Vladan and Nikola Balaban first honed their competitive edge on the ice, perfecting teamwork and resilience. Today, they are the driving force behind a family-founded Serbian ERP powerhouse.
By partnering with Seyfor, they’ve set their sights on expanding across Southeast Europe and beyond.
Could each of you say something about the other?
Vladan (V): Nikola is my brother, my business partner, and my best friend. There's only about a year and a half between us, and we've been close since childhood - playing ice hockey, traveling, and studying together. He's quieter, more structured, and handles operations, while I focus on strategy, business development, and marketing. We've worked side by side for almost three decades.
Nikola (N): He's a true visionary - strategic, socially smart, and quick to spot opportunities before anyone else. Sometimes he moves so fast I struggle to keep up, but after all these years, we've become perfectly in sync. In the end, we both want the same thing: to keep growing our company, our people, and ourselves.
How did ice hockey shape your approach to business?
V: Hockey taught us discipline, resilience, and teamwork. Nikola was a goalie - calm under pressure - while I played forward, always pushing ahead. That contrast carries into business: he's analytical, I'm constantly in motion. We still sponsor our local youth team, HC Vojvodina, as a way to give back to the sport and community that shaped who we are.
N: Exactly. Hockey and business have a lot in common. You learn to adapt, accept setbacks, and keep moving forward. Those lessons helped us build M&I Group and still shape how we approach challenges and growth.
Tell us about the history of M&I Systems.
V: Our father, Professor Dr. Nedjo Balaban, was a pioneer in IT and organizational theory at the University of Novi Sad. He founded M&I (Management & Information) in 1991 during a turbulent period for the former Yugoslavia, to support us financially while we studied and played hockey in the U.S. He had to register the company under our names due to regulations, but he was the real founder. When we returned around 2000, we took over daily management, while he remained our mentor and chairman. He laid the foundation for how IT and management could work together - and that's still at the heart of our philosophy today.
N: Initially, we tried reselling SAP and other ERP solutions, but due to sanctions, those companies avoided the region. So, we built our own ERP system - which became our biggest advantage. We were among the first local software providers in the Balkans. After the early 2000s privatization wave, demand for ERP systems exploded. Our first big contracts came from the food industry and later postal services in Bosnia.
What was the hardest moment for you personally?
V: Losing our father. He was always the person I went to for advice - the smartest man I knew. After his passing, Nikola and I had to rely entirely on ourselves. It was a painful time, but it made us stronger and more confident in our own decisions.
How do you split responsibilities at M&I?
V: Nikola is the CEO and oversees daily operations, processes, and integrations. I focus on strategy, business development, and mergers and acquisitions. Under the M&I Group, we also have companies like Robotiq.ai, Process Intelligence, and TIAC, focused on RPA, data intelligence, and custom development. Nikola handles operations, while I focus on innovation and vision - though we still make most decisions together.
N: Exactly. When Vladan spots a new acquisition opportunity, he runs with it. I focus more on process improvement and structure. It fits our personalities - he's the visionary, and I'm the organiser.
Last year, you sold 70% of M&I to Seyfor. Why?
V: We knew that to grow - especially across the Western Balkans - we needed a partner with the right experience, vision, and resources. Seyfor and Sandberg Capital stood out. We spent over 18 months aligning strategies, cultures, and expectations. Their ambition to become a leading ICT group in Central Europe matched our goal to expand beyond Serbia.
N: It wasn't just about funding. Seyfor truly understands technology and already operates across Central and Eastern Europe. Our region, with its strong engineering talent, is ready to thrive - and Seyfor's support helps us move faster, especially with acquisitions. Since Serbia isn't in the EU, access to capital can be challenging, so joining forces made perfect sense.
V: We've survived wars, sanctions, and market shifts, reinvesting every profit into innovation. With Seyfor, we now have greater potential - more R&D, deeper AI integration, and stronger links to global platforms like SAP, Salesforce, and Microsoft. Our expertise complements Seyfor's experience perfectly.
Are there synergies beyond ERP?
N: Definitely. Seyfor's ecosystem lets us expand beyond ERP into finance, HR, analytics, and automation. We're already active in robotic process automation and data intelligence, and now we can leverage best practices in marketing, controlling, and product standardization. It also helps us attract and retain top talent by showing clear growth paths within a larger organisation.
V: There's also a strong cultural fit - both Serbia and the Czech Republic value family, loyalty, and resilience. In the medium term, we aim to become the top ERP provider in the Balkans and potentially expand back into the U.S. market. This partnership is more than business; it's a shared vision.
Were your employees enthusiastic about the merger?
V: Absolutely. They were excited about the opportunities, new colleagues, and being part of something bigger. Serbia has been somewhat isolated historically, so we've been very clear that our identity remains intact - we're growing, not changing who we are. There were natural questions like, "Will our product change?" or "Will we have to switch languages?" but we reassured everyone that this partnership strengthens what we've built.
Where do you see M&I and Seyfor in five years?
N: We want to be the number one ERP provider across the Balkans, expand into new European markets, and continue learning and growing with Seyfor.
V: In the short term, it's about process integration and completing acquisitions. In the long run, we'll enhance our products, embrace AI, and stay true to our family values. Our partnership with Seyfor is built on shared principles - and that's worth more than money.
How is AI shaping the ERP market?
V: AI is developing at an incredible pace. We're already investing in R&D to incorporate machine learning into automation and predictive systems. We use tools like ChatGPT for brainstorming and code reviews daily - but we also teach our teams to stay cautious, because AI can make mistakes. Used responsibly, it's a powerful tool for innovation.
How do you balance business and personal life?
V: It's not easy. For years we focused entirely on building the company - product development, growth, and people. Now I try to slow down a bit, spend more time with my kids, exercise, sail, and, of course, still play hockey.
N: We have a family boat in Montenegro, which has become our summer retreat. It's a place to recharge, even if we're never completely offline. That's the nature of a family business - work and life are always connected.
Any other thoughts you'd like to share?
V: Don't underestimate persistence, especially in regions that face sanctions or instability. We adapt, invest in people, and push forward.
N: Our father showed us how ethics, vision, and a willingness to evolve can overcome tough times. With Seyfor, we're taking that legacy further.
Another Key to the Balkans
“The story of M&I Systems mirrors our experience with Slovenia’s SAOP, which we acquired in 2016.
Just like in Slovenia, we’ve now partnered with a local market leader — but this time in Serbia, and on a much larger ERP scale.
We want to build on M&I’s foundation and expand it by acquiring complementary companies to strengthen our position across the region.
The Balkans is a vast and complex market where local expertise is crucial — and that’s exactly why M&I was the perfect choice.
These challenges don’t hold us back. On the contrary, they drive us to build a strong regional player ready to compete across Southeast Europe.
In business, it’s not just about finding the right doors — it’s about having the key.”
