BUY-SIDE RESEARCH · POLAND & CEE

Find acquisition targets in Poland. Start with a defined scope.

Market mapping and owner outreach for corporate development teams, investment funds and acquisition entrepreneurs. Buy a source-backed longlist, test owner interest, or retain us for the full transaction. Technology is our core expertise; research in other sectors is scoped to your thesis.

Send your acquisition criteriaBuy-side services

Vision East Advisory is a Warsaw-based M&A advisory firm with core expertise in technology companies. For international acquirers, it provides market mapping, target longlists, owner outreach and buy-side execution in Poland and CEE, with research in other sectors scoped to the acquisition thesis.

THE MARKET: WHO BUYS POLISH IT COMPANIES

48

completed acquisitions of Polish IT companies since 2019

17

buyer countries of origin

collana (Ufenau Capital Partners) → Netwise S.A. · 08.2026

latest completed

Source data (CSV) · as of 18 August 2026

BUY-SIDE RESEARCH · POLAND & CEE

Choose the next step in your acquisition search.

Two standalone services, with a full buy-side mandate available when you need it.

M&A

Full buy-side mandate

From acquisition thesis through diligence and closing, with a dedicated partner. Retainer and success fee agreed separately.

Explore the full mandate →

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WHAT THE WORK RESTS ON

The evidence base, before the introduction.

For a buyer the useful question is what the long-list is built from, and whether the numbers behind it survive checking. Three things answer that, and all three exist independently of any conversation with us.

A market combed from the register

Our proprietary database covers 3,016 Polish ICT companies, built from KRS filings and published accounts. It gives technology research a starting point. We review sources and dates for your brief, flag missing data and quote other sectors separately. A standard ICT screen has an indicative 5-10 business-day research window after scope agreement. Owner outreach is a separate project, usually measured in weeks.

Our own price reference

The VEA Index puts the median implied EV/EBIT of a profitable Polish IT company at 4.8x (n=449, KRS filings FY2024, H1 2026 edition). It is modelled from registry accounts, not an average of transaction prices, and the cohort holds profitable companies only, so it reads high for low-margin and loss-making businesses. The methodology and the raw aggregates are published, so you can recompute the figure yourself.

The method, written down

How a mandate runs, what each stage produces, what it costs and where processes go wrong: all of it is readable before you contact us. You should be able to judge how we work from the pages, not from a credentials deck.

The VEA Index and its methodologyWhat the database holds

Vision East · Selected Transaction

Transaction AnnouncementWarsaw · June 2026
Ecologic
Has been acquired by
Everfield

Exclusive transaction & financial advisor to Ecologic

Vision East Advisory

Sell-side M&A - exclusive transaction and financial advisor to the seller

Ecologic (fleet-management and telematics SaaS) acquired by Everfield

The situation

Ecologic is a founder-built Polish vertical-SaaS company providing fleet-management and telematics software under the ecologic.io brand, developed capital-efficiently over many years. Vision East Advisory advised the seller on a sale to Everfield, a fund of New York-based Aquiline Capital Partners (ACP) that buys and grows European vertical-market software companies and leaves them operationally independent. It is exactly the kind of founder-owned Polish software asset international acquirers look for, matched to a long-term strategic home.

Our role

Exclusive transaction and financial advisor to Ecologic and its shareholders on the sell-side. VEA ran the process end to end: shaping the equity story, running the buyer process, defending the company's numbers in diligence, and steering negotiation through to signing and close.

How we ran it

  • Built the equity story around the SaaS fundamentals a software acquirer underwrites - recurring revenue, retention and a defensible position in the niche - rather than a generic services narrative.
  • Ran a controlled, discreet competitive process that protected confidentiality and the founders' day-to-day operations while creating genuine tension among credible European software buyers.
  • Stress-tested and defended the company's metric methodology in diligence, so the way recurring revenue and retention were measured held up under buyer and financial scrutiny.
  • Negotiated the SPA and managed closing mechanics to a clean signing, keeping the founders aligned and the deal on timetable through to completion.

Outcome

The transaction closed and was publicly announced on 30 June 2026.

What this means for a buyer

For a buy-side client it means access to off-market, founder-owned Polish vertical-SaaS assets and a partner that can run a discreet, competitive cross-border process to an international buyer and execute it to close.

Book a scoping call

WHY POLAND · WHY NOW

The market case, in four facts.

Poland is Europe's largest untapped pool of founder-owned technology companies - and one of its most transparent markets to screen, if you know where the data lives.

600k+

Engineering depth

Poland's ICT workforce is one of the largest in the EU. The figure above 600,000 is an order of magnitude we quote as an estimate, not a measured count, and it feeds thousands of founder-owned product and services companies that never raised institutional capital, and never had to. The number we do measure is the database: 3,016 companies, each verified against its registry filing.

EUR 5-50m revenue

Fragmented and founder-owned

The band we work in is EUR 5-50m of revenue, not EV and not EBITDA. The succession window is open: companies built in the 1990s and 2000s are reaching exit decisions, and most of these transactions sit below the radar of global banks, exactly where prepared buyers win.

