This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Since joining the publicly listed Euvic holding company, Senetic has accelerated its international expansion and could achieve a long-standing revenue target as early as this year. The company is growing at roughly 50% a year, having built up inventories of hardware that is now in surging demand. And management insists this is only the beginning.
What can a broad-based AI boom lead to? One example is Samsung, whose quarterly operating profit jumped by 1,800% to around PLN 22bn (approximately EUR 5.2bn), driven in part by soaring demand for memory chips, which have recently been in short supply.
The latest technological revolution is also benefiting Polish companies, albeit on a smaller scale. One of them is Senetic, a distributor of software and IT hardware, whose already rapid growth has accelerated further this year.
In 2025, the company increased revenue by 20% to PLN 711m (approximately EUR 167m) while remaining profitable, posting earnings in the low millions of zlotys. At the time, it aimed to maintain that pace and surpass PLN 1bn (approximately EUR 235m) in annual revenue by 2028. Management wondered whether the target might prove too ambitious. Instead, the opposite has happened.
“If we maintain our current growth rate of more than 50% - and everything suggests that we will – we could reach PLN 1bn in revenue as early as this year. Even so, that would not come close to exhausting either our ambitions or our potential. Once we achieve that milestone, we will set ourselves an even more ambitious one. I believe we are only just gathering momentum, because the opportunity ahead is enormous. In many European markets, we could be selling several times more than we do today,” says Marcin Białożyt, Founder and CEO of Senetic.
“Despite the sharp increase in revenue, we have actually managed to improve our margin slightly. Current market conditions favor suppliers rather than customers. We do not have a monopoly, so we cannot dictate prices. However, demand continuing to outstrip supply gives us greater scope to sell more efficiently,” adds Łukasz Bojar, Member of the Management Board at Senetic.
Expert's perspective
A global trend creates local winners – but only a few
Memory manufacturers have already begun expanding production capacity. However, given the time required to build new factories, the market is likely to face shortages for at least another several months.
In Poland, it is difficult to identify many beneficiaries of the current situation. Local companies and consumers are more likely to feel the negative impact. This is because prices of smartphones, laptops and other electronic devices are expected to rise in the coming months.
Poland has no domestic manufacturers of electronic components. The only companies that can be identified as potential winners are IT distributors. Among publicly listed companies in Poland, Asbis stands out. The company has successfully positioned itself within global supply chains and is benefiting from growing demand for AI infrastructure.
Well-known entrepreneurs and a popular influencer
The entrepreneur made enough money from real estate to establish an IT trading company out of passion in 2009. He began by selling electronics through the GNC.pl online store and, in the following years, fulfilled orders in most countries around the world.
In 2024, Senetic became part of the Euvic group, one of Poland’s leading IT companies, valued at more than PLN 700m (approximately EUR 165m) on the Warsaw Stock Exchange (GPW). Although the initial transaction involved the acquisition of a minority stake, it was the largest deal in Euvic’s history.
As his personal priorities changed, Marcin Białożyt initially looked for a strategic investor willing to acquire the entire company and provide a clear roadmap for its future development. The outcome, however, turned out differently.
“Wojciech Wolny and Rafał Sonik – people I knew from Corporate Connections – approached me with a proposal for a multi-year acquisition plan. The project was also joined by Remigiusz ‘reZigiusz’ Wierzgoń, a popular influencer, Tobiasz Wybraniec – co-founder of the influencer marketing agency GetHero and until recently CEO of Digitree Group – and Paweł Grzegorczyk from Keno Energy, one of Poland’s wealthiest individuals,” says Marcin Białożyt.
The company’s original plan, set for 2030, has already been largely achieved. As a result, the roadmap for the founder’s sale of the remaining shares will soon need to be updated.
The benefits of joining Euvic
Senetic has built its expertise around serving small and medium-sized enterprises (SMEs) across Europe – companies with between 10 and several hundred computers. Reaching decision-makers is relatively straightforward, their approach is more transactional, and the scale of contracts is typically limited, averaging EUR 1,000–2,000. The company has already delivered projects worth several hundred thousand zlotys, but these were driven by the size of orders rather than their technological complexity.
“Joining the group allowed us to enter a new and promising area of the market. Euvic helps us deliver complex projects for large customers. Their approach is based on building long-term relationships, and Wojciech Wolny is exceptionally skilled at that. These projects require large teams, and following the transaction we gained access not to dozens, but to more than 150 engineers,” explains Łukasz Bojar.
The partnership has also strengthened Senetic’s relationships with suppliers. The Polish company is now viewed by global technology leaders such as Microsoft, HPE and Cisco as a fully-fledged partner capable of scaling business across individual markets. Previously, it was treated merely as another sales channel.
