Croatian IT company Undabot lost a key client, announced that they are closing their doors

The Croatian IT company Undabot has announced that it is closing its doors due to the sudden loss of a key client.

– This decision is primarily the result of the sudden decision of our largest client CLIQ to completely stop cooperation, which directly led to the loss of the largest part of our business – executive director Hrvoje Kapetanović confirmed the news for Netocracy.

The company has achieved great growth over the years, and at the end of 2023 it was included in the top 10% of B2B companies in the world according to the Clutch platform. They had plans to expand their office in Osijek and extended their services to consulting and AI integration. However, the loss of a key client and the turbulent state of the market proved to be decisive for the business that lasted for 12 years.

Captainsć also explained how the challenging market additionally contributed to the shutdown of the company.

– In combination with the extremely unstable and challenging situation on the market, which we have all witnessed in recent years, it became clear that in these conditions, unfortunately, it is not feasible to continue Undabot’s business – Kapetanovi said.

Undabot has worked with many prestigious clients around the world, including Coca-Cola Hellenic Group, Foreo, Styria Media Group, Njuškalo and Nova TV. They designed their projects specifically for each client, emphasizing quality and customized solutions.

At a meeting with the media in June 2023, on the occasion of the 10th anniversary of the business, Kapetanović emphasized the company’s resilience and positive growth trend.

– Crises come and go. I believe we are resilient. Big companies react so that, as soon as the market shakes a little, they immediately fire people. We take great care of our people and we will continue to do so because it makes us more resilient to the crisis – Kapetanovi said at the time.

During 2023, the company generated revenue of 4.8 million euros, a significant increase compared to 3 million euros from the previous year. Their profit increased from 186 thousand euros to 875 thousand euros.

Although they prided themselves on successfully resisting layoffs in the IT sector, Undabot eventually became a victim of global economic challenges.