3,016

Registry-verified coverage

Polish limited companies must file annual accounts with the public KRS registry. We cross-verified full profit-and-loss data for 618 companies in the EUR 10-50m band for FY2024, and maintain 3,016 entities in the database in total. Every target is checked against source filings, revenue, EBIT and ownership, before it reaches your long-list.

4%+ GDP

Defence and dual-use tailwind

Poland runs one of NATO's highest defence-spending ratios, above 4% of GDP (NATO, Defence Expenditure of NATO Countries, 2025), and is rebuilding its security industrial base. Software, secure communications, drones and cyber assets are consolidating now.

One gateway to M&A in Poland: technology to advanced manufacturing

Most cross-border buyers want a single entry point, not a single vertical. We cover the software core, the tech-underpinned sectors, and the advanced manufacturing and industrials where Poland is genuinely strong. The industrial experience behind that coverage comes from transaction and operating roles that predate the firm, and we mark it as such. Open any area for what we see, why Poland, and how we help.

CORE

B2B SaaS & vertical software

Recurring-revenue product companies with defensible niches and high switching cost.

CORE

IT services & managed services

From software houses to managed-services platforms with contract-backed revenue.

CORE

Applied AI & data

Companies applying AI to real workflows, and the proprietary data underneath.

PRE-FIRM EXPERIENCE

Advanced manufacturing & industrials

Real manufacturing and industrial companies in Poland, from automotive parts, machinery and electronics to contract production and engineered components, acquired for foreign strategics, private equity and the German Mittelstand.

TECH-UNDERPINNED

Defence & dual-use

C4ISR, secure communications, UAS and counter-UAS, cyber, geospatial.

TECH-UNDERPINNED

Energy & climate tech

Grid software, energy management, efficiency, ESG data and cleantech.

TECH-UNDERPINNED

Industrial tech & Industry 4.0

Automation, IoT, MES/PLM, robotics and software-defined manufacturing.

TECH-UNDERPINNED

Fintech & payments

Payments, lending infrastructure, regtech and embedded finance.

TECH-UNDERPINNED

Healthtech & medtech

Clinical software, diagnostics, medical devices and health data.

TECH-UNDERPINNED

Mobility & automotive tech

Connected vehicle, fleet, logistics tech and automotive software/data.

HOW A MANDATE RUNS

Buy-side, end to end.

Five stages, one accountable partner. We take up to ten full transaction mandates a year. Standalone research and outreach projects are scoped separately. You see the funnel at every step.

01

Thesis and criteria

We turn your investment thesis into hard screening criteria: size, business model, vertical, ownership, exclusions - and what you definitely do not want.

A mandate brief your IC and our analysts read the same way.

02

Market mapping

We build the target universe to your criteria. Our existing ICT coverage supports technology screens; research in other sectors starts with a source-coverage check.

An indicative 5-10 business days for an ICT screen after the scope is agreed. Other research needs its own timetable.

03

Off-market outreach

We approach founders directly and discreetly, in Polish, with positioning tailored to your thesis. NDAs before data, always.

Conversations no auction can give you - before the asset is on the market.

04

Diligence and structuring

We coordinate financial, tax, legal and technical diligence with proven local specialists and keep all workpapers in English.

One accountable partner instead of five unconnected vendors.

05

Negotiation to closing

SPA negotiations, regulatory filings and closing mechanics, plus support through the first months after the deal.

A process that closes - on the terms you modelled, not the ones you conceded.

The full buy-side process: from criteria to closePolish IT valuation multiples (VEA Index)

LOCAL EXECUTION BENCH

One advisor. A complete execution stack.

Cross-border deals fail on local mechanics more often than on price. We orchestrate the full Polish execution layer around your transaction:

M&A legal counsel

Transaction lawyers who negotiate SPAs weekly, not occasionally.

Tax structuring

Acquisition structures that work across your jurisdiction and Polish law.

Financial & tax diligence

DD teams sized to the deal, from focused red-flag reviews to full scope.

Technical & code diligence

Independent review of architecture, IP hygiene and key-person dependencies.

W&I insurance

Brokers for warranty and indemnity cover where the risk profile calls for it.

Notary, filings & registrations

The unglamorous local layer that decides whether closing happens on schedule.

Assembled per mandate from Polish specialists we have worked with on live transactions. You contract one advisor; we orchestrate the bench. English workpapers, Polish execution.

DATA · POLISH ICT SECTOR

A dedicated database of Polish ICT companies - built to your mandate.

We do not sell an off-the-shelf directory. You define the selection criteria and fields; we deliver verified records built from primary sources - KRS filings, financial statements, registry events - with ownership structure and business-model classification. Typical use: PE/VC long-lists, market entry mapping, corp-dev target screens.

