After more than thirty years of existence, last autumn HSM-informatika, one of the larger Croatian IT companies in family ownership, made its first acquisition. It acquired the company IDE3, gaining around twenty new experts, several developed proprietary solutions, and new customers that would not have existed without this connection. The first few months following their merger focused on unifying internal processes, and the most significant step so far occurred last month with the physical relocation of IDE3 employees to HSM’s office in Budmanijeva Street, Zagreb.
HSM-informatika and IDE3 are still formally two companies, which will produce separate financial reports for the past year, with consolidation only taking place for this year. However, as stated by Jakov Urbanke, HSM’s CEO, preliminary estimates indicate that the revenues of both companies grew by about twenty percent last year. Thus, when the revenues of HSM and all its companies (IDE3, Super IT, and HSM-Informatika Belgrade) are summed up, it amounts to approximately 22 million euros, and when all employees are counted, there are nearly sixty of them.
Growth driven by exports
HSM-informatika generates its largest sales revenue, which amounted to nearly 13 million euros in 2023, through the distribution of software solutions, with Adobe being its main supplier, for which it is the leading independent distributor in Eastern Europe. The second part of the business relates to the implementation of Salesforce CRM and Google Workspace solutions, positioning it as one of the strongest companies in the region. Both segments of the business have been continuously growing for years.
– We see significant potential for further development in the solutions and services offered by IDE3, where we expect the highest growth in the coming years. IDE3 has several proprietary solutions, the most commercially successful of which is the electronic voting system FairVotes, used by many large companies in Croatia, such as A1 and Telemach, as well as associations like the Croatian Employers’ Association. In 2024, the Out-of-Office solution was also launched, which facilitates HR administration for small and medium-sized enterprises. Further development of the application for managing temporary employment agencies is also planned, where we already have several satisfied users. By the end of the year, we plan to have a clear overview of the potential of all the mentioned applications and a long-term development and sales strategy – Urbanke listed.
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