This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
The Polish group wants to become a European leader in e-commerce and operate in a manner reminiscent of Apple. By 2031, its profit could significantly exceed PLN 1 billion (EUR €232 million). Supporting this ambition is the planned sale of a portion of Vercom shares, a step cyber_Folks resorted to only as a last option to finance its record-breaking acquisition.
“Average is not enough for us,” said Jakub Dwernicki, CEO, founder, and nearly the largest shareholder of the cyber_Folks group, in a January interview with XYZ. The company offers a suite of digital tools required to launch and run online sales – from hosting and integrations to proprietary software. It is growing faster than the market and has equally ambitious plans.
In its pursuit of becoming a European leader in e-commerce technology, the company may be aided by a record acquisition. The value of the largest transaction in the group’s history has exceeded PLN 500 million (EUR 116 million). The company, valued on the Warsaw Stock Exchange (GPW) at approximately PLN 3 billion (EUR 698 million), has already secured the financing required to execute this plan.
Final scenario
On June 8, cyber_Folks settled the sale of 4.3 million Vercom shares at PLN 120 per share, generating PLN 520.8 million (approximately EUR 121 million). The transaction was carried out through an accelerated book-building (ABB) process targeted at institutional investors.
“We have very strong relationships with the market, we deliver on all our promises, we are transparent and we play fair. As a result, investors and analysts consistently rate us very highly. Naturally, for some time now we have been receiving questions about the possibility of selling part of our Vercom stake. For us, however, this has always been a last-resort scenario, as we hold the company in very high regard,” commented Jakub Dwernicki.
Vercom was created within the group and spun off in 2005. It provides technology that automates customer communications across multiple channels – SMS, email, messaging apps, and others. The company debuted on the Warsaw Stock Exchange (GPW) in May 2021 at a valuation of PLN 831 million, and is currently valued at approximately PLN 2.7 billion (EUR 627 million). This reflects a several-fold increase in scale, driven among other factors by a series of acquisitions. The largest of these, MailerLite, was valued at approximately PLN 400 million (EUR 93 million) in 2022.
Good to know
Ambitious plans do not rule out dividends
Despite the need to finance a potentially record-breaking acquisition in its history, cyber_Folks will once again share profits with shareholders. For the second year in a row, the payout will reach a record level. Between 2020 and 2026, the dividend grew at an average annual rate of 46%, rising from PLN 4 million to PLN 38 million (approximately EUR 0.9 million to EUR 8.8 million).
“Our decision stems from a commitment made to the market. Retaining profits in the company would change little – PLN 38.2 million (EUR 8.9 million) is nowhere near the PLN 520.8 million (EUR 121 million) generated from the sale of Vercom shares. What matters more to us is keeping our word that the dividend will increase every year. We remain a unique company that combines dynamic organic growth and growth through M&A [mergers and acquisitions], significant investment in R&D, and a consistent policy of profit distribution to shareholders,” emphasizes Jakub Dwernicki, CEO of cyber_Folks.
Confidence in Vercom’s potential
Following Vercom’s stock market debut, cyber_Folks – then operating under the name R22 – retained over 55% of its shares. In subsequent years, its stake was diluted, as the number of shares in free float increased, to slightly below 50%. After the ABB transaction, the group holds a 30% stake, currently worth over PLN 800 million (EUR 186 million) at the prevailing share price. Earlier this year, Vercom shares traded above PLN 150, compared with around PLN 120 at present.
Krzysztof Szyszka, CEO and co-founder of Vercom, expects a significant rise in the share price in the coming years. In an interview with XYZ last year, he said he aims to build “the largest technology company on the Warsaw Stock Exchange.” The company’s adjusted EBITDA is expected to nearly triple between 2024 and 2028, reaching PLN 300 million (EUR 69.6 million). Achieving this goal is to be supported by approximately PLN 1 billion (EUR 232 million) allocated to investments and acquisitions.
“The decision to sell part of the stake was not an easy one. I deeply believe in Vercom’s objectives and I am convinced that in a year our 30% stake will be worth more than the 50% stake before the ABB. The fact that we remain the company’s largest shareholder best illustrates our confidence in its future. This is also confirmed by the two-year lock-up [ban on selling shares],” says Jakub Dwernicki.
