Croatian business process outsourcing services provider Meritus Ulaganja (M+ Group) said that its Meritus Upravljanje unit plans to establish a 51/49 joint venture company with U.K.-based Concentric Technologies in a transaction valued at EUR 8 million (USD 9 million), local portal SeeNews reports.
The new company will be established in Croatia. For the purpose, Meritus Upravljanje and Concentric Technologies have signed an investment agreement and an agreement on the regulation of relations of the shareholders.
Under the agreement, each party will allocate its IT business to the capital reserves of the new JV company. The completion of the transaction is pending the required legal and shareholder approvals.
Concentric is a leading customer interaction software solutions provider, present in the United Kingdom, Hungary, Romania and the United States. M+ Group currently provides services to more than 220 clients from 58 countries, SeeNews says.