M&A advisory services in Poland
Poland is the most active M&A market for technology exits in Central and Eastern Europe, with Warsaw-based strategic acquirers in financial services, media and retail increasingly complemented by pan-European and US PE funds that have made Poland a primary CEE hunting ground for high-quality software assets.
LiveChat's WSE listing, DocPlanner's Tiger Global-backed growth, Booksy's US expansion investment, ICEYE's international financing rounds and Packhelp's strategic acquisition by Papier illustrate the breadth of exit and recapitalisation paths available to Polish founders across both bootstrapped and venture-backed profiles.
Flow advises both bootstrapped and venture-backed Polish companies through M&A exits, bringing a strong PE and strategic acquirer network across Poland, CEE and Western Europe. Our process is KPI-driven from preparation through close: structured information memoranda, tight buyer qualification, lean end-to-end process management, and hands-on guidance through the foreign investment screening and PCC mechanics that affect most Polish tech transactions.
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New Zealand25
Poland tech M&A deals in the last 12 months
$27M
Poland median tech M&A valuation
1.8x
Poland median tech M&A revenue multiple
$28M
Poland biggest tech acquisition in the last 12 months
Selling your tech company in Poland
Polish M&A follows European mid-market conventions with country-specific overlays around the foreign investment screening regime, the corporate group exemption and the Polish PCC tax on civil-law transactions.
Completion accounts and locked-box
Polish private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in industrials. Choice driven by sector convention.
W&I insurance is increasingly common
Warranty & indemnity insurance is now standard in Polish deals above roughly PLN 100M (~€22M). Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow.
Foreign investment review
Polish FDI screening requires notification of qualifying investments by non-EU acquirers in Polish companies in sensitive sectors - defence, dual-use, AI, critical infrastructure, biotech. Adds notification time and conditions to scoped transactions.
Capital gains for founders
Polish individuals are taxed on share disposal gains at 19% (flat rate on capital income). Holding-company structures (Polish or Luxembourg) used to defer or reshape the tax bill - worth planning 12+ months ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Polish corporate seller can benefit from the Polish participation exemption - typically requires 10%+ holding for two years and the subsidiary being a qualifying EU/EEA entity. Often drives whether a transaction is share or asset-structured.
Merger control and PCC
UOKiK (Office of Competition and Consumer Protection) reviews transactions where parties' combined Polish turnover exceeds EUR 50M or combined worldwide turnover exceeds EUR 1bn. Most tech deals don't trigger. PCC (1% transaction tax) applies to share transfers in some cases.
Recently acquired tech companies in Poland
Biggest M&A recently in Poland was a $28M acquisition of Amara by Fagron in November 2025.
See all M&A deals in Poland| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Amara | | Amara Pharmaceuticals manufactures and distributes over-the-counter medicines, medical devices, and dietary supplements from its Warsaw base. The company supplies products for pain relief, cold remedies, digestive health, and vitamins through pharmacies and e-commerce in Poland. Amara operates production facilities adhering to EU GMP standards and partners with local research institutes for new formulations. | Fagron | $28M | 1.8x | |
Jul-25 | Lilou | | Lilou is a Warsaw-based online boutique selling fine jewelry and accessories. Its collection includes personalized bracelets, pendants, handbags, card holders, and key rings crafted for gifting occasions. | W.KRUK | $26M | - | |
Mar-26 | Blackaxe Technologies | | Blackaxe Technologies is a Polish supplier of defense and security technologies including satellite-based intelligence and counter-drone systems through partnerships with global technology leaders. | IM Cannabis | - | - | |