  • Registry data: company identifiers, legal form, founding year
  • Multi-year financials from statutory filings: revenue, EBIT, net profit, headcount
  • Ownership: shareholders, capital groups, PE presence
  • Classification: business model, vertical, technology, target customers
  • M&A signals: ownership changes, share issues, registry events
  • Decision-maker contacts (GDPR-compliant)

Pricing depends on scope - number of companies, field depth and update cadence. After a short scoping call we quote a fixed delivery price. No subscriptions, no hidden costs.

Ask about a database for your mandate

Describe what you are looking for - criteria, vertical, approximate company count. We confirm within 1 business day and come back within 2 with a proposed scope and a quote.

Prefer to scope it on a call? Pick a slot in the partner's calendar. Book a scoping call

Buying or selling. Never both sides of the same deal.

For founders

You sell a company once. We help you pick the moment, prepare the business and run a process where you choose between good offers - instead of defending the only one.

For investors & buyers

Entering Poland or consolidating in CEE? We run buy-side mandates built on our own source-verified database of Polish ICT companies - from long-list to closing, in English and Polish.

Who we are

We connect international capital - private equity, strategic buyers and growth investors from the DACH region, the UK, the US and beyond - with the Polish market we work in every day.

What we bring to a mandate is a combed market and a written method rather than a rolodex: a registry-built database of Polish ICT companies, a valuation reference computed from statutory accounts, and a process documented page by page before you ever call us. Behind that sits industrial and cross-border transaction work, including an acquisition in the United Kingdom, carried out in roles that predate the firm and marked as such wherever they appear here.

Buy-side is won in the data and the first conversation - months before anyone opens a data room.

Your mandate is run personally by the partner you meet first, end to end: thesis, mapping, outreach, diligence coordination and negotiation of final terms.

Questions international buyers ask

How do I acquire a technology company in Poland?

Define your investment thesis as hard criteria, build a registry-verified long-list of targets, approach owners directly (often off-market), then run financial, tax, legal and technical due diligence before negotiating the SPA and closing. A local buy-side advisor turns this from a cold search into a managed process and coordinates the execution bench you need on the ground.

Can a foreign company buy a Polish company?

Yes. Foreign strategics and funds routinely acquire Polish companies, and most technology transactions are straightforward. Certain sectors can require foreign-investment screening or regulatory approval, which is managed within the deal timeline with local counsel.

Is there foreign-investment screening in Poland?

Some acquisitions - particularly in defence, energy and critical infrastructure - can trigger investment screening or sector-specific approvals, and merger control applies above certain thresholds. For most software and services deals it does not bite, but it should always be checked early. We flag it at the screening stage and coordinate any clearance with local counsel.

What financial data is available on Polish companies?

Polish companies file full financial statements with the public KRS registry, so revenue, EBIT, net profit, headcount and ownership can be verified at source. This registry transparency is a genuine advantage for buyers and is the basis of our source-verified target data.

How long does it take to acquire a company in Poland?

A buy-side mandate typically runs several months from thesis to closing: criteria and market mapping, off-market outreach, due diligence and structuring, then negotiation to closing. Clean preparation and an organised data room shorten the most unpredictable phase, due diligence.

Read the full guide: acquiring a technology company in Poland
Acquiring a SaaS company in PolandAcquiring an IT services company in PolandAcquiring an automotive software company in PolandValuation multiples and the VEA IndexCase story: Ecologic acquired by Everfield

Team

Marcin Boroń

Marcin Boroń

MANAGING PARTNER · FOUNDER

Founder and Managing Partner who runs sell-side mandates for founders and buy-side mandates for investors entering Poland, never both in the same deal.

Jakub Kowalski

Jakub Kowalski

CO-FOUNDER · BOARD MEMBER

Co-founder and board member who has financed and run cross-border deals as both an investor and a hands-on operator.

Michał Mierzwiak, CFA

Michał Mierzwiak, CFA

SENIOR ASSOCIATE

Senior Associate and CFA charterholder who owns the analytical core of every deal: the models, valuations and quality of earnings that hold up in fund diligence.

BOUNDARIES

What we do not promise

The limits are part of the offer. If one of them rules us out, that is better established now than in month eight.

  • We never act on both sides of the same transaction, and we will not take a sell-side mandate for a company already sitting on the target list of a buy-side mandate we hold. Where that conflict exists, you hear it on the first call.
  • Nothing you tell us enters our database. It describes the market from public registers and only from those. Your thesis, your criteria and your name stay inside the mandate.
  • The VEA Index is not an average of transaction prices. It is a median implied EV/EBIT modelled from registry accounts across a cohort of profitable companies, so a single target can land well outside it in either direction. We use it as a reference point, never as a valuation.
  • We do not guarantee a closing. We guarantee a process in which the funnel stays visible at every stage and every number in it has a source you can follow back.
  • Roles that predate the firm are marked as such wherever they appear, and we do not count them as the firm's own track record. An entry with no date and no status does not go on this site.

Entering Poland or CEE? Start with a scoping call.

Thirty minutes with the partner who would run the mandate: your thesis, the realistic funnel and what a pilot screen would look like. Confidential, no obligation.

Book a confidential call

Discretion is our starting point. We are happy to sign an NDA before the first meeting.