The financial service automator and fintech company Fitek Group has purchased 50% of the Serbian business New Image, which offers e-invoicing and digital printing solutions in Serbia and Bosnia and Herzegovina. The business will operate in new markets under the Fitek name.
The partnership allows Fitek customers in the Baltic states access to New Image products, and Fitek’s products will gain entry to Serbia and Bosnia and Herzegovina, plus the export markets of Montenegro, Macedonia, and Croatia.
Kaur Lohk, Fitek Group management member: “We took shares in Serbia’s New Image in order to widen Fitek’s presence in Europe. We’re taking part in a modern business which offers invoice-sending services in the Balkans. New Image’s smart bill solution is customizable for a client’s needs and collects all billing information and forwards e-invoices in both digital and analog channels.”
New Image’s General Manager says his clients will benefit from Fitek’s history in the public sector, telecom, utilities, and banking. “We’ll also be offering the FitekIn platform,” says General Manager, “a full-service purchase invoice solution which significantly reduces the manual labor of bookkeepers. When you accelerate financial transactions, you lower the cost of doing business, and you also free up your financial team to concentrate on bigger-picture issues.”
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 Government of Estonia already uses Fitek’s purchase invoice solution to handle its invoices,” notes Lohk. “We look to offer the same services to the governments of these new markets.”
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 with an annual turnover exceeding 20 million euros.