With the transaction, the products of Fitek will become available in Serbia and Bosnia and Herzegovina, plus the export markets of Montenegro, Macedonia, and Croatia, according to the Estonian company.
Fitek and New Image are both well positioned to exploit European Union Directive 2014/55/EL which mandates that all EU businesses engaged in state tenders must be ready for e-invoicing by November 2018. As Serbia progresses on its path to EU membership, Fitek and New Image products will help their clients meet EU standards for transaction speed and transparency, the Estonian fintech company claimed.
The partnership means Fitek Group now operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina, and exports its services to 11 countries. The group employs 240 people and its annual turnover exceeds EUR 20 million (USD 24.5 million).
The price of the deal was not disclosed.
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