EBRD extends partnership with HTEC through new round of financing

• €60 million EBRD financing to support HTEC’s expansion
• HTEC will use the funds for new acquisitions
• The EBRD continues to foster growth of the technology sector

The European Bank for Reconstruction and Development (EBRD) is stepping up support for the Serbian technology industry by backing HTEC, a Serbia-founded AI-first engineering services and digital product development company.

The Bank is providing a €60 million loan to support HTEC’s expansion through strategic acquisitions that will further improve the company’s positioning in key markets.

HTEC and the EBRD began their partnership in 2020 with a co-financing arrangement alongside the Enterprise Expansion Fund (ENEF), which supported HTEC’s initial acquisition of Execom under its mergers and acquisitions (M&A) strategy. This was followed in 2022 by a second credit line that further advanced M&A efforts.

Matteo Patrone, EBRD Vice President of Banking, stated: “We are delighted to continue our partnership with HTEC, a company we identified and backed early on, during the initial stages of its growth journey. At the EBRD we are committed to helping local businesses evolve into regional and global leaders, and we are proud that our support has contributed to HTEC’s impressive growth into a top technology firm in the region and a global force in engineering services.”

Dusan Kosic, HTEC President remarked that: “One of the key pillars of HTEC’s growth story has been successfully identifying, acquiring and integrating key assets that have contributed through new strategic accounts, increased talent pool, opening new geographic markets and niche capabilities. We will continue this strategy with a special focus on expanding our global AI capabilities, as well as our footprint in Europe. We are grateful to have EBRD as a long-term partner on this journey”.

HTEC exemplifies how digital innovation and strategic support can drive extraordinary growth. Once a Serbian start-up, the company now boasts a team of over 2,500 experts spanning North America and Europe. This remarkable transformation has been made possible, in part, through the committed support of the EBRD through ENEF and SME Advisory, under the EU’s Western Balkans Investment Framework, along with the expertise and guidance of the EBRD.

The EBRD is the leading institutional investor in Serbia, having invested more than €10 billion through 382 projects to date. The Bank’s focus in Serbia is on private-sector competitiveness, the green economy transition and sustainable infrastructure.