M&A advisory services in Croatia

Croatia has established a track record of high-profile technology exits, with Photomath's acquisition by Google and Algebra's continued growth signalling sustained international acquirer appetite for Croatian software and AI assets.

Rimac Automobili, Infobip and Microblink have attracted the attention of global PE and strategic buyers, putting Croatian M&A processes on par with far larger markets in terms of buyer sophistication and valuation benchmarks.

Flow advises both bootstrapped and venture-backed Croatian founders through their exit - bringing a strong PE and strategic acquirer network, a lean end-to-end advisory process and KPI-driven preparation designed to maximise deal value and certainty.

Croatia tech M&A deals in the last 12 months

$232M

Croatia median tech M&A valuation

Croatia median tech M&A revenue multiple

$232M

Croatia biggest tech acquisition in the last 12 months

Selling your tech company in Croatia

Croatian M&A follows European mid-market conventions with country-specific overlays around notarised closings, EU-aligned FDI screening and the corporate participation exemption.

Completion accounts and locked-box

Croatian private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors.

W&I insurance is growing

Warranty & indemnity insurance is becoming more common in Croatian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller.

FDI screening

Croatian FDI screening requires notification of acquisitions by non-EU investors of Croatian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions to scoped transactions.

Capital gains for founders

Croatian individuals are taxed on share disposal gains at 10% (capital income flat rate) for unlisted shares held more than two years. Holding-company structures used to defer or reshape the tax bill - worth planning ahead of a sale.

Corporate participation exemption

Sales of subsidiary shares by a Croatian corporate seller can benefit from the participation exemption - typically requires substantial holding and the subsidiary being a qualifying entity. Often drives whether a transaction is share or asset-structured.

Merger control and notarisation

Croatian Competition Agency (AZTN) reviews transactions where parties' combined worldwide turnover exceeds HRK 1bn / EUR 132M and at least one party has substantial Croatian turnover. Most tech deals don't trigger. Croatian d.o.o. and d.d. share transfers require notarisation.

Recently acquired tech companies in Croatia

Biggest M&A recently in Croatia was a $232M acquisition of Metus by Civinity in May 2026.

See all M&A deals in Croatia

		Description	Buyer
May-26	Metus	Metus provides engineering, project management, and technical solutions to industrial sectors.	Civinity	$232M	-
Mar-26	DOK-ING	DOK-ING is a privately owned Croatian manufacturer of robotic and special-purpose systems founded in late 1991. The Zagreb headquarters features a 15,000-square-meter facility for production and services, with additional sites in Slunj, a U.S. branch, and DOK-ING Africa for mining; the firm employs 220 people. Starting with demining projects, DOK-ING supplies over 250 light and medium demining machines to more than 20 countries, serving governments, NGOs, and operators via R&D ties with the Croatian Ministry of Science, University of Zagreb, and Geneva International Centre for Humanitarian Demining.	Rheinmetall	-	-
Feb-26	Gamepires	Gamepires is a video game studio crafting titles with photorealistic graphics and immersive gameplay. Based in Serbia, it specializes in PC and console releases like WWII tank simulators and survival adventures. The team collaborates on Unreal Engine projects for historical and action genres distributed via Steam.	Splash Damage	-	-
Feb-26	ITI Computers	ITI Computers is a Croatian IT company providing software development, consulting, and technology distribution to businesses.	SWEN	-	-
Dec-25	Webpower Adria	Webpower Adria is a regional marketing automation provider serving the Adriatic market with tools for customer engagement and campaign management.	Spotler	-	-
Nov-25	DignetSoftware	DignetSoftware is a Croatian software development firm delivering web applications, business intelligence solutions, ERP systems, and Microsoft Dynamics services.	Digmatix	-	-
Aug-25	Software Sauna	Software Sauna is a Helsinki-headquartered firm specializing in high-traffic web applications and scalable distributed infrastructures. The company builds solutions for e-commerce, gaming, and SaaS platforms using Node.js, React, and cloud services like AWS. It delivers full-stack development, DevOps automation, and performance optimization to handle millions of users across global deployments.	Witted Megacorp	-	-
Jul-25	Signalinea	Signalinea is a road safety technology provider based in Slovenia supplying road markings, traffic signs, restraint systems, and intelligent transport solutions. The company equips highways and urban roads with durable markings, variable message signs, and guardrails across Europe.	Saferoad	-	-

Who is buying tech companies in Croatia?

Witted Megacorp, Digmatix and SWEN are the most active acquirers in Croatia.

