Fitek acquires 50 percent of Serbian e-invoicing company New Image

Tuesday 20 March 2018 00:20 CET | News

The Estonian financial service automator and fintech company Fitek Group has acquired 50% of the Serbian business New Image, a provider of e-invoicing solutions in Serbia and Bosnia and Herzegovina.

The partnership allows Fiteks customers in the Baltic states access to New Image products, and products of Fitek will gain entry to Serbia and Bosnia and Herzegovina, plus the export markets of Montenegro, Macedonia, and Croatia. The business will operate in new markets under the Fitek brand.

New Image said that clients of New Image will benefit from Fiteks track record in the public sector, telecom, utilities, and banking.

Fitek and New Image are both well positioned to exploit the European Union directive which mandates that all EU businesses participating in public procurements 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 the EU standards concerning transaction speed and transparency.

While the government of Estonia already uses Fiteks purchase invoice solution to handle its invoices, the parties now look to offer the same services to the governments of these new markets.

Following the formation of the partnership, Fitek operates in Estonia, Latvia, Lithuania, Slovakia, Serbia, and Bosnia and Herzegovina, and exports its services to 11 countries.

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Keywords: Fitek, New Image, acquisition, Serbia, Bosnia and Herzegovina.
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech