Acquisition of Polish Digital Retail Solutions Provider IAI Group by Montagu Announced
MCI Capital, a Warsaw Stock Exchange-listed asset manager with assets exceeding PLN 2.7 billion, has played a pivotal role in the growth of IAI Group, a leading digital retail solutions provider in Central and Eastern Europe. Now, Montagu, a mid-market private equity firm managing €14 billion, has agreed to acquire IAI.
A Period of Significant Growth Under MCI Capital's Management
Since MCI Capital acquired a majority stake in IAI Group in 2018, the company has experienced remarkable growth. The Compound Annual Growth Rate (CAGR) of IAI's net revenues exceeded 20% from 2022 to 2024, demonstrating strong expansion in the digital retail sector.
Strategic acquisitions such as Shoprenter and AtomStore were integrated into IAI Group's portfolio, enhancing its offerings and market presence. As a result, IAI solidified its position as a market leader in Poland and Hungary, serving around 13,000 stores in both countries through its brands IdoSell, AtomStore, and Shoprenter.
Recognition and Market Position
IAI Group is widely recognised as Poland’s largest e-commerce SaaS platform, providing comprehensive solutions for companies to establish and maintain an online presence. Its products are well-integrated into customer infrastructures, contributing to high client retention rates. Additionally, IAI owns IdoPayments, a payment services company granted National Payment Institution status by the Polish Financial Supervision Authority.
Alignment with Montagu's Investment Strategy
Montagu aims to incorporate IAI Group into its digital infrastructure portfolio. This acquisition aligns with Montagu’s strategy by leveraging IAI’s critical role in the digital retail ecosystem. Montagu’s partners highlighted IAI’s strong market position and the potential for further growth opportunities.
A New Chapter in IAI's Growth Story
By acquiring IAI Group, Montagu seeks to:
- Enhance Digital Infrastructure Portfolio: Include IAI alongside other digital infrastructure companies like Multifonds, Harvest, ITRS Group, and Wireless Logic.
- Capitalise on Growth Opportunities: Utilise IAI’s established market position and innovative technology to drive further expansion and development in the digital retail sector.
Jan Stypulkowski, Partner at Montagu, highlighted MCI's role in building IAI as a leading SaaS provider in the Central and Eastern European region. Daniel Fischer, another Partner at Montagu, sees IAI's ecosystem as crucial for digital retail operations in Central and Eastern Europe. Tomasz Czechowicz, CEO and Managing Partner at MCI Capital, views the partnership with Montagu as a new chapter in IAI's growth story.
Quote: "We have long admired the company's powerful value proposition of helping customers scale their operations, which has resulted in IAI's impressive growth trajectory. Its core differentiation and market-leading position align with Montagu's investment criteria, and we look forward to working with the IAI team to deliver continued innovation and accelerated growth." (Daniel Fischer and Jan Stypulkowski, Montagu Partners)
IAI's attractive market-leading position enabled Montagu to sell the company ahead of a formal sales process. Founded in 2000, IAI Group is recognised for its e-commerce platform, IdoSell, used by mid-to-large merchants for effective online operations management. The partnership between MCI and Montagu positions IAI for strong growth with both current and future clients.
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