Expert's perspective
Intriguing moves, justified ambitions
The acquisition of the remaining stake in Shoper through a share swap is a reasonable step from the perspective of organizational clarity. The dispersion across three already sizeable entities – cyber_Folks, Vercom, and Shoper – was complex. It is, however, still unclear how large a stake cyber_Folks may ultimately take in the companies with which it is currently negotiating.
Cyber_Folks still has a long way to go before reaching the position of a European leader, especially as Shopify continues to strengthen its presence across various European countries. Nevertheless, with proper execution, cyber_Folks has the potential to build a strong alternative to the Canadian e-commerce technology provider, leveraging its deep understanding of individual local markets.
It will not be easy. In Poland, Shoper has held its ground against Shopify, but in other countries the Canadian company’s position is significantly stronger. Continued business development is therefore necessary, including through further acquisitions.
Capital needed to pursue ambitions
In September 2025, cyber_Folks raised PLN 204.2 million (EUR 47.4 million) through a share issue. The offering price was PLN 180 per share, compared with around PLN 200 at present. At the time, the company was evaluating five potential acquisition targets valued between EUR 15 million and EUR 150 million. It also signaled the possibility of executing transactions worth up to PLN 1 billion (EUR 232 million) within 12 months, or even more if additional debt capacity were taken into account.
Since then, it has completed one acquisition. Together with Poland’s Sylius and BitBag, it acquired French company PrestaShop in February for EUR 53.97 million, or approximately PLN 230 million (EUR 53.5 million at current exchange rates). PrestaShop provides open-source software for running online stores, with its strongest presence in Western Europe, though it is also among key players in Poland.
“Our acquisition ambitions today exceed the financial capacity of the group, even when additional leverage is taken into account. The planned merger with Shoper would further dilute the ownership of major shareholders, so another share issue was not an option. Vercom shares were the only asset that allowed us to raise capital at a scale matching the transactions we are working on,” explains Jakub Dwernicki.
However, the reduction of exposure to Vercom was not driven solely by capital needs. Originally a hosting business, cyber_Folks today is primarily a group offering software for running online commerce directly.
“Vercom is now a very well-managed and highly autonomous company. It successfully executes its own strategy and continues to develop consistently. We, on the other hand, are looking for businesses where we can be more operationally involved and where, in addition to capital, we can also contribute our experience, expertise, and time,” the entrepreneur explains.
Ready for a record-breaking acquisition
To date, cyber_Folks has completed several dozen acquisitions. It is now working on a number of additional projects. In some cases, it is still assessing whether the deals make strategic sense; in others, it already sees a clear rationale and is in the process of agreeing terms.
“The one that would become the largest in the group’s history definitely makes sense. It is a very attractive, but also a challenging investment. We are working on it intensively. We could complete one very large transaction, several smaller ones, or none at all. It is difficult to predict, especially as we had recently indicated that there would be no acquisitions in 2026. Today, I feel that we may, exceptionally, not keep that promise. If an ideal investment opportunity arises, we cannot ignore it,” says Jakub Dwernicki.
In February 2025, the company paid PLN 547.5 million (EUR 127 million) for a 49.9% stake in Shoper, a Warsaw Stock Exchange–listed company. It cannot disclose how much larger the transaction it is currently preparing may be.
“However, I assure you that we are ready for it. Over the past year, we have carried out the largest talent transfer in our history. Nearly ten managers with international experience in e-commerce, SaaS [software-as-a-service], and open source have joined us. This is not the end. We also intend to attract outstanding engineers specializing in data and AI, currently working at leading U.S. companies,” says Jakub Dwernicki.
Expert's perspective
The strength of Polish entrepreneurship and the domestic e-commerce sector
The first is the mindset of Polish entrepreneurs. Ambition, persistence, and a consistent drive to find ways to achieve objectives are defining traits. I look with appreciation at the operating methodology of Jakub Dwernicki, whom I have been observing for some time. His vision, combined with a systematic and repeatable approach to acquisitions, makes it possible to build an entire e-commerce ecosystem supported by leverage.
The second reason is a certain sluggishness among Western European competitors. The e-commerce sector in many Western European countries has long been highly saturated, and some companies originating there have lost momentum for further development. Reduced competitive pressure has weakened the need to seek durable advantages. Today, companies from countries such as Poland are taking advantage of this.