Mar-26 | MotionVFX | | MotionVFX offers plugins and templates for Final Cut Pro, DaVinci Resolve, and Apple Motion. | Apple | - | - | |
Feb-26 | S | SYMTRIhub | | SYMTRIhub is a CPaaS platform using AI and ML for email and SMS marketing, automation, data verification, and analytics. | FOTOhub | - | - |
Jan-26 | Clastify | | Clastify supplies resources and study materials tailored for International Baccalaureate students. | Hawk Infinity | - | - | |
Dec-25 | Addepto | | Addepto is a Warsaw-headquartered AI consultancy delivering machine learning, generative AI, computer vision, NLP, data engineering, and big data solutions. The firm automates processes for global enterprises through full-cycle implementation from strategy to deployment. | KMS Technology | - | - | |
Dec-25 | Unilogo Robotics | | Unilogo Robotics is a Poland-based manufacturer of robotic packaging machines, including fillers, cappers, labelers, and full production lines adaptable to diverse containers and liquids, primarily serving cosmetics firms worldwide as part of U2 Robotics. | European Bank for Reconstruction and DevelopmentResource Partners | - | - | |
Oct-25 | Oxla | | Oxla is a distributed database system engineered for high-speed querying of massive datasets. The France-headquartered company claims superior performance over platforms like Snowflake through its columnar storage and query engine architecture. Oxla targets sectors including business intelligence, IoT, cybersecurity, ad tech, data science, and AI training. Its cloud-native design reduces infrastructure expenses while handling petabyte-scale workloads. The platform supports SQL compatibility for seamless migrations from existing analytics pipelines. | Redpanda Data | - | - | |
Oct-25 | C | Comarch Polska | | - | CGI Information Systems and Management Consultants | - | - |
Oct-25 | Surfer | | Surfer is a Warsaw-based SEO platform offering content optimization, SERP analysis, and keyword research tools powered by natural language processing. The software analyzes top-ranking pages to generate outlines and edit suggestions, integrating with Google Docs and WordPress. Surfer serves agencies and enterprises with its Content Editor processing over 500 metrics per query. Launched in 2018, the platform supports 50,000+ users worldwide. | Groupe Positive | - | - | |
Oct-25 | S-LABS | | S-LABS is a Poland-based developer of digital products for energy and telecom operators, focusing on up-selling and cross-selling via its Connected Energy System. This system detects electricity receivers in real time, measures consumption, and employs device recognition algorithms to build customer-centric models that maintain engagement. Available via slabs.pl, it supports operator transitions to data-driven operations. | Fermax | - | - | |
Oct-25 | NMG | | NMG is a Warsaw-headquartered Polish IT integrator delivering smart building automation, utility metering, data center infrastructure, and community networks. The company deploys Schneider Electric PLCs, Siemens SCADA systems, and Cisco edge computing for energy firms, hospitals, and municipalities. Managing projects valued at over 100 million PLN annually since 1991, NMG operates in Central Europe with 200 engineers supporting IoT platforms and 5G backhaul. | Vitec Software | - | - | |
Sep-25 | EL Passion | | - | Monterail | - | - | |
Sep-25 | ITCARD | | ITCARD is a Poland-based provider of banking self-service solutions, manufacturing ATMs, cash recyclers, and kiosks for financial institutions across Europe and the Middle East. Headquartered in Warsaw, the company produces EMV-compliant terminals with advanced security features and software for transaction processing. ITCARD supplies hardware to banks like PKO Bank Polski and supports deployment of over 10,000 units, including multifunctional devices for deposits, withdrawals, and cheque processing. | SIBS | - | - |
Who is buying tech companies in Poland?
MCI Capital, Hawk Infinity and Lyvia Group are the most active acquirers in Poland.
