions is stated as €1.5 billion, with closing expected in H1 2025 subject to regulatory approvals.

Culture Amp announced it intends to acquire Orgnostic, a Belgrade-based people analytics platform founded in 2019. The deal will integrate Orgnostic’s data engineering and people insights capabilities into Culture Amp’s AI-driven employee experience platform to expand accessible, multi-dimensional people analytics for customers.

HTEC, a digital product development and engineering services company based in San Francisco, announced the acquisition of SYRMIA, an embedded software engineering company headquartered in Belgrade, Serbia. The deal expands HTEC’s capabilities in embedded software and core AI/machine learning technologies and supports its broader growth and expansion strategy across high-tech end markets such as automotive and multimedia.

Noventiq announced it has signed an agreement to acquire a majority stake in Belgrade-based Saga Group, a Serbian software and digital solutions provider. The deal expands Noventiq’s presence in Central and Eastern Europe and adds over 400 staff, along with Saga’s proprietary digital banking and AI products, to Noventiq’s global portfolio.

DataArt, a global software engineering firm headquartered in New York City, acquired Belgrade-based Software Nation as part of its geographic expansion strategy. The deal supports DataArt’s entry into the Balkans and includes establishing a new Serbia office in Belgrade to serve growing regional demand for software development and digital transformation services.

MidEuropa Partners agreed to sell Knjaz Milos, a leading Serbian producer of mineral water and non-alcoholic beverages, to a joint venture between Karlovarske Mineralni Vody (KMV) and PepsiCo. The transaction is subject to customary competition authority clearance and is expected to close in Q3 2019.

MidEuropa agreed to sell Bambi, a leading biscuit and confectionery producer in the former Yugoslavia region, to Coca-Cola HBC AG. The transaction is subject to customary competition authority clearance and was expected to close in Q2 2019.