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A landmark moment in the history of the Comarch Group

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A landmark moment in the history of the Comarch Group

A landmark moment in the history of the Comarch Group, a global integrator, developer of innovative IT solutions and systems from Krakow.

On 4 December 2024, the compulsory buyout of shares (‘squeeze out’) was completed and on 8 December 2024, an Extraordinary General Meeting of Comarch S.A. was held, the purpose of which was, inter alia, to vote on a resolution to delist the Company's shares from the stock exchange.

As part of the squeeze-out procedure, 160,003 Company’s shares were purchased, representing 2.00% of the Company's share capital and 1.09% of the total number of votes in the Company. The entity purchasing the shares was Chamonix Investments Poland sp. z o.o. (‘Acquirer’) controlled by CVC Capital Partners Fund IX. Thus, the Filipiak Family, together with CVC Capital Partners Fund IX and Ms Anna Prokop (together the ‘Parties to the Agreement’), jointly hold shares representing 100% of the capital and 100% of the total votes of the Company.
Shareholders approved the resolution to delist Comarch S.A. shares. Delisting was one of the planned steps in a process that will enable Comarch S.A. to continue to grow as a private company. The next step in this process will be the submission of an application to the Financial Supervision Authority to delist the company's shares.

At the Extraordinary General Meeting of Comarch S.A., the following individuals were appointed to the Supervisory Board:

  • Elżbieta Bujniewicz-Belka,
  • Krzysztof Piotr Krawczyk as Vice-Chairman of the Supervisory Board,
  • Jarosław Mikos,
  • István Szöke.

The following persons remain members of the Supervisory Board, as before:

  • Elżbieta Filipiak as Chairperson of the Supervisory Board,
  • Professor Joanna Krasodomska,
  • Professor Andrzej Pach.

The following persons have been dismissed from the Supervisory Board:

  • Danuta Drobniak,
  • Professor Jolanta Maria Flis,
  • Robert Jasiński.

In order to meet the current plans of the Company and its Shareholders, four members of the Board: Arkadiusz Iłgowski, Tomasz Matysik, Wojciech Pawluś and Marcin Romanowski resigned from their positions as members of the Management Board of Comarch SA. They will continue to hold key management positions within the Comarch Group.

The Comarch's Management Board consists now of 5 members:

  • Marcin Kaleta,
  • Michał Mędrala,
  • Andrzej Przewięźlikowski,
  • Zbigniew Rymarczyk,
  • Konrad Tarański.

The current composition of the Management Board and Supervisory Board, as well as the updated wording of the Company's Articles of Association, are intended to reflect the new ownership structure and the new strategic goals that the Comarch Group wants to achieve in the coming years.

Krzysztof Krawczyk, Partner at CVC Capital Partners, Vice-Chairman of  the Supervisory Board of Comarch S.A. said after the EGM:
- We are pleased to have entered the next stage of the transaction and to actively participate in the life of Comarch by joining the Supervisory Board. In the coming months, together with the Management Board and the managerial staff, we plan to refine the development strategy and work collaboratively on the Group's development priorities. We believe that the foundation will lie in further enhancing key products and solutions, as well as building strategic talent management systems. The foundation of Comarch’s operations is its employees—their engagement, knowledge, and skills, which, I am confident, will enable us to build an even stronger business together. We aim to strengthen our market position in Poland while deepening our international presence in the areas critical to Comarch.

Konrad Tarański, Comarch Board member and CFO, commented:
- After 25 years acting as a publicly traded company, Comarch S.A., following yesterday’s decision by its shareholders, will soon submit an application to the Polish Financial Supervision Authority (KNF) to delist its shares from trading on the Warsaw Stock Exchange. The company— arguably already like a private entity—intends to pursue a long-term growth strategy together with the CVC Fund. Elements of this strategy will be presented internally in the coming months. It will be developed by the Management Board and the key managerers in consultation with the company's shareholders.

Withdrawal of the company from the Warsaw Stock Exchange is a next stage in the planned long-term joint investment by CVC and the Filipiak Family, as a result of which the entities controlled by CVC Capital Partners Fund IX eventually became the majority shareholders of the Company.