ADVANS Group raised 50 million EUR and is interested in M&A in tech industry globally and in Serbia

With more than 1,000 engineers now, the Group plans to employ 350 more within a year.

Press Release

Belgrade, May 16th 2023


Having reorganized its capital structure, ADVANS Group raised 50 million EUR to support its further growth and M&A activities in Serbia and globally. Companies of focus of interest of ADVANS Group are those which provide professional engineering services related to hardware, software or mechanical systems, that is IT industry from concept to product.


ADVANS Group is a services engineering group specializing in the fields of embedded systems, application software and mechanical design, founded in 2000 by Radomir Jovanovic. The group has developed specific multi-sector know-how, with centres of excellence in the fields of semiconductors, energy, and transportation. Present in France with 9 locations, the group also has 3 technical centres in Serbia to serve international customers, as well as subsidiaries in the United States and in Portugal. From its design offices, its skills and service centres, or directly on customer sites, ADVANS Group supports major European and American industrial groups in very specialized technical projects.


“Pursuing engineering excellence and challenging the technological status quo together with our partners, clients and engineers have always been our core motivator for growth.  Today with raise of €50 million in capital, we look even further and aspire to join forces with likeminded tech service companies on both global and the Serbian market, which is known for its quality, reliability and significant potential.” – stated Radomir Jovanovic, CEO and founder of the ADVANS Group.


With an organic growth of around 10% per year, ADVANS Group has demonstrated the solidity of its business model. The group achieved a turnover of €84 million in 2022 and employs more than 1,000 engineers, 300 of them being located in Serbia. ADVANS Group’s ambition is to double its turnover by 2026. To achieve its objectives, the group can rely on the highly sought-after expertise of its engineers and is implementing a recruitment plan for 350 engineers within a year across the markets where it operates. It also wishes to accelerate its development with a strategy of targeted external growth through M&A that would allow it to extend its geographic footprint and its range of skills.


Combining technical expertise and industry know-how, ADVANS Group represents an outsourced engineering group whose engineers are involved in the entire development cycle of complex systems within numerous areas – aerospace, defence, energy, IoT, medical, tertiary sector, semiconductor, transportation etc.


Energy transition requires electronics and software advancement:


ADVANS Group operates in very dynamic markets which will continue to drive its growth. On one hand, the need for high-level technological expertise and the difficulties in terms of human resources lead large manufacturers to outsource their R&D, such as the design or testing of telecom equipment chips (deployment of 5G), etc. On the other hand, reducing the environmental footprint cannot be achieved without innovation in electronics and software. ADVANS Group is thus working on many projects related to environmental transition, such as charging stations for electric vehicles, public transport powered by hydrogen energy sources, or even domestic equipment accumulating energy during the day to redistribute it in the evening during network load peaks.


About ADVANS Group:


Founded in 2000, ADVANS Group is a reference technological partner, specialist in the engineering of electronic, software and mechanical systems.


ADVANS Group brings together three companies: ELSYS Design (design of embedded electronic systems), AViSTO (software development), MECAGINE (mechanical design) and four international subsidiaries. The group is present in France, Serbia, Portugal and the United States. International subsidiaries include:  ELSYS Eastern Europe and AViSTO Eastern Europe in Serbia with three centers of excellence in Belgrade, Novi Sad and Nis ; ELSYS America in San Jose, California, US, and ADVANS Portugal in Lisbon, Portugal.


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