MCI Capital has signed an agreement with Montagu Private Equity to sell all shares in IAI Group, a leading e-commerce software provider in Central and Eastern Europe. This is one of the largest exits in MCI’s history and another highly successful divestment of the fund’s investments in technology companies.
MCI successfully executed its strategy of building the value of IAI Group, both in terms of product development and geographic expansion. Over the past seven years, the company – developed in partnership with its founders, Paweł Fornalski and Sebastian Muliński – has made significant investments, scaled up its operations, strengthened its organizational structures, and solidified its position as a leading SaaS solutions provider for the Polish e-commerce industry. The successful execution of IAI’s growth strategy attracted a new, prestigious investor – Montagu Private Equity.
“Our investment in IAI Group is a great example of implementing our investment strategy. Through active support of organic growth and acquisitions, we have built a SaaS leader for e-commerce in Central and Eastern Europe. This is a successful case of ownership succession and collaboration between the fund and the company’s founders to quickly build value recognized by investors,” said Tomasz Czechowicz, founder and managing partner of MCI.
“IAI is a company with tremendous potential, an innovative organizational culture, and high-quality technology. The signing of the sales agreement with such a high-caliber partner confirms this. We would like to thank the IAI team for our successful cooperation and wish them continued success under their new investor,” added Filip Berkowski, senior investment partner at MCI Capital.
From Local Leader to Regional Player
MCI invested in IAI Group in 2018, recognizing the growing potential of the e-commerce market in Poland and the broader CEE region. IAI’s strong position as a comprehensive software provider for online stores was another key factor. From the outset, the development plan encompassed both organic growth – building modern, comprehensive products that meet the demands of the rapidly evolving e-commerce sector – and inorganic growth through acquisitions.
In 2021, IAI Group acquired ShopRenter, the market leader in Hungary, marking the start of its international expansion. Two years later, in 2023, the company acquired a controlling stake in AtomStore, a Polish provider of solutions for larger online retailers. This move allowed IAI to tap into the enterprise client segment.
As a result of these efforts, IAI Group has become Poland’s largest SaaS e-commerce platform provider in terms of GMV (Gross Merchandise Value), handling over 10% of the entire Polish e-commerce market.
Innovation and Scalability as Growth Drivers
At the heart of IAI Group’s offering is the IdoSell platform, aimed at medium and large merchants processing thousands of transactions per month. Around this core, the company has built a comprehensive ecosystem of services supporting e-commerce growth – from payments and logistics to marketing tools and international sales. Additionally, the company develops IdoBooking, a platform dedicated to the vacation rental industry, which helps properties manage online sales. Today, approximately 20% of IAI’s merchants actively sell abroad, including in Germany, the Czech Republic, and France.
By supporting IAI’s growth, MCI consistently invested in new functionalities and products designed to meet rising market expectations and enable clients to scale their operations. As a result, IAI has not only strengthened its technological edge but also established itself as a key growth partner for professional online retailers in Poland and beyond.
Strong Financial and Technological Foundations
During MCI’s investment period, IAI Group increased its scale of operations nearly sixfold and achieved outstanding financial results. The value of transactions processed through its platforms exceeded PLN 20 billion in 2024, and the company is on track to achieve around PLN 300 million in revenue this year. IAI also boasts impressive metrics typical of mature SaaS companies, including a very low churn rate, high customer retention, and compliance with the Rule of 40.
Exit Transaction
MCI, together with advisors – PwC, DJM, Deloitte, and CMS – began preparing the company for the exit process in September 2025. The attractiveness of IAI’s business model drew interest from top-tier investors even before the process officially began, resulting in the signing of the investment agreement with Montagu Private Equity. The completion of the transaction is subject to regulatory approvals.
Source: ceo.com.pl