“The exchange of experience, know-how and contacts between several dozen companies within the holding is also important. We complement one another in terms of our product offering, customer base and other areas. We have 70,000 customers across Europe, and more than 100,000 globally. Today, we can meet a significantly larger share of their needs than before,” explains Łukasz Bojar.
Senetic strengthened the group’s electronics sales capabilities
The manager emphasizes that, apart from the ownership change, little has changed at the company following the transaction – and that is precisely the point. Initially, employees concerned about the acquisition asked how their roles would be affected. Once reassured that their responsibilities would remain unchanged, they returned to work with renewed motivation.
“Wojciech Wolny is known for investing in companies where he can add value, rather than mixing everything together like ingredients in a pot. A financially healthy and growing company like ours does not need restructuring – it simply needs more fuel to accelerate its growth,” says Łukasz Bojar.
“We have brought a great deal to the group, above all a new sales channel with enormous reach. Our online store attracts more than one million unique users per month. During that time, more than 15,000 customers complete over 20,000 transactions. Adding Euvic companies’ offerings to our platform creates opportunities for a significant, almost step-change increase in sales,” adds Marcin Białożyt.
He also highlights the importance of diversification for the group. Euvic had been looking for some time to build a second strong pillar of its business in hardware sales. This was the rationale behind its investment first in Senetic and later in Komputronik network.
The AI frenzy is driving sales growth
Senetic argues that its above-market growth rate is partly the result of fast and high-quality customer service. The company delivers products within 24 hours, while shipments to more distant markets typically take no more than two to three days. Its inventory levels are now twice as high as a year ago.
“This is crucial for customers who need equipment immediately. They are also so satisfied with the service provided by our local representatives that they frequently come back. More than 40% of our business partners have completed at least two transactions within a three-month period, and many carry out hundreds of transactions every month,” says Łukasz Bojar.
He stresses that this year’s growth rate is not the result of individual large transactions, but rather of a broader trend that is likely to continue until at least the end of next year, and potentially longer. Companies are purchasing vast quantities of equipment – particularly computing power, servers and memory, essentially everything directly linked to the development of artificial intelligence.
“Cloud services continue to grow rapidly – we see this in our Microsoft license sales – but more and more companies are seeking diversification and building their own infrastructure. As a result, the value of servers we have sold has increased by 170% this year,” says Łukasz Bojar.
A downturn in the global IT hardware market? Not for the next two or three years
The manager points out that market cycles are a normal feature of the industry. Just as consumers stocked up on electronics during the COVID-19 pandemic, the business market will eventually reach a point where companies have acquired sufficient equipment.
“But we are still a long way from that point. The AI boom continues to expand, and we are certainly not at its peak yet. Manufacturers openly say they are currently able to meet only 40–60% of demand, while some have already secured production capacity through 2030. The period of the sharpest price increases is behind us – memory prices were rising by 30–40% per month—but prices are still increasing at a rate of several percent per quarter,” says Łukasz Bojar.
He adds that even once the largest customers have completed their purchases, smaller companies will still be waiting in line. As a result, he does not expect any downturn in the global IT hardware market for another two or three years.
Expert's perspective
Who is benefiting from AI – and what role can Poland play?
The strong revenue growth rates are primarily driven by more expensive AI configurations and rising component prices. However, volumes – as well as distributors’ margins – may vary.
The acute phase of shortages could continue for another several months. This is supported by supply constraints affecting memory, graphics processing units (GPUs) and energy, as well as continued demand for data center construction. However, the broader investment trend in AI infrastructure is likely to be long-lasting.
Globally, the market has been expanding computing capacity to train AI models. Locally, however, other areas are becoming increasingly important, including production deployments, private AI models, data security and data localization. These factors could sustain demand even after some hardware shortages begin to ease.
For Poland, the greatest opportunity does not lie in manufacturing key components, as this sector is virtually non-existent domestically. Instead, Poland could become a regional hub for integration, distribution, implementation services, GPU-as-a-Service, cybersecurity and potentially data centers – provided that sufficient energy supply and appropriate infrastructure are available.
Companies with access to hardware, financing and strong supplier relationships may capture infrastructure modernization projects among medium-sized and large customers. It is important to remember that banks, public administration, industry, energy companies and healthcare providers will not move everything to the public cloud. They will continue to require local infrastructure, security, regulatory compliance and integration with existing systems.
The European dimension is also worth noting. The EU is developing EuroHPC [a continental supercomputing ecosystem – editor’s note] and AI factories. Through these initiatives, it is attempting to build its own computing infrastructure and reduce dependence on non-European platforms.
