Every Monday I break down one deal. Today – not just one transaction, but the full 25-year journey of a company that went through almost every M&A mechanism that exists. If you run an IT or SaaS business, this one is for you.
2000, Szczecin, Poland. Two guys build a music portal called Hip-Hop.pl, and someone asks them to build an online store on the side. They write the code, the store works, more clients come – and almost by accident, the foundation of what we now know as IdoSell is born.
The company grows steadily, and in 2009 it lists on NewConnect – not for the publicity, but for the capital needed to scale. That is the first M&A mechanism the founders use: the public market as a growth financing tool.
2018 – Revenue has grown from PLN 8M to PLN 28M over five years, and MCI Capital – Poland’s largest listed private equity fund – sees the potential and acquires a 51% majority stake. Founders Paweł Fornalski and Sebastian Muliński stay on the management board with 49% in hand, and the company goes private. That is the second mechanism: a PE-backed take-private with founders kept at the table.
Over the next seven years under MCI, the third mechanism kicks in: buy and build. IAI acquires Shoprenter in Hungary in 2021, then AtomStore in Poland, building a regional SaaS ecosystem around IdoSell. Each acquisition adds a market, a product, and a customer base. The company grows 6x, and GMV exceeds PLN 20 billion annually.
2025 – MCI sells 100% of IAI Group to London-based Montagu Private Equity for PLN 469M net proceeds. That is the fourth mechanism: a secondary buyout – one PE fund exiting by selling to another that sees the next chapter of growth.
Four mechanisms. One company. 25 years.
Three takeaways for any IT founder thinking about their exit strategy. First – private equity does not take your company away: MCI came in with a majority stake, but the founders kept their equity and made money on the exit alongside the fund. Second – external capital is fuel for acquisitions you could never finance alone: without MCI, there would be no Shoprenter and no AtomStore. Third – a well-prepared company sells before it even goes to market: Montagu acquired IAI ahead of the formal sale process because the business was visible and ready.
Which mechanism fits your company depends on the stage you are at and what you are looking for – growth capital, a partial exit, or a full sale. There is no single right answer.
If you want to talk through your options – the first 60 minutes is on me.