Croatian Company Infobip Considers American Stock Exchange

Lauren Simmonds

As Poslovni Dnevnik writes on the 2nd of August, 2019, Infobip, a highly successful Croatian technology company that can boast of clients such as Uber Technologies Inc. and Burger King, is considering listing its shares on the New York Stock Exchange as it plans to expand its business across the Atlantic in the United States of America.

An IPO “is something we’re talking about right now,” stated Silvio Kutić, the co-founder and CEO of Infobip, during a phone interview. “We’re constantly thinking about it and checking when we should go in this direction, maybe in the next few months, half a year, a year… a decision will be made,” he noted.

This Croatian company has gone from strength to strength and provides corporations with the technology to send alerts to customers through various channels, such as WhatsApp or SMS. In March, the company announced that the world famous Uber is using its technology to mask contact information/data when drivers and those needing a ride communicate. The company’s clients include giants like Vodafone Group Plc, Costco Wholesale Corp and Zendesk Inc.

Founded back in 2006, Infobip currently has approximately 1,750 employees who generated about 435 million euros (485 million US dollars) in revenue back in 2018, according to Kutić. Infobip’s employees own ten percent of the shares of the company, and the rest are shared by the three founders of the company.

“In the last two years, we have had about thirty percent of annual revenue growth, and this year we’re accelerating,” Kutić said. The demand for alerts sent by SMS “continues to grow like crazy around the world.”

The sector is highly fragmented. Infobip has strong domestic rivals in countries such as China and Brazil, but Twilio Inc. is currently the largest over in the United States.

The company has stepped up its presence in recent months in the United States by opening up an Infobip office in New York, which is the second in the country, after acquiring the property from Ericsson AB.

“We’re now preparing for our big push,” Kutić said.

“Today, about 35 percent of our revenue comes from American customers, but these are digital Silicon Valley businesses that do business with us around the world. There is much more liquidity and better exposure for IT companies on US stock exchanges. That would be the crown of our business,” concluded Kutić when discussing Infobip’s potential next moves.

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