See all acquirers in Croatia

	Description	Key acquisitions
Witted Megacorp	Witted Megacorp PLC is a software development company that provides software development consulting and project deliveries, as well as growth consulting and recruitment services to support the customer's own software development.	Software Sauna	1
Digmatix	Digmatix is a specialist in Microsoft Dynamics 365 implementations, ERP and CRM systems, AI-driven automation, and cloud migrations for business optimization.	DignetSoftware	1
SWEN	-	ITI Computers	1
Rheinmetall	Rheinmetall is an international group active in various markets with leading technological products and services. The sales focus is on the security technology and mobility segments. Since February 2021, the group structure has been made up of five divisions-vehicle systems, weapons and ammunition, electronic solutions, sensors and actuators, and materials and trade. The vehicle systems, weapons and ammunition, and electronic solutions divisions are among the defense and security industry's leading suppliers of innovative products to German and international defense forces. The sensors and actuators and materials and trade divisions' core area of expertise is the reduction of emissions, pollutants and fuel consumption.	DOK-INGMuni BerkaSTASCHEIT Kampfmittelräumung+1	1
Civinity	Civinity is a real estate firm handling construction, property management, and maintenance services. Operating in Europe, particularly Spain, the company oversees residential complexes, commercial buildings, and urban developments with integrated facility services.	Metus	1
Saferoad	Saferoad is an Oslo-headquartered supplier of road infrastructure products founded in 2007. The company manufactures crash cushions, delineators, and bridge expansion joints, installed on highways in Norway, Sweden, and the UK. It operates 20 factories across Europe, serving national road authorities with solutions tested to Euro NCAP standards. Saferoad delivers variable message signs and guardrails for over 1,000 km of roadways annually.	SignalineaTubosider FranceTrafikkDirigering	1
Splash Damage	Splash Damage is a video game developer known for multiplayer titles like Wolfenstein: Enemy Territory, Brink, and Dirty Bomb. Bromley, UK-headquartered and owned by Xuanyuan Network since 2017, the studio creates free-to-play shooters with class-based gameplay for PC and consoles.	GamepiresBulkhead Interactive	1
Spotler	Spotler is a Dutch marketing automation provider offering email, SMS, and cross-channel campaign tools for mid-market businesses. Its platform supports lead nurturing, segmentation, and analytics, integrated with CRMs like Salesforce and HubSpot. Headquartered in Utrecht, Spotler serves clients across Benelux and Scandinavia, including Rabobank and bol.com. Founded in 2004 as Email Plus, it now handles 1.5 billion emails yearly with GDPR-compliant data management.	Webpower AdriaCapital IDOBI4wan+1	1
Marlink	-	DivertoPort-ITITC Global+1	1
IN2 Group	IN2 Group is a Zagreb-headquartered software development firm delivering bespoke applications, proprietary products, and standard business systems implementation across Europe. The company focuses on enterprise resource planning, customer relationship management, and workflow automation solutions for sectors including manufacturing, retail, and logistics. With over 25 years in operation, IN2 Group supports more than 300 clients through services encompassing custom coding in Java and .NET, cloud migrations to Microsoft Azure, and 24/7 maintenance contracts. Notable implementations include ERP systems for Croatian retail chains and inventory management tools for regional manufacturers.	Jadran Informatika	1

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Croatian companies.

Access to relevant buyers

We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.

No corporate red tape

We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.

Thorough preparation

KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.

Optimize value, not valuation

Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.

We provide M&A advisory services across Croatia and beyond

Sector expertise

Explore our M&A advisory offering across a variety of tech sectors in Croatia.

Software

Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML

Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech

Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet

Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media

Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces

Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products

Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility

Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health

Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology

Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure

Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services

Software development and testing, digital transformation, cloud services, advertising agencies, IT support services

Selected case studies

We've closed sell-side and buy-side transactions across European, US and emerging-market tech.

Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.

See all case studies

We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.

Recently completed M&A advisory projects

Selected M&A transactions and prior deal experience.

M&A

Polish publicly listed diversified industrial firm

M&A

German email marketing software platform

M&A

German software testing provider

M&A

Leading provider of testing, inspection, and certification services

M&A

Spanish neobanking platform for Gen Z and Millennials

M&A

Online price comparison and booking platform for rental cars

M&A

Digital testing, cybersecurity, content and digital forensics provider

M&A

Online casual dating platform for curious individuals

M&A

European DAM software provider

M&A

$3bn acquisition by Blackstone. Family of online dating brands (Badoo, Bumble, Chappy, Lumen).

M&A

€135m acquisition by Takeaway. Leading B2B online food delivery platform in Israel.

M&A

€80m acquisition by Zur Rose. Online e-commerce platform for pharmacy, beauty and wellness.

M&A

$200m acquisition by EMK. World's largest data collection and transformation platform.

M&A

Acquisition by ProSiebenSat.1 / General Atlantic. Online marketplace for household products and services.

M&A

€300m acquisition by Oakley Capital. Leading European online matchmaking platform.

M&A

Acquisition by Axel Springer. Leading Israeli online classifieds platform (jobs vertical).

M&A

$800m acquisition by Adobe. Marketplace for royalty-free images, graphics and HD videos.

M&A

€80m acquisition by Lifull. Spanish vertical search engine for real estate, cars and jobs.

M&A

Acquisition by Oakley Capital. Italy's largest online car insurance, gas and electricity brokerage.

Strategic Advisory

Strategic advisory. Cashless mobile taxi app connecting passengers to nearby taxis.

M&A

Acquisition by IAC. Digital social media platform for Q&A.

M&A

$228m acquisition by Axel Springer. Israel's leading classifieds and advertising portal.

M&A

Acquisition by Quant. Turkish membership-based daily deals site.

M&A

€320m acquisition by Bonnier. Pay television company across the Nordic region.

Minority Acquisition

€290m minority acquisition by News Corp. German direct broadcast satellite Pay TV (DACH).

M&A

€3.2bn acquisition by ProSiebenSat.1. European media group (TV, radio, print).

M&A

€3.1bn acquisition by KKR and Permira. German mass media and digital company.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional M&A advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and navigate complex transactions.

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M&A advisory services in Croatia