Data Privacy Manager is the name of the personal data management software from Poslovna inteligencija, which has recently operated as an independent startup under the name Legit Software. They separated thanks to a quality team of experts and the vision of leader Marijan Bračić to elevate their story about privacy and data protection to a higher, global level. This marks the beginning of their efforts to become a new Croatian unicorn valued at one billion dollars within the next five years, for which the separation into a separate company was essential.
However, to achieve their ambitious goals, securing investments from venture capital funds is necessary for further growth and development, for which Dražen Oreščanin, the current CEO of Poslovna inteligencija, will be responsible as a member of the Management Board of Legit Software. He is currently in Washington at the SelectUSA Investment Summit, where he is presenting the new startup Legit Software to investors.
– The pitch went great and the hall was full! The jury had good questions, and after the session, we have inquiries from potential partners from Thailand, South Africa, Italy… On Wednesday, we will find out which of the 11 software companies won the pitch; based on what we saw, there were good pitches, but we have a chance! – Oreščanin wrote on his Facebook profile.
Due to his significant engagement in Legit Software, Oreščanin plans to hand over his position at Poslovna inteligencija at the end of the year to one of the other Management Board members – Anita Cvetić Oreščanin, Lidija Karagi, or Slađana Krpić. However, he emphasizes that who will be in that position is much less important than the fact that the Management Board of Poslovna inteligencija ‘truly makes all important decisions collectively’ and that the CEO is merely ‘the first among equals’.
– I am leaving this position because the development of Legit Software’s business will be a role that will require much more than normal working hours in the future, and I need to focus on it completely. The time until the end of the year is a transitional period in which the things I am currently doing at Poslovna will be taken over by my colleagues from the Management Board Slađana, Lidija, and Anita, so I will not disappear from my current role overnight – explains Oreščanin, who will also be responsible for expanding the partner network and sales activities towards large global corporate clients in the newly established startup.
The combination of technology and law
Unlike Poslovna inteligencija, which operates as a consulting company that develops and customizes analytical solutions for clients, the business model of Legit Software is, as the name suggests, software development and subscription sales, which is why all aspects of the business must be scalable and adaptable to the global market.
As explained by Marijan Bračić, who will determine the direction of product and company development as a member of the Management Board of Legit Software, privacy and data protection is a broad area with many opportunities for positioning, and their vision is broader than what they currently do.
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—– At Legit, we combine law and technology to help clients prepare for the wave of global regulations in the field of data and artificial intelligence. Successfully positioning any product in the global market sounds like a fairy tale, but it is extremely demanding from any perspective; functional, legal, tax, linguistic, and cultural. In addition, we plan to be a globally recognized center of excellence for data protection, and later for a broader area of regulatory technology, which only makes sense if we are an independent company whose every part is focused on that vision – describes Bračić.
One of the key reasons for their separation was also easier access to investments, he adds, as well as the introduction of key members of the Data Privacy Manager team into the ownership structure of the new company.
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—– These are the people who are responsible for the successes so far, but also key to the future success of the company – says Bračić about the current team of about 30 employees, which is expected to grow to 300 within four years through planned scaling of the business, which, given the labor shortage in the IT sector, is also the biggest challenge for the company.
Faster growth than the market
Oreščanin, on the other hand, has no doubt that they will succeed in this. He also believes that their product competes with the best in the world, which is confirmed not only by reports from significant market analysts Gartner and Forrester but also by the fact that some of the leading global corporations are already using their software.
– The market in which our product Data Privacy Manager is located is one of the fastest-growing segments of the software market, growing at a rate of over 40 percent annually, and by 2029 it will be worth over 29 billion dollars. We will certainly grow faster than the market itself with the help of investors, especially since our leading global competitor, the American OneTrust, is in quite a serious crisis and recently announced that they are laying off 25 percent of their employees – adds Oreščanin.
As an independent and smaller company, Legit Software will now be freer to create a culture dictated by their vision.
– We want to explore the latest technologies and apply them for good, we want to do business ethically and help our clients operate ethically. We want to protect human rights, such as the right to privacy in the digital world. We want to help others develop ethical artificial intelligence and we want a culture of open data and less technological-psychological manipulation of consumers – concludes Bračić.
