The Croatian IT company Infinum has taken over the US digital agency ExpandTheRoom (ETR) to strengthen its position on the US market, and it plans further expansion and an annual growth of around 7.3%, Infinum Management Board chair Nikola Kapraljevic said on Tuesday.

Without revealing the value of the transaction, Kapraljevic said the acquisition was realised with own funds and an EBRD loan in the amount of €10.8 million.

He said that Infinum has an office in New York that is recording excellent results and that its latest acquisition is valuable because of expertise and high quality in digital design and other services.

Kapraljevic expects ETR to advance Infinum’s US operations through access to new clients, with emphasis on various digital and software products and services related to artificial intelligence, cyber security, the internet of things and other technological trends.

Infinum plans an increase in revenue this year as well, from last year’s €23 million to 29 million, and it also plans new hiring after the number of employees in Croatia and its seven offices abroad increased to more than 400 with the latest acquisition.

ETR Management Board chair James Cole said that he was satisfied with the deal with Infinum, noting that ETR was established in 1997, and that its clients include Reuters, Citibank, Honda and others.