Text (formerly LiveChat) in 2026: a Wrocław SaaS under a new brand after the 2024 rebrand, a two-member management board, an mWIG40 issuer exporting to the US

Text (formerly LiveChat) in 2026: a Wrocław SaaS under a new brand, a two-member management board, exports mainly to the US, an mWIG40 issuer from ul. Zwycięska

Text S.A. - headquartered at ul. Zwycięska 47 in Wrocław (postcode 53-033), registered in the KRS under number 0000290756 - is the Wrocław SaaS company known for most of its stock-market history as LiveChat Software. In 2024 the company rebranded from LiveChat Software to Text S.A. - in response to the expansion of its product portfolio, which already extended well beyond the single LiveChat product (chat widget for websites): HelpDesk, ChatBot, KnowledgeBase, OpenWidget and other customer-support tools. The new name "Text" reflects the common thread across all products - text-based communication between businesses and end customers.

The company has operated in its current legal form (joint-stock company under KRS 0000290756) since 16 October 2007, listed on the Warsaw exchange since April 2014. Business roots go back to 2002, when Mariusz Ciepły founded the first version of LiveChat in Wrocław - at the time one of the first Polish SaaS products targeting the global market.

Corporate signature: Text S.A.'s management board has just two members (CEO plus management-board member) - one of the smallest boards in the Polish mWIG40. A construction typical of a growth-oriented SaaS where strategic decisions are taken in a narrow, founder-driven circle. Supervisory board: five members.

TEXT

WROCŁAW · KRS 0000290756 · SPÓŁKA AKCYJNA

Revenue

n/a

ul. Zwycięska 47, Wrocław: SaaS hero with a panoramic Wrocław view

The address ul. Zwycięska 47, 53-033 Wrocław, places Text S.A.'s seat in the southern part of Wrocław, near Krzyki and Borek. Wrocław as the Lower Silesia voivodeship capital has one of Poland's strongest tech clusters - the headquarters of Asseco Poland Wrocław, Kruk, Develia, AmRest are also here. Text joins this cluster as one of few publicly listed Polish SaaS companies.

The company has a registered electronic-delivery address (ADE: PL-26307-69073-EICGB-21) and a website at text.com (note: not text.pl - reflecting the global customer reach). Under Polish PKD codes the principal activity is classified under 62 (computer programming) - including 6201 (programming) and 6202 (IT consultancy).

Controlling shareholder: founder Mariusz Ciepły has retained the controlling stake since founding in 2002. This makes the company a typical Polish family SaaS - where strategic decisions (the 2024 rebrand, product policy, acquisitions) are taken in a narrow founder circle, but the long-term vision is exceptionally clear.

Polish SaaS on the WSE: narrow but prestigious competition

The Polish stock-listed SaaS sector has narrow representation on the Warsaw exchange. Most growing SaaS companies (Brand24, RevDeBug, ITMagination) are off-exchange, controlled by venture funds or minority-listed on NewConnect. Among mWIG40 SaaS issuers, Text stands out:

• Export character - most of Text's revenue is generated in the US market. This is USD currency exposure, distinguishing the company from domestically concentrated Asseco (Europe) and Comarch (Poland + neighbours).
• Subscription-based revenue model - Text revenue is recurring subscription-based ARR (Annual Recurring Revenue), structurally more predictable than project-based revenue of classical IT integrators (Asseco, Comarch). This brings Text's valuation closer to that of US SaaS peers - with valuation multiples of 10–20× revenue, while classical Polish IT companies trade at 1–3× revenue.
• Global customer base, Polish R&D cost - Text serves customers in 150+ countries, but R&D and most operational employment is in Wrocław and surroundings, on Polish labour cost. This is a structural margin advantage - unavailable to global competitors from the US (Zendesk, Intercom, Drift) or Western Europe.

Three structural features of the Text model that explain its mWIG40 positioning:

• Competition with US SaaS giants - Text's direct rivals in the customer-support tools segment are Zendesk (~10× larger globally), Intercom, Salesforce Service Cloud, Hubspot Service Hub. Text holds its position thanks to lower price and simpler usage, but competitive pressure remains constant.
• AI-first transformation - in 2024–2026 the customer-support tools segment is undergoing rapid AI-ification (AI chatbots, automated responses, AI-powered knowledge base). Text invests in these directions through OpenWidget and AI-derived products, but the risk from AI-native startups (Decagon, Sierra) remains structural.
• Dollar FX exposure - most revenue in USD, most costs (Polish employment) in PLN. A weaker zloty against USD = higher reported profit; a stronger zloty = lower. This makes Text sensitive to the USD/PLN cycle.

Implication for the investment profile: SaaS valuation, dollar exposure, AI risk

“Text is a classic case of a Polish SaaS - a company whose Warsaw exchange valuation deviates from classical Polish-stock criteria (P/E 5–10) and approaches US peers' multiples. A minority investor here commits to exposure to the global customer-support tools segment with a Polish operating base, accepting a higher valuation versus classical Polish industrials. Main risks: AI-native startup pressure and the USD/PLN cycle.”

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

• Generous dividend policy - Text has historically paid dividends in the PLN 4–7 per share range (yield 5–10%) - high for a SaaS company, thanks to low capital requirements (small capex, no infrastructure acquisitions) and high operating cash flow from subscriptions. The policy remains oriented to regular payouts in 2026.
• USD/PLN currency exposure - in 2026 the US dollar remains stable against the zloty, providing Text with a predictable margin. Every PLN 0.20 swing per USD feeds into a dozen-or-so million zloty difference in group EBITDA.
• AI competition in the segment - in 2026 AI-native customer-support startups (Decagon, Sierra, Forethought) develop rapidly. Text responds with its own AI products (OpenWidget, ChatBot AI), but the risk of losing market to AI-first competitors remains structural. This is the main long-term investment risk.

For Lower Silesia itself, Text is the flagship mWIG40 SaaS of the region - Wrocław as the regional capital has dozens of mWIG40/sWIG80 issuers (AmRest, Develia, Kruk, Asseco Wrocław), but Text stands out as the only pure SaaS in this cluster.

What you'll find in the Text profile

The Text S.A. profile in our database carries the full picture of the company: composition of the two-member management board (CEO plus one management-board member - one of the smallest boards in the Polish mWIG40), the five-member supervisory board, the KRS registration history from 16 October 2007 (with traces of the 2024 rebrand from LiveChat Software), the registered address at ul. Zwycięska 47 in Wrocław, e-delivery status (ADE PL-26307-69073-EICGB-21), website text.com, and the assigned PKD codes classifying the activity as software and IT consultancy. The profile is also available in English - important for international investors, since Text is one of few Polish public SaaS issuers with global reach.

Data: Polish KRS Court Register (KRS 0000290756); Text S.A. - annual reports 2023–2025; PKD classification 62 (software); company history - LiveChat founded 2002 by Mariusz Ciepły, S.A. 2007, WSE IPO April 2014, rebrand to Text S.A. 2024; editorial estimates for the position in the global customer-support SaaS sector, as of 2026-05-02.