See all acquirers in Poland| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
MCI Capital | | MCI Capital ASI SA is engaged in the administration of investment funds. The company conducts direct investment activities of the private equity and venture capital funds. It invests in several companies ranging from buyout and growth investments, start-ups and small technology companies, debt instruments, and property. The company specializes in digital transformation processes, investing in pure online models, companies transferring the business model from traditional to digital economy, and companies operating on the Internet infrastructure development market. | Profitroom SAFocus Telecom Polska Sp. z o.o.WEBCON+1 | 3 | |
Hawk Infinity | | Hawk Infinity is a private equity firm based in Norway that invests in seafood processing, digital health, health technology, real estate technology, SaaS platforms, and broader technological sectors. The firm pursues value-add investments in established companies with strong market positions in Europe. | Clastifye-file | 2 | |
Lyvia Group | | Lyvia Group is a Norway-headquartered European technology firm offering digital strategy, software development, and tech consulting across the Nordics. It builds custom platforms for fintech, energy, and public sectors, covering full-stack development with React, Node.js, and cloud services. | Arc ConsultingIt Systems And SolutionsPTC Werkstap+2 | 2 | |
Innova Capital | | Innova Capital is a Warsaw-headquartered private equity firm founded in 1994 focused on mid-market investments in Central Europe. It has committed nearly €500 million across 40 companies in 10 countries, targeting enterprises valued between €50 million and €125 million with three-to-five-year holds leading to strategic sales or IPOs. The firm earned the CEE Fund of the Year award in 2010 for its Innova/5 fund. | TutoreR-GOLPunkta Group (corporate insurance distribution and services unit)+1 | 2 | |
Groupe Positive | | Groupe Positive is a southwestern France-based agency providing email marketing, web design, and digital communication services for SMEs. Based in Toulouse, the company manages CRM campaigns and SEO strategies for clients in aerospace and retail sectors. It operates platforms for personalized newsletters and analytics dashboards serving businesses in Occitanie. | Surfer | 1 | |
W.KRUK | | W.KRUK is a Poland-headquartered jewelry retailer with over 300 stores nationwide. Established in 1840 in Kraków, it designs and sells gold, silver, diamond, and gemstone pieces including engagement rings, watches, and custom collections manufactured in-house. | Lilou | 1 | |
Apple | | Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution. | MotionVFXKuzuQ.ai+1 | 1 | |
Value4Capital | | Value4Capital is a private equity firm targeting buyout investments in mid-market companies throughout Poland, Czech Republic, Slovakia, Romania, and Hungary. Warsaw-based since its independence in 2011 following a spin-out from Amundi Private Equity Funds, the firm is owned by three partners with regional experience dating to 2007. Value4Capital pursues organic growth and add-on acquisitions to develop sector leaders in manufacturing, services, and consumer goods, managing over €200 million in assets. The firm holds memberships in the Polish Private Equity Association, Czech Private Equity and Venture Capital Association, and Emerging Markets Private Equity Association. | UnivioClarfonXBS Logistics S.A.+1 | 1 | |
N | NIVITA HUF | - | OMWEB | 1 | |
ATOM | | ATOM is a mobility platform headquartered in Mexico City, Mexico. It enables entrepreneurs to launch white-label vehicle sharing apps for cars, bikes, and scooters. The service provides backend infrastructure, rider-driver matching, and payment processing modules. Deployments serve urban areas in Latin America with geofencing and fleet management dashboards. | ScootAPI | 1 |
Public tech companies in Poland
Allegro is Poland's largest publicly listed tech company, with a market cap of $9.0B.
See all public companies in Poland| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Allegro | Allegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts 45% to 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services. | $8.93 | -4.4% | $9.0B | $9.9B | 3.0x | ||
CD Projekt | CD Projekt SA is the holding company of CD Projekt capital group. The firm with its subsidiary develops and publishes videogames for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital videogame distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from CD Projekt Red segment. | $69.85 | +16.2% | $7.0B | $6.7B | 29x | ||
Asseco Poland | Asseco Poland SA is a Poland-based information technology (IT) company, which is engaged in the development of software for companies from different sectors of the economy. It also provides enterprise resource planning solutions and services to micro, small, and mid-sized companies, as well as large enterprises; and business intelligence software and services. The company's operating segments include the Asseco Poland segment, the Asseco International segment, and the Formula Systems segment. It generates the majority of its revenue from the Formula Systems segment. | $52.70 | +5.9% | $4.2B | $3.1B | 0.6x | ||