More European Union, less of the rest of the world
Poland has accounted for around 20% of Senetic’s revenue in recent years and remains the company’s largest market. This is expected to change soon, however, even though growth in the domestic market is continuing at a strong pace.
“The French, Italian and Spanish markets are significantly larger. For now, each of them accounts for around a dozen percent of our sales. We want the turnover in one of these countries to exceed Poland’s already in the first quarter of 2027, and later the same to happen in the other two,” says Łukasz Bojar.
Two years ago, the company changed its sales strategy. It closed offices in more than a dozen countries across different parts of the world, including India, Australia, South Africa and Mexico. The barriers proved greater than the benefits of expanding beyond the European Union’s single market.
“We have plenty of low-hanging fruit ‘at home’ and we are gradually picking it. We would rather build a strong position in selected markets than spread our attention across dozens of others. The exception is the United Kingdom, which was a very important market for us before Brexit. The introduction of trade restrictions changed a lot, but we are gradually returning to discussions with customers and remain optimistic,” explains the manager.
Microsoft services are becoming increasingly important
Outside Europe, Senetic continues to actively expand its Microsoft software business, with the United States among the markets it particularly aims to conquer. This business line currently accounts for around 20% of revenue and continues to grow.
“We began working with Microsoft in 2009, when perpetual licenses still dominated the market. Since 2016, we have been consistently expanding our offering with additional Microsoft cloud products: from the Microsoft 365 suite, through databases, all the way to the Azure cloud platform,” says Łukasz Bojar.
Sales teams, e-commerce and resellers
The company sells products through three channels. The largest share – around 40% - comes from sales representatives, who are primarily responsible for the most technically advanced projects. E-commerce is steadily gaining importance. It currently generates around 30% of sales, but its role extends beyond direct revenue.
“It helps us generate so-called leads, meaning potential contracts. We are gradually enabling customers to configure increasingly complex orders themselves. They can prepare everything initially on their own and then discuss individual terms and implementation details with a sales representative,” explains Łukasz Bojar.
The remaining more than 30% of revenue comes from several tens of thousands of so-called resellers. These are companies that purchase products in order to sell them onwards.
“We have been developing this channel intensively for the past three years. There is still significant room for growth, as we add around 1,000 resellers every month. This year, we began testing a mobile application for them, and the response has been positive,” says the Senetic board member.
Crises? Rather opportunities for growth
Marcin Białożyt emphasizes that his company has already weathered many challenging situations – not merely surviving them, but emerging with strong growth. As a result, he says he is unable to identify any major threats that could “turn his business upside down”.
“During the pandemic, we saw a surge in sales of laptops, monitors and other equipment. Once demand for those products declined, we shifted to supplying large volumes of hardware linked to the AI boom. The only thing I worry about is our own lack of attention. The market is cyclical, and the biggest risk is investing in a trend that is already ‘dying’ rather than one that is just emerging. So far, however, we have been able to identify such trends accurately and generate returns far above our original expectations,” concludes the founder of Senetic.
Key Takeaways
- The billion-zloty milestone ahead of schedule. In 2025, Senetic increased revenue by 20% to PLN 711m (approximately EUR 167m). The company had planned to maintain this growth rate and exceed PLN 1bn (approximately EUR 235m) in sales by 2028. However, this could happen as early as this year, as the company’s growth rate is now above 50%. The acceleration is driven by a sharp increase in demand for infrastructure supporting the development of artificial intelligence – a trend expected to continue for a long time. “The AI boom is still expanding; we are certainly not at its peak. Manufacturers openly say they are currently able to meet only 40–60% of demand,” says Łukasz Bojar, Member of the Management Board at Senetic.
- A business becoming increasingly international. Poland has accounted for around 20% of Senetic’s revenue in recent years and remains the company’s largest market. It is expected to be overtaken soon by France, Italy and Spain. In hardware sales, the company has changed its strategy and is now focusing on the European Union. Meanwhile, Microsoft software – which generates around 20% of revenue – is sold globally. Senetic is looking to accelerate growth in markets including the United States.
- The transaction unlocked new opportunities. Founded in 2009, Senetic, an IT hardware and software distributor, joined the Euvic group two years ago in what was the holding company’s largest transaction to date. The deal allowed Senetic to expand its offering into more technically advanced IT projects, including those delivered for large corporate clients. It also strengthened the company’s position in relationships with global technology partners such as Microsoft, HPE and Cisco. In return, Senetic brought Euvic a second strong business pillar in the form of electronics sales to companies. It also gives “sister” companies within the group access to a customer base of more than 100,000 clients, including around 70,000 in Europe.