March 19, 2018

Fitek Group Expands to New European States

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.

 

Fitek will start incorporating the phrase "Part of Unifiedpost Group” in its logo and communications starting today, in recognition of the parent company’s listing on the regulated market of Euronext Brussels (the “Listing”).

Learn More

Fitek Balkan becomes majority stakeholder of personalized printing and enveloping company Tehnobiro. The deal was finalized on July 6. As a result, Fitek Balkan Ltd will own 51% of the stake and thus become the majority owner of Tehnobiro.

Learn More

1 July marks one year since the state of Estonia started accepting only e-invoices. This move made the state a pioneer in the transition to modern settlement solutions in Estonia; in one year, state agencies have received 370,000 e-invoices from their cooperation partners. Financial technology company Fitek, the operator of e-invoices for state agencies, estimates that the share of e-invoices received by the public sector has more than tripled, reaching 98%.

Learn More