XTB | XTB SA is engaged in brokerage activities business. It is a Polish broker from the fin-tech sector, providing products and services dedicated to active investing, saving, and virtual payment management. The group conducts its operations through two business segments; the Retail segment includes the provision of trading in financial instruments for individual customers; the Institutional segment includes the provision of trading in financial instruments and offering trade infrastructure to entities (institutions), which in turn provide services of trading in financial instruments for their customers under their brand. It derives a majority of its revenue from the Retail segment. | $29.39 | +31.1% | $3.5B | $2.6B | 3.7x | ||
Modivo | Modivo SA operates in the footwear and apparel segment across multiple European markets. The group follows an omnichannel retail model that includes a network of physical stores and e-commerce platforms. Its operations are conducted under several brands, including CCC, HalfPrice, eobuwie.pl, MODIVO, Worldbox, and Boardriders. | $21.11 | -64.2% | $1.6B | $2.6B | 0.8x | ||
Asseco SEE | Asseco South Eastern Europe SA along with its subsidiaries provides implementation, integration and outsourcing services. It conducts business operations in the markets of Poland, South Eastern Europe, and Turkey. Its business is divided into three operating segments. Banking Solutions segment deals with integrated banking systems based on the Oracle and Microsoft platforms, including primarily core banking systems. Payment Solutions is engaged in the sale and maintenance of ATMs and POS terminals (point of sale) as well as in the provision of related support services. Systems Integration segment is engaged in the development of customized IT systems, integration of third-party software and elements of infrastructure, as well as in the sale and installation of hardware solutions. | $17.12 | -10.5% | $888M | $848M | 1.6x | ||
Asseco Business Solutions | Asseco Business Solutions SA serves as a Competence Centre accountable for the development of ERP software, mobile reporting systems (SFA), factoring systems and software for SMEs. Its offering also includes the provision, adaptation, and configuration of business applications for enterprises, design, and construction of infrastructure at the client or in the outsourcing model, providing equipment and system software of renowned partners, training for client's personnel, service and remote support for users. The company generates most of its revenue from its ERP Systems segment mainly in Poland. | $25.53 | +8.3% | $838M | $826M | 6.1x | ||
cyber_Folks | Cyber Folks SA Formerly R22 SA is a technology company. The company focuses on scalable services offered in the subscription model and SaaS, operates within the entire value chain - from creating its own solutions, through their maintenance from the technological side, to sales and customer service. It offers hosting services and domain sales, omnichannel communication services automating electronic communication with recipients and telecommunications services. | $54.43 | +16.8% | $829M | $982M | 4.0x | ||
Grupa Pracuj | Grupa Pracuj SA is engaged in offering digital recruitment services. The company is an owner of brands contributing to a digital ecosystem addressed to the HR world. It segment includes Poland; Ukraine and Germany. The company derives a majority of revenue from Poland segment. | $11.87 | -37.4% | $818M | $828M | 3.7x | ||
Vercom | Vercom SA is engaged in providing cloud communication platforms that enable companies to build and develop relationships with recipients through multiple channels: communication: email, SMS, push, instant messaging. | $34.79 | +12.8% | $764M | $758M | 5.5x | ||
Grupa Niewiadow PGMS | Grupa Niewiadow PGMS A is engaged in the field of advanced security and military technologies. It develops and manufactures robots for shooting training, which are used daily by the Polish Border Guard, Police, State Protection Service, Prison Service, and the GROM special forces unit, among others. | $4.88 | +51.7% | $684M | $679M | - | ||
Synektik | Synektik SA is a supplier of innovative products, services and IT solutions for diagnostic imaging and nuclear medicine. It sells medical devices and IT solutions used in radiology and operates research laboratory for diagnostic imaging systems and a service centre for medical equipment. Its operating segments include the sale of medical equipment used in radiology and nuclear medicine and IT solutions, Maintenance services for medical equipment as well as acceptance and specialist tests and Radiopharmaceutical production. | $78.17 | +32.9% | $667M | $630M | 2.6x | ||
Sygnity | Sygnity SA is an IT consulting company. The company serves banking; capital markets; energy; utility; retail and other industries. It generates revenue from Licences and software; Implementation services and Maintenance services. | $21.12 | -21.3% | $479M | $426M | - | ||
Wirtualna Polska | Wirtualna Polska Holding SA is a holding company based in Poland. It owns and runs internet portals. Its core operations comprise the sale of advertising services on the Internet and operating Internet portals such as . o2, Pudelek, Money.pl, domodi.pl, wakacje.pl, nocowanie.pl, Extradom.pl, totalmoney.pl as well as providing electronic services. Its segment include: Advertising and Subscriptions, Tourism and Consumer finance. | $16.05 | -31.1% | $478M | $880M | 1.4x | ||
PlayWay | PlayWay SA is a producer and publisher of computer and mobile games in Poland. The company provides with various games including Out of Reach: Treasure Royale, Car Manufacture, Schizm 3: Nemezis And Split among others. | $65.60 | -26.9% | $433M | $379M | 4.4x |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Poland and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Poland.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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