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, registered in the KRS under number 0000057567 - is Poland's number-two 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. In its current legal form (joint-stock company under KRS 0000057567) it has operated since 30 October 2001, listed on the Warsaw exchange since April 1999.

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

The address Aleja Jana Pawła II 39A, 31-864 Kraków, places Comarch's seat in the Kraków Special Economic Zone (SSE), in one of Kraków's largest office complexes - located on the city's edge near the A4 motorway. The economic zone offered tax incentives in the 1990s and 2000s for new IT investments, allowing Comarch's rapid infrastructure expansion. Today the Comarch SSE complex is one of Poland's largest private IT campuses - a dozen office buildings, in-house server infrastructure, 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 the principal activity is classified under 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 smaller in group scale than Asseco. Main product segments: Comarch ERP (ERP systems for SMEs; in Poland the dominant player in the mid-sized firm 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 duopolistic structure in the enterprise segment

In the Polish IT-services stock-market segment, the structure is clearly duopolistic: Asseco Poland from Rzeszów (mWIG40) and Comarch from Kraków (mWIG40). Together they represent almost the entire large Polish enterprise-IT segment on the WSE - the other listed IT companies (LiveChat Software, Ten Square Games, 11 bit studios) are more specialised: SaaS, mobile gaming, premium gaming, while Asseco and Comarch serve core business systems (banks, insurers, telcos, public administration, mid-sized firms).

Three structural features of the Comarch model that 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 these systems for accounting, sales, and warehouse management. This is an operational moat - the migration cost to an alternative system (SAP, Microsoft Dynamics) is prohibitive for SMEs, so Comarch's position in this segment is stable.
• Regulated sectors as a revenue anchor - Comarch services Polish banks (historically supplying core banking to mBank, Bank Millennium, Bank Handlowy), insurers (PZU, ERGO Hestia), telecom operators (Orange Polska, Plus Polska, Polkomtel). Multi-year contracts, low customer churn.
• Founder-controlled model as a cultural element - Comarch remains a company with a strong founder imprint. Janusz Filipiak still plays a key strategic role; sports patronage (sponsorship of Cracovia football club) and cultural patronage in Kraków are visible. This makes Comarch a typical "Polish family business on the WSE", where key decisions are taken outside the classical corporate-governance mechanism.

Implication for the investment profile: stable domestic base, 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:

• Modest dividend policy - Comarch has historically paid dividends in the PLN 1.5–3 per share range (yield 0.5–1.5%), 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 price appreciation and organic growth.
• Domestic ERP market in 2026 - KSeF (e-invoicing), CRBR, and e-delivery rollouts drive demand for Polish SME ERP-system updates. Comarch as the segment leader is a natural beneficiary - tens of thousands of customers need implementation and service work, steadily driving revenue.
• Dependence-on-family risk - every strategic decision (capital allocation, acquisitions, R&D policy) is in practice taken in a narrow circle of the dominant family. This is an operational advantage (decision speed, clear long-term vision), but also a governance risk for minority shareholders. Any personal event in the dominant family (succession, illness, strategy shift) would be a meaningful event for the ticker's valuation.

For the Małopolskie voivodeship itself, Comarch is a key IT employer - together with the group it employs several thousand specialists in Kraków, ranking among the three or four largest IT employers in southern Poland. There is no comparable competitor in Kraków at Comarch's scale on the stock exchange - it is one of the city's largest private employers after hospitality and telecom (Orange).

What you'll find in the Comarch profile

The Comarch S.A. profile in our database carries the full picture of the company: composition of the six-member management board (CEO plus five vice-presidents), the three-member supervisory board, the KRS registration history from 30 October 2001, the registered address at Aleja Jana Pawła II 39A in Kraków SSE, e-delivery status (ADE PL-98509-39228-UGSRE-25), website comarch.pl, and the assigned PKD codes classifying the activity as software and IT consultancy. The profile is also available in English - important for international investors in CEE-tech funds, since Comarch is one of the two large Polish 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 2026-05-02.