EBRD Finances Development of Serbian IT Industry – HTEC Gets Loan for First Software Engineering Project in Western Balkans

HTEC, the leading international software developer and technology research and development (R&D) services provider, is boosting its business by entering into a partnership agreement with the European Bank for Reconstruction and Development (EBRD) through a EUR 12 million loan. The loan is 50 per cent co-financed by the Enterprise Expansion Fund (ENEF), an entity that finances small and medium-sized enterprises with high growth potential to support the development and expansion of their businesses, the EBRD announced.

HTEC is a Serbian company with headquarters in San Francisco, United States, and an expanding network of R&D offices in south-eastern Europe. HTEC provides services to a number of international clients ranging from blue chips to high tech start-ups in sectors such as retail, healthcare, transportation, logistics, digital media, telecoms and financial and payment services, where state-of-the-art IT solutions play an essential role, especially in light of the coronavirus pandemic.

The loan will support HTEC’s growth and development program, the first phase of which envisages the acquisition of the Serbian IT company Execom. The combined company will have a workforce of 600 engineers working on product development, cloud platforms, web and mobile technologies, artificial intelligence as well as hardware engineering.

The EBRD says that, for them, this is an opportunity to work with a leading technology consulting and engineering R&D company and participate in the development of Serbia’s IT industry, a major contributor to the country’s GDP.

HTEC

EBRD

Execom

Enterprise Expansion Fund

cloud platforms

web technologies

mobile technologies

artificial intelligence

hardware engineering

IT industry

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