Serbia-founded HTEC Group acquires software company Mistral Technologies

HTEC Group, a Serbia-founded technology consulting and development company, has acquired Sarajevo-based Mistral Technologies. With the Mistral’s team of 300, HTEC became the largest tech company in Bosnia and Herzegovina, with more than 600 employees there, The Recursive reports. The financial details of the deal are not disclosed.

  • HTEC was founded in September 2008 by Aleksandar Cabrilo and Dusan Kosic in Serbia. Now it is headquartered in San Francisco, with development centers across Eastern Europe, design and consultancy offices in the US, UK, Scandinavia, the Netherlands, and development centers across Southeast Europe. 
  • HTEC’s team now has more than 2,000 employees globally and provides product design and development, hardware and firmware engineering, data science, artificial intelligence, and scalable cloud platforms services.  
  • Previously, in January 2022, HTEC raised $140 million from growth equity investment firm Brighton Park Capital. The funds helped to scale the company’s capacities to serve its growing global customer base through acquisitions and organic growth.
  • Now, HTEC acquires Mistral Technologies, an IT solutions firm with over 300 experts in Bosnia and Herzegovina that provides Product Development as a Service. It was founded in 2011 by Mersed Camdzic in Sarajevo.

“After building a successful business for the last 12 years in Bosnia and Herzegovina, we realized that a partnership with HTEC Group would bring great value both to the market of Bosnia & Herzegovina and to our company,”

Mistral’s co-founder and CEO Mersed Camdzic commented on the deal.
  • The acquisition is set to help Mistral to complement and expand HTEC’s experience in the field of financial technologies, telecommunications, multimedia and other key industries.