Mid-market private equity firm Montagu has agreed to acquire IAI Group from MCI Capital ASI and IAI founders, Paweł Fornalski and Sebastian Mulinski.
Founded in 2000, IAI is a digital retail solutions provider which enables mid-to large size merchants in Poland and Central and Eastern Europe to build thriving e-commerce operations.
The company’s flagship product, IdoSell, is a comprehensive proprietary technology platform that powers individual merchants’ end-to-end online operations – from consumer-facing storefronts to value-added services including marketing, logistics, and payments.
IAI’s products are deeply embedded within its customers’ infrastructure, making them operationally essential and driving a strong net retention rate of >125%.
In 2018, MCI acquired a majority stake in the company via a take-private transaction alongside the founders and under their collective stewardship, the company has become a market leader in Poland and Hungary.
Supported by strong secular tailwinds and robust market positioning, IAI Group has a proven record of scalable, profitable growth with net revenues growing at a >20% CAGR between FY22-FY24.
Growth was accelerated by a number of strategic acquisitions, including Shoprenter, a Hungarian e-commerce provider in 2021 and AtomStore, a Polish e-commerce platform in 2023, as well as launching IdoPay, now a regulated National Payment Institution recognised by the Polish Financial Supervision Authority.
IAI will now join Montagu’s portfolio of digital infrastructure businesses across Europe including Multifonds, Harvest, ITRS Group, and Wireless Logic.
The closing of the transaction is subject to obtaining regulatory approval.
