Total Specific Solutions (TSS), an international IT group operating through Yukon Niebieski Kapital B.V., has signed an agreement to acquire 12,318,863 shares of Asseco Poland, representing 14.84% of the company’s capital. The acquisition is subject to regulatory and antitrust approvals. Once finalized, TSS will hold a total of 20,618,892 shares, constituting 24.84% of Asseco Poland’s capital.
TSS has also entered into a shareholder agreement with the Adam Góral Family Foundation, aimed at collaborating on Asseco Group’s further development. The involvement of a significant international partner and strategic investor is expected to accelerate growth and expand Asseco’s scale of operations.
Strategic Transactions Strengthening TSS’s Position in Asseco
On January 31, 2025, TSS acquired 8,300,029 shares of Asseco Poland from Cyfrowy Polsat, representing 9.99% of the company’s capital, at 85 PLN per share.
On February 4, 2025, Asseco Poland signed a conditional agreement to sell 12,318,863 treasury shares to TSS, representing 14.84% of the company’s capital. These shares were previously acquired by Asseco during its 2023 share buyback program. The agreed sale price per share was also 85 PLN.
Upon completion of both transactions, TSS will own 20,618,892 shares, representing 24.84% of Asseco Poland’s total share capital.
Meanwhile, Adam Góral, through the Adam Góral Family Foundation, holds 8,310,000 shares, representing 10.01% of Asseco’s capital.
“The offer from TSS, a Dutch-based company operating within the Topicus.com and Constellation Software Group, has been very well received not only by most of our investors but also by Asseco’s management and myself.”
— Adam Góral, CEO of Asseco Poland
“Both our companies have been built through acquisitions, and we operate in a federated model. I chose to partner with TSS because, in a world where global software giants continue to consolidate their market power, only capital alliances between significant European firms can create teams capable of increasing their market share over the coming years.”
A Long-Term Strategic Shareholder Agreement
With TSS acquiring Asseco’s treasury shares, the shareholder agreement between the Adam Góral Family Foundation and TSS will take effect. The agreement establishes joint governance principles, including voting alignment at general meetings on key company matters.
The partnership supports Asseco’s strategy, which focuses on:
- Ensuring ownership, operational, and managerial stability to drive long-term growth.
- Achieving ambitious business and financial objectives while maintaining dividend-paying status.
- Facilitating leadership succession, with Adam Góral transitioning to the Supervisory Board, while current Vice President Rafał Kozłowski takes over as CEO.
- Implementing a long-term incentive plan for key managers to sustain organizational stability.
Under the agreement, TSS has committed not to exceed a 27.96% stake in Asseco Poland.
Asseco Poland to Continue as a Publicly Traded Company
Asseco Poland will remain a publicly listed company on the Warsaw Stock Exchange, with Adam Góral continuing as CEO and leading the existing management team.
“Our shareholder agreement significantly increases the likelihood of delivering long-term value to all Asseco shareholders while providing employees and management with extensive growth opportunities. We also maintain our operational independence, ensuring that our fundamental values—fulfilling commitments to our customers—remain the top priority for me and my partners.”
— Adam Góral
TSS’s Investment Strategy and Vision for Asseco
Total Specific Solutions (TSS) is an international IT group specializing in vertical market software (VMS) solutions. Its business model closely follows the strategy of Constellation Software, a company publicly listed on the Toronto Stock Exchange (TSX) since 2006 and the majority shareholder of Topicus.com, TSS’s parent company.
TSS focuses on acquiring niche software firms with strong customer bases and market-leading positions.
“We highly appreciate Asseco Group’s achievements and long-term development, which is why we decided to invest in the company. Asseco is the largest IT player in Poland, with a strong presence across Central and Eastern Europe. The group has a clear vision of strengthening its position in its key markets.”
— Ramon Zanders, Group CEO, TSS
“Our approach to successful software companies aligns closely with Asseco’s decentralized ownership and management structure, which is focused on delivering value to customers. We believe that by partnering with Adam Góral, Rafał Kozłowski, and the entire Asseco management team, we have a unique opportunity to create long-term value for all stakeholders—shareholders, clients, and employees. Together, we are forming a strong European IT partnership.”
Asseco: A Leading Digital Transformation Provider in Europe
As a leading Polish IT provider, Asseco Poland is recognized as a trusted partner across multiple industries. While its core customer base is in Poland, its subsidiaries serve clients worldwide.
“TSS is a leading software provider in Western Europe, while Asseco is the market leader in Central and Eastern Europe, the Balkans, and Israel. Companies within both groups will have opportunities to expand their product offerings and enter new markets.”
— Adam Góral
“I am confident that this partnership will bring significant benefits to customers, shareholders, and employees of both groups. We will continue executing our core strategy—developing proprietary software and expanding through acquisitions. Asseco remains a Polish company, a publicly listed entity headquartered in Rzeszów, and we will continue paying taxes in Poland.”
Asseco Poland grows both organically and through acquisitions, which has made it the largest Polish IT company, serving tens of thousands of clients across more than 60 countries.
Leadership Succession at Asseco Poland
In 2023, Adam Góral identified Rafał Kozłowski—currently Vice President of Asseco Poland and a longtime Asseco executive—as his future successor. Góral has stated that once Kozłowski assumes the role of CEO, he intends to remain actively involved as Chairman of the Supervisory Board and continue supporting the company.
The collaboration with TSS is designed to facilitate this leadership transition while ensuring Asseco’s long-term growth and stability.
Source: CEO.com.pl
