DUBLIN, ireland - june 2023

United Star Software Limited (“United Star Group” or “USG”), the digital transformation focused consolidation company, today announces two acquisitions (the “Acquisitions” or “Transaction”) aligned to its growth strategy.

The transaction creates a significant player in the Enterprise Transformation Market, with global clients and over 180 software engineers across Europe; by acquiring:

  • Badin Soft, of Niš, Serbia with over 160 professionals. Founded in 2016, Badin offers software development and innovation consulting to large enterprises and commercial clients

  • BrainIT, of Zagreb, Croatia with over 20 professionals. Founded in 2018, BrainIT develops software for both commercial clients and rapidly scaling ventures

Areas of expertise of the pro-forma group include Digital Product Strategy & Design, Data Infrastructure & Analytics, AI & Machine Learning, Agile Application Management for Continuous or Distributed Agile Delivery as well as Quality Assurance.

“We are excited to have acquired these high-calibre and complementary teams in line with our M&A strategy. USG remains committed to preserving their respective unique cultures and talent that have been key drivers to their continued success. We will support the already best-in-class management teams with advanced capabilities and expertise to supercharge their growth and hone-in capabilities across the group to better add-value for USG clients. CEE remains our region of focus for M&A, as it is a breeding ground for some of the highest quality developers globally. USG targets reaching over 1000 developers by the end of 2024 from both organic and inorganic growth.”

– Tomaž Sešek, Chief Executive Officer of USG

In aggregate the acquired companies are expected to generate Revenues of €9.0m (growing 40% YoY) and EBITDA of €1.5m (growing 30% YoY) in 2023 respectively. The acquisitions will be funded through equity capital as well as the issue of shares in USG. The transaction is anticipated to close in June.

Transaction Rationale

  • Vastly increased global scale for consolidated group

  • Strengthens the market positioning and go-to-market strategy of USG companies

  • Complementary customer mix which establishes USG as a leader in key verticals

  • Brand consolidation and value accretion

  • Cutting edge expertise in new technologies (i.e. IoT, Visual AI, Embedded Systems)

  • Significant and visible revenue synergies

  • Formation of one of Europe’s preeminent integrated digital engineering consultancies offering end-to-end transformative solutions to enterprise clients

In Summary

  • The highly complementary acquisitions will lay the foundation to USG’s capability-set to meet the rapidly growing demand to engineer cutting-edge transformative digital products and infrastructure for global enterprises

  • USG top industry verticals will become Financial Services, Healthcare, Technology, Media & Telecom

  • The transaction supports USG’s organisational objectives to aggregate the highest quality development talent across the CEE region, thereby strengthening its’ client proposition

About United Star Group

USG is purely focused on software development and digital transformation firms delivering mission critical and key infrastructure software projects for Enterprise Clients via a primarily nearshoring model whereby customers outsource certain elements of technology development with the option of receiving ongoing support and maintenance. USG targets development firms across Central & Eastern Europe with (i) a track record in demonstrated technical and domain excellence; and (ii) delivery of the highest quality solutions with an unwavering commitment to visible value addition, to their clients.

USG is led by Tomaž Sešek (an industry veteran with over 30 years of operational and consulting experience in the management of technology companies and software development across firms such as Adacta, SRC and Stern Stewart) and Ken Doyle (a fellow industry veteran with 28 years of Finance experience, with the most recent 9 years spent at Version 1, another Digital Transformation company). USG is creating a global digital transformation champion, which aims to achieve sustainable growth by pursuing M&A, developing the current service offering and technical depth while building a deep-rooted presence and leadership positions across international markets.


Moore Stephens Revizija i Računovodstvo doo (Serbia) and GRUBIŠIĆ & Partners (Croatia) acted as finance and tax advisors and Philip Lee LLP (Ireland), Janković Popović Mitić (Serbia) and Mišković & Mišković (Croatia) as legal counsel to United Star Group.