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Katarina Šiber Makar
Episode · #115

TEHNOBIZ Katarina Šiber Makar

Guest Katarina Šiber MakarHosted by Dražen TomićMay 3, 2026
About this episode
What you'll hear in this conversation

When the Canadian software conglomerate CSI acquired IN2, the Croatian IT company was carrying 56 million HRK in debt. Most acquisitions in this scenario lead to centralized control and imposed management. Yet, Katarina Šiber Makar, then IN2's President of the Management Board, found herself entrusted with a rare mandate: to transform the company into a more organized entity while preserving its entrepreneurial spirit. She shares how this approach — where a global owner provides strategic support and capital without interfering in daily operations — allowed IN2 to clear its debt, achieve record financial results, and expand its reach across the region. Her account offers a clear view into how autonomy, even under new ownership, can drive significant growth and reinvention.

Insights from the conversation
What to take from this episode
01
When CSI acquired IN2, the company carried 56 million HRK in debt. The new owner's first move wasn't just to grow revenue, but to focus on cash flow and collections, making IN2 financially independent. An acquisition can be less about market access and more about a complete balance sheet reset.
02
CSI's core premise for acquisitions is to 'buy and keep forever,' a direct contrast to private equity models focused on resale. This long-term view fundamentally shifts the management's horizon, allowing for sustained development rather than short-term optimization.
03
Unlike many international acquirers, CSI does not install its own headquarters staff into the management boards of acquired companies. This approach acknowledges that local market knowledge and existing relationships are crucial, empowering current leadership to drive daily operations.
04
After its acquisition, IN2 underwent a transformation from an entrepreneurial company to a more organized structure. The goal was to gain stability without stifling the existing entrepreneurial spirit or introducing bureaucracy that would slow processes.
05
CSI's acquisition strategy favors companies with proprietary products over those primarily offering custom professional services. This preference signals a clear focus on acquiring scalable intellectual property rather than project-based client work.
06
CSI provides its acquired companies with expertise, operational support, and capital for further acquisitions, yet local management retains full autonomy over daily operational and tactical decisions. The parent company sets high-level business goals, but trusts local teams to execute them independently.
07
IN2's recent projects include the e-environment system for Slovenia and complex healthcare initiatives like a central vaccine distribution system. These public sector engagements demonstrate the company's capability in delivering critical national infrastructure.
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