Comarch in 2026: Poland's number-two listed IT-services group after Asseco, an mWIG40 issuer from Kraków, a six-member management board under Filipiak-family control

Comarch in 2026: Kraków-based rival to Asseco, a six-member management board, Filipiak-family control, and a supervisory board of just three

Comarch S.A. – headquartered at Aleja Jana Pawła II 39A in Kraków and registered in the KRS under number 0000057567 – is Poland's second-largest listed IT-services provider, behind only Asseco Poland of Rzeszów. The company was founded in 1993 by Janusz Filipiak – at the time a researcher at the AGH University of Science and Technology in Kraków – as one of the first private IT firms of Poland's post-1989 transition. It has operated in its current legal form (a joint-stock company under KRS 0000057567) since 30 October 2001 and has been listed on the Warsaw Stock Exchange since April 1999.

A corporate signature visible in the KRS itself: Comarch's management board has six members (a CEO plus five vice-presidents), while the supervisory board has just three – an inverted ratio compared with the typical listed issuer, where the supervisory board is at least as large as the management board. The reason is family control: the Filipiak family holds the controlling stake, so the supervisory board's composition does not need to represent dispersed shareholders – the formally required minimum of three members suffices. The management board, by contrast, is divided across business areas, with Janusz Filipiak historically playing the key strategic role.

Comarch

KRAKÓW · KRS 0000057567 · SPÓŁKA AKCYJNA

Revenue

n/a

Aleja Jana Pawła II 39A: the Kraków Special Economic Zone as the group's base

The address Aleja Jana Pawła II 39A, 31-864 Kraków, places Comarch's registered office in the Kraków Special Economic Zone (SSE), in one of the city's largest office complexes – located on Kraków's outskirts near the A4 motorway. In the 1990s and 2000s the zone offered tax incentives for new IT investments, enabling Comarch's rapid infrastructure build-out. Today the Comarch SSE complex is one of Poland's largest private IT campuses – more than a dozen office buildings, in-house server infrastructure and R&D facilities.

The company has a registered electronic-delivery address (ADE: PL-98509-39228-UGSRE-25) and a website at comarch.pl. Under Polish PKD codes, its principal activity falls under division 62 (computer programming, consultancy and related activities) – including 6201 (computer programming) and 6202 (computer consultancy) – the same set used by its Rzeszów rival.

Comarch has a strong international footprint – offices in Germany, Belgium, France, Spain, the UK, the US and the UAE – though still smaller at group level than Asseco's. Its main product segments are Comarch ERP (ERP systems for SMEs; the dominant player in Poland's mid-sized-company segment), Comarch Telecommunications (billing and OSS systems for telecom operators), Comarch Healthcare (hospital systems) and Comarch Financial Services (banking systems).

Polish IT on the WSE: a duopoly in the enterprise segment

Poland's listed IT-services sector has a clearly duopolistic structure: Asseco Poland from Rzeszów (mWIG40) and Comarch from Kraków (mWIG40). Together they account for almost all of Poland's large-cap enterprise IT on the WSE – the other listed IT companies (LiveChat Software, Ten Square Games, 11 bit studios) are more specialised in SaaS, mobile gaming or premium gaming, while Asseco and Comarch serve core business systems for banks, insurers, telcos, public administration and mid-sized firms.

Three structural features of the Comarch model explain its mWIG40 positioning:

• ERP for SMEs as a domestic moat – Comarch Optima and Comarch ERP XT are the dominant systems in the Polish 50–500-employee segment. Hundreds of thousands of Polish firms use them for accounting, sales and warehouse management. This is an operational moat – the cost of migrating to an alternative system (SAP, Microsoft Dynamics) is prohibitive for SMEs, so Comarch's position in the segment is stable.
• Regulated sectors as a revenue anchor – Comarch serves Polish banks (historically supplying core banking systems to mBank, Bank Millennium and Bank Handlowy), insurers (PZU, ERGO Hestia) and telecom operators (Orange Polska, Plus, Polkomtel). Contracts are multi-year and customer churn is low.
• The founder-controlled model as a cultural trait – Comarch remains a company with a strong founder imprint. Janusz Filipiak still plays a key strategic role, and the company's sports patronage (sponsorship of the Cracovia football club) and cultural patronage in Kraków are highly visible. This makes Comarch a typical "Polish family business on the WSE", where key decisions are taken outside the classical corporate-governance machinery.

Implications for the investment profile: a stable domestic base, a modest dividend, dominant-family influence

“Comarch is the case of Polish IT built from scratch without packaged acquisitions. Unlike Asseco, which grew primarily through successive European acquisitions, Comarch built itself organically from Kraków - financing successive product modules and geographic expansion from generated cash flow. This makes the group more Polish in character, but also more dependent on the cyclicality of the domestic ERP market.”

Three expected consequences for the company's 2026 investment profile:

• A modest dividend policy – Comarch has historically paid dividends in the PLN 1.5–3 per-share range (a 0.5–1.5% yield), channelling most of its profit into R&D for new products and international expansion. For income investors the company is less attractive than banks or utilities; its strength lies in long-term share-price appreciation and organic growth.
• The domestic ERP market in 2026 – the roll-outs of KSeF (e-invoicing), CRBR and e-Delivery are driving demand for ERP-system upgrades across Polish SMEs. As the segment leader, Comarch is a natural beneficiary – tens of thousands of customers need implementation and service work, providing a steady revenue stream.
• Dependence on the Filipiak family – every strategic decision (capital allocation, acquisitions, R&D policy) is in practice taken within the narrow circle of the dominant family. That is an operational advantage (speed of decision-making, a clear long-term vision) but also a governance risk for minority shareholders. Any significant event surrounding the dominant family (succession, illness, a change of strategy) would matter for the company's valuation.

For the Małopolskie voivodeship itself, Comarch is a key IT employer – together with its group it employs several thousand specialists in Kraków, ranking among the three or four largest IT employers in southern Poland. No listed IT competitor of Comarch's scale exists in Kraków – it is one of the city's largest private employers alongside the hospitality and telecom sectors (Orange).

What you'll find in the Comarch profile

The Comarch S.A. profile in our database gives the full picture of the company: the composition of the six-member management board (a CEO plus five vice-presidents), the three-member supervisory board, the KRS registration history since 30 October 2001, the registered address at Aleja Jana Pawła II 39A in the Kraków SSE, its e-Delivery status (ADE PL-98509-39228-UGSRE-25), the comarch.pl website, and the assigned PKD codes classifying its activity as software and IT consultancy. The profile is also available in English – relevant for international CEE-tech fund investors, since Comarch is one of the two large Polish listed enterprise-IT issuers.

Data: Polish KRS Court Register (KRS 0000057567); Comarch S.A. - annual reports 2023–2025; PKD classification 62 (software activities); company history - founded 1993 by Janusz Filipiak, S.A. 2001, WSE IPO 1999; editorial estimates for the position in the Polish enterprise-IT sector, as of 2026-07-27.