Infobip will use the investment to help build its presence in North America and accelerate its growth through strategic acquisitions ahead of a possible US-based initial public offering, the company said.
The deal – which OEP calls a “major strategic investment” – values the company at more than $1 billion and was Infobip’s first external round of funding, according to Reuters.
Headquartered in Vodnjan-Dignano, Croatia, Infobip is a software company that provides Communication Platform as a Service (CPaaS) for a number of cloud-based enterprise platforms, including Uber, Costco, and Unilever. Infobip’s core offering is centered around omnichannel marketing; that is, it allows companies to interact directly with customers through text messages or third-party apps like WhatsApp.
The company generated €602 million (US$709.8 million) in 2019 revenue, with a compounded annual growth rate of 48 percent over the last decade.
Infobip has operations in over 60 locations worldwide and more than 600 direct connections with mobile network operators (MNOs). The company is run by co-founders Roberto Kutić, Izabel Jelenić, and CEO Silvio Kutić
Infobip Investment: “Interaction 4.0”
Chip Schorr, senior managing director at OEP, commented on the deal:
“Together, we have a shared vision to further accelerate Infobip’s pre-IPO growth in North America and globally by executing a series of identified strategic acquisitions. We have been deeply impressed with this team, and believe it has built a world-class, SaaS-enabled communication platform, powering richer customer interactions for leading global enterprises, while also optimizing performance for its MNO partners.”
Silvio Kutic, CEO of Infobip, added:
“OEP has deep experience driving transformative growth in the businesses in which it invests, and we’re thrilled to partner with this unique team as we expand Infobip. We believe that conversational user interfaces are transforming the way we interact with digital services, and this will forever change the way we interact with the world around us. We’re headed towards a new era – which we call ‘interaction 4.0’ – replacing the need to browse the web or download an app with conversational interaction as the heart of communication. We plan on being at the forefront of this era, and this investment from OEP will help to get us there."
OEP’s Investment History
One Equity Partners has extensive investment experience in the global telecom and enterprise software sectors. In January, the firm invested in New York’s Computer Design & Integration, a major IT solutions provider with hybrid cloud and service management expertise.
In March, OEP acquired German IT consulting services provider and hardware reseller MCL Computer & Zubehör GmbH.
The private equity firm was founded in 2001, and spun out of JP Morgan in 2015.