M San Grupa

What M San Grupa does

M SAN Grupa d.o.o. is a Croatian privately held Value Added Distributor (VAD) founded in 1995, headquartered in Zagreb, and operating across the European Union through wholly-owned subsidiaries in Croatia, Serbia, Bosnia and Herzegovina, North Macedonia, Montenegro, Slovenia, and Kosovo, with recent geographic expansion into Spain, Greece, and Albania. The company combines three integrated revenue streams: (1) distribution of third-party IT equipment, consumer electronics, and enterprise software from vendors including Microsoft, Veeam, IBM, Red Hat, Check Point, and Sophos to a network of 7,400+ channel partners; (2) production and sale of four proprietary brands (VIVAX consumer electronics with 250+ SKUs since 2004, MS ENERGY e-mobility, MSGW custom PCs since 2005, and MS peripherals); and (3) logistics services through M SAN Logistika, which operates five logistics centers in Croatia with customs warehouse capabilities. In 2024 the group generated record revenue of 502.0 million EUR with 5.0% EBITDA growth, delivering over 200,000 products monthly to partners.

The company's go-to-market is hybrid: B2B ecommerce through webshop.msan.hr serves SMB and mid-market resellers with personalized partner pricing, while a specialized enterprise field sales team addresses large organizations with software, AI infrastructure, cybersecurity, and hybrid infrastructure solutions. The enterprise segment grew 8% in 2025, with the software portfolio up 22% and the storage segment up 37%, reflecting an active shift toward higher-margin, recurring subscription revenue tied to regulatory tailwinds such as NIS2 and DORA compliance. Own-brand solar systems (inverters, panels, batteries, EV chargers) and e-mobility products extend the portfolio into adjacent energy transition categories. The business is primarily transactional/distribution-based, with subscription recurring revenue emerging from enterprise software distribution; pricing is quote-based and not publicly disclosed. The group employs 970+ people across subsidiaries and is led by President of the Management Board Irena Langer-Breznik.

Name

M San Grupa

Legal name

M SAN Grupa d.o.o.

Website

https://msan.hr

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

M SAN Grupa is a Croatian Value Added Distributor operating across the EU with 7,400+ channel partners, distributing IT equipment, consumer electronics, and enterprise software while producing own brands (VIVAX, MS ENERGY, MSGW, MS) and logistics services.

Ownership category

akta.pro rank

Product category

IT Distribution

NAICS

Computer Systems Design and Related Services (54151), Custom Computer Programming Services (541511)

SIC

Services-Computer Integrated Systems Design (7373), Wholesale-Computers & Peripheral Equipment & Software (5045)

akta.pro primary industry

Third-Party Risk, Vendor Due Diligence & Supply Chain Compliance (BPAEAPAG)

akta.pro secondary industries

Privacy, Consent & Data Protection Management (BPAEAPAF), Governance, Risk & Compliance (GRC) Managed Services (BPAEADAJ)

Keywords

• IT distribution services
• Consumer electronics distribution
• Enterprise software solutions
• Value-added distribution
• Logistics services

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Product Distribution: Distribution of IT equipment and consumer electronics including hardware, software, and consumer electronics to partners and enterprise customers across the EU region
2. Own Brand Products: Production and sale of proprietary brands including VIVAX (consumer electronics), MS ENERGY (e-mobility), MSGW (PCs), and MS (peripherals)
3. Logistics Services: Logistics operations including warehousing, customs clearance, and distribution services for partners and group companies
4. Enterprise Software Distribution: Value-added distribution of enterprise software solutions including security, backup, cloud, and AI solutions with partner enablement programs
5. Solar Systems: Distribution of solar systems including inverters, panels, batteries, EV chargers, and monitoring equipment

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

M San Grupa is a regional Value Added Distributor (VAD) that distributes IT equipment, consumer electronics, and enterprise software to a network of over 7,400 partners across the EU. The company develops and sells four proprietary brands (VIVAX consumer electronics, MSGW custom PCs, MS ENERGY e-mobility, MS peripherals) and distributes third-party enterprise solutions from Microsoft, Red Hat, Check Point, Veeam, IBM, Sophos, and ImmuniWeb, supported by five logistics centers in Croatia and a unified B2B webshop ordering platform.

Differentiator

Problem solved

Functional benefit

Brands

• VIVAX: Domestic Croatian brand available on the Croatian market since 2004, offering more than 250 different products including consumer electronics.
• MS ENERGY
• MSGW
• MS