The third reason is the dynamic growth and innovation of the Polish e-commerce market. All participants in the ecosystem – retailers, technology providers, and logistics companies – are rapidly scaling their operations. In some areas, such as payments, Poland has already outpaced Western European competitors by a considerable margin. This can be leveraged in expansion into new markets.
The crown jewel of the Polish e-commerce market remains Base, but the cyber_Folks group is clearly emerging as the sector’s second gem. A merger of the two companies could create a European heavyweight. Even without such a combination, however, both have the potential to compete effectively with global players.
Breaking U.S. dominance
The entrepreneur views acquisitions primarily through the lens of strengthening the SaaS business and, more broadly, commercial technologies – i.e., paid solutions for corporate clients. The second pillar, open-source solutions, which require additional monetization streams for what is, in theory, free software, is seen as a highly effective way of rolling out these tools to a larger customer base.
More than half of the group’s over 700,000 customers (56%) come from Central and Eastern Europe, including 40% from Poland. Following the acquisition of PrestaShop, Western European markets, particularly France and Spain, have gained in importance. Europe remains the absolute priority. Each of the companies currently under consideration for acquisition operates, at least on a small scale, on a different continent. This, however, is not driven solely by a desire to increase the group’s share in the European market.
“The point is, above all, to break U.S. dominance in technology. The direction of Donald Trump’s policies clearly shows that this may have various negative consequences for Europe. We also see very strong demand among local companies for European, local technology providers – particularly in France. Europe has too few of its own technologies, and this must change. There is a lack of courage and leaders willing to take responsibility for it. We are ready, and we intend to seize this opportunity,” says the founder of cyber_Folks.
A heavyweight startup
The company closed Q1 2026 with approximately PLN 160 billion (EUR 37.2 billion) in GMV (gross merchandise volume generated by its clients). By 2031, it aims to roughly 2.5x this figure, exceeding EUR 100 billion.
“We need to set such ambitious goals and do everything to achieve them. The ‘reward’ must be high enough to justify investing in technology and attracting world-class specialists. They are critical for us. To persuade talent away from the world’s best technology companies, you need to offer them participation in a unique project. We always set ambitious goals, and so far we have managed to exceed them. We do not intend to change that,” comments Jakub Dwernicki.
In its segment, focused primarily on small and medium-sized enterprises, cyber_Folks competes in Europe mainly with U.S.-based giants. These include Canada’s Shopify, whose primary market is the United States and which operates on a SaaS model, as well as U.S.-based Adobe, which offers the open-source Magento software.
“Perhaps it sounds immodest, but I do not see many European players in this industry – excluding investment funds – prepared for what we aim to achieve. Our advantage is the combination of significant scale with a startup mindset and way of operating. We have entered the heavyweight division, but we have not lost our agility. Our competitors in the same weight class have become sluggish. Today, we see more competition from startups that can quickly break out in a specific niche. It is precisely this flexibility, combined with scale and a strong reputation, that is crucial in a rapidly changing market shaped by the AI revolution,” says Jakub Dwernicki.
cyber_Folks aims to become “like Apple”
Between 2020 and 2025, the company nearly quadrupled its revenues to PLN 855 million (EUR 199 million). It expects that by 2031 it could surpass EUR 1 billion in sales, implying roughly a fivefold increase.
“Shopify has a take rate [average commission margin – ed.] of close to 3%. We believe that thanks to our business model – partly open source – and the specifics of the European market, we can reach 1%. In 2025, the revenue-to-GMV ratio was slightly lower, mainly due to PrestaShop. We completed the acquisition in February, so we are only now working on monetizing that company’s customer base. We are preparing a range of useful tools that will be worth paying for,” says Jakub Dwernicki.
For years, cyber_Folks has maintained an adjusted EBITDA margin above 30%. Between 2017 and 2025, it grew revenues at an average rate of around 36% annually, while adjusted EBITDA increased by 37%. If it maintains this level of profitability and meets its revenue targets, by 2031 it could generate earnings of around EUR 340 million (approximately PLN 1.4 billion at current exchange rates). At that scale, the business could support a valuation reaching several billion złoty.
“A technology business must maintain high profitability in order to finance costly R&D activities. Apple is a great example of how you can offer a high-quality product, enjoy strong customer ratings, and deliver excellent financial results. That is exactly our goal, and we have already proven we can do it. Since the acquisition of Shoper in February 2025, we have not only improved customer perception but also increased its EBITDA margin by 2.5 percentage points. Our ambition is to maintain a similar pace of revenue and EBITDA growth. We do not intend to sacrifice profitability for the sake of scale,” says Jakub Dwernicki.
Interactive chart The merger with Shoper was not planned, but it makes sense
In May, the company announced its intention to merge with Shoper through a share swap. This was not part of the original plan. The assumption had been that, shortly after acquiring Shoper, cyber_Folks would carry out a large acquisition. The Czech company Shoptet was on its radar, but it was ultimately acquired by team.blue.
“Over time, we became convinced that a merger would be the most beneficial solution from the perspective of shareholders of both companies, particularly international investors. Immediately after the announcement of the Shoper acquisition, foreign investors suggested this move as a way to increase liquidity in the shares and reach potentially new international shareholders,” explains Jakub Dwernicki.
He assures that, operationally, the merger will change little. He has already been CEO of Shoper for over a year, and cooperation between the companies is very close. One result of this collaboration is the robo_Folks product.
“None of our competitors offers such an advanced AI agent. It already has more than 60 so-called scripts, meaning different capabilities, and that number is still growing. It performs a huge amount of work for customers. I believe the future lies in relieving them of as many processes as possible through automation,” says Jakub Dwernicki.
Among the benefits of the merger, he also points to more efficient R&D investment and the ability to provide Shoper’s customers with support during previously unavailable hours, including evenings and weekends.
PrestaShop in a multi-month restructuring process
The latest acquisition, French company PrestaShop, is undergoing a previously announced restructuring. It will retain a high degree of autonomy, although the scope for cooperation within the group is extensive.
“We are working, among other things, on a joint hosting offering for Presta customers. It has opened wide doors to the French, Spanish and Italian markets for us. In addition, its existing partners – large technology companies – have learned about us through this transaction, and we are discussing opportunities for broader cooperation. In the coming months, the effects of the restructuring, know-how transfer, and cross-selling [the sale of additional group services and products to existing clients – ed.] will already become visible,” explains Jakub Dwernicki.
He assures that this, one of the largest transactions in the group’s history, is already “holding its own.” Financially, cyber_Folks will likely be able to demonstrate this in the fourth quarter.
“By then, we should already show an improvement in profitability driven, among other things, by very important agreements with PayPal and Stripe. We are working in parallel to increase revenues and improve efficiency. At this stage, we are primarily ‘tightening the system’. Around PrestaShop there are many companies that have been benefiting for free from its brand recognition and ecosystem. We are gradually changing that. The previous owners left us with a number of low-hanging fruits, which the new management team – led by Mikołaj Król from Sylius – has already begun to harvest,” says the entrepreneur.
Key Takeaways
- cyber_Folks sold nearly one-fifth of its Vercom shares for PLN 520.8 million (EUR 121 million). The company stresses that investor demand had been strong for some time, and that the decision to execute the transaction was necessary. It remains Vercom’s largest strategic shareholder and believes that its 30% stake will be worth more in a year than the 50% stake was before the ABB. At present, it is valued at over PLN 800 million (EUR 186 million), broadly in line with Vercom’s entire valuation at the time of its 2021 IPO on the Warsaw Stock Exchange.
- After acquiring half of Shoper in 2025 for PLN 547.5 million (EUR €127 million) and purchasing PrestaShop this year for approximately PLN 230 million (EUR 53.5 million), cyber_Folks is working on what could become its record transaction. It has not ruled out completing it this year. The company insists it is ready for such a move, as one of the few e-commerce players in Europe capable of executing deals of this scale. Its absolute priority remains expansion in Europe. The group aims to contribute to breaking U.S. dominance in technology.
- By 2031, cyber_Folks plans to increase GMV roughly 2.5-fold, exceeding EUR 100 billion. It assumes it can achieve an average take rate of 1%, which would translate into more than EUR 1 billion in revenue – around five times its 2025 level. However, it does not intend to sacrifice profitability for scale. If it maintains its margin and meets its revenue targets, it could generate earnings of around EUR 340 million (approximately PLN 1.4 billion at current exchange rates) in 2031.