Products and services

• VIVAX Croatian consumer electronics brand available since 2004 offering over 250 products including TVs, audio equipment, and home appliances, sold through retail partners and B2B channels across the region.
• MS ENERGY E-mobility brand of M SAN Grupa offering electric scooters, bicycles, and other modern personal electric transport systems for consumer and partner resale markets.
• MSGW PC brand created in 2005 building custom-configured desktop and personal computers according to customer needs and preferences for partner and end-customer sale.
• MS (private label) Private label brand of M SAN Grupa combining production and sale of peripheral devices, accessories, cables, cases, and power supplies for IT and consumer use.
• Enterprise Software Distribution Value-added distribution of enterprise software solutions from Microsoft, Red Hat, Check Point, Veeam, IBM, Sophos, and ImmuniWeb addressing AI infrastructure, virtualization, automation, cybersecurity, backup, and data protection for enterprise customers.
• B2B Webshop B2B e-commerce platform at webshop.msan.hr for registered partners featuring order history, quotes, recurring orders, saved baskets, personalized pricing, and PCI DSS compliant payment processing via Corvus Pay.
• M SAN Logistika Logistics services operated by subsidiary M SAN Logistika d.o.o., providing warehousing, customs warehouse operations, and fulfillment through five logistics centers in Croatia for partners and group companies.
• Solar Systems Distribution Distribution of solar energy products including inverters, solar panels, structures, batteries for solar power plants, EV chargers, and monitoring systems for partner and installer resale.

Quantifiable outcome

• Record revenue of 502.0 million EUR achieved in 2024 with 5.0% EBITDA growth
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability6 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• Ask Tec d.o.o.coreOthers · 21 May 2024M SAN Grupa acquired 100% ownership of Ask Tec d.o.o. in Pristina, Kosovo as part of consolidation strategy to unify distribution companies within the same business vertical. Ask Tec operates as consumer electronics distributor in Kosovo.
• Red HatstrategicTechnology or IntegrationStrategic vendor partnership for AI, virtualization, automation solutions. Red Hat solutions complement M SAN's enterprise portfolio for hybrid infrastructure deployments.
• Check Point SoftwarestrategicTechnology or IntegrationStrategic vendor partnership for cybersecurity solutions. Check Point expands M SAN's security portfolio addressing growing cybersecurity threats and regulatory requirements.
• Kim Tec SrbijacoreOthersRegional subsidiary in Serbia operating as part of M SAN Group distribution network across the EU region.
• Kim Tec Bosna i HercegovinacoreOthersRegional subsidiary in Bosnia and Herzegovina operating as part of M SAN Group distribution network.
• Pakom Kompani MakedonijacoreOthersRegional subsidiary in North Macedonia operating as part of M SAN Group distribution network.
• Kim Tec Crna GoracoreOthersRegional subsidiary in Montenegro operating as part of M SAN Group distribution network.
• Alterna SlovenijacoreOthersRegional subsidiary in Slovenia operating as part of M SAN Group distribution network.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• ALSO Group: Pan-European Value Added Distributor of IT hardware, software, and consumer electronics with a similar VAD business model. ALSO operates across multiple European countries with logistics infrastructure and enterprise vendor partnerships, making it the closest publicly traded comparable for M SAN's distribution model.
• EET Group: European IT and consumer electronics distributor headquartered in Denmark with broad pan-European reach across IT/CE brands. EET Group operates a similar VAD model with regional subsidiaries, making it directly comparable in business mix and geographic profile.
• Exclusive Networks: Specialized global cybersecurity Value Added Distributor with a vendor-partner model focused on enterprise security. Exclusive Networks is highly comparable to M SAN's enterprise software and cybersecurity distribution segment with Red Hat, Check Point, Sophos, and ImmuniWeb.
• Westcoast: UK-based IT distributor with VAD operations across hardware, software, and enterprise solutions. Westcoast's UK and Ireland distribution model with extensive partner networks mirrors M SAN's regional channel approach in the Adriatic.
• ELKO Group: Regional IT distributor operating across the Baltics, CIS, and Eastern Europe with own-brand products (like Getac, AOpen) and a partner distribution model. ELKO's regional distribution focus, multi-country presence, and own-brand portfolio mirror M SAN's structure.
• Api Group: European IT distribution group with operations in multiple EU countries, focused on value-added IT distribution and enterprise solutions. Api Group's pan-European footprint and VAD model parallel M SAN's distribution operations.
• Siewert & Kau: German IT distributor with broad enterprise and consumer electronics distribution across the DACH region. Siewert & Kau operates a comparable VAD model with both own-brand and multi-vendor distribution, similar in scale and structure to M SAN.

Broad incumbents

• Ingram Micro: Global IT distributor with operations across multiple continents, providing broad hardware, software, and services distribution. Ingram Micro is significantly larger than M SAN and serves as a broader incumbent whose expansion into Southeast Europe could pressure M SAN's market position.
• TD SYNNEX: Global IT distributor formed from the merger of Tech Data and SYNNEX, offering broad-based distribution of IT products and services. TD SYNNEX operates as a larger incumbent in the IT distribution space, comparable to M SAN in product breadth but at substantially greater scale.
• Arrow Electronics: Global IT and enterprise technology distributor with broad enterprise solutions coverage including security, cloud, and AI infrastructure. Arrow's enterprise distribution focus overlaps with M SAN's enterprise segment across multiple geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/MSANGrupa
• LinkedInlinkedin.com/company/m-san-grupa
• Instagraminstagram.com/msangrupa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about M San Grupa