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Creating a leading online media platform in Poland.

Investor: Innova Capital

Industry: New media

Year of investment: Q1 2014

Year of exit: 2016



Wirtualna Polska is a leading online media company in Poland, managing two horizontal Internet portals: Wirtualna Polska and o2, as well as a number of thematic websites, inter alia  Biztok, ABC Zdrowie, Sportowe Fakty, Pudelek and other. Moreover the company runs specialist marketplaces such as Domodi, Allani (fashion category) and Homebook (home & décor), offering lead generation advertising for online shops. WP also hold strong position in lead generation for financial sector via: Money.pl, finansowy supermarket and Total Money sites. Its recent acquisition of leading online travel agency in Poland: wakacje.pl provided strong foothold in dynamically growing online travel segment.

Innova Capital along with o2 founders successfully executed a management buy-in of Wirtualna Polska and integration of two companies in 2014, moving it to the first league of Internet portals in Poland. The founders together with Innova strengthened the management team by attracting a wide bench of seasoned talents and successfully acquired and integrated 13 add-on Internet companies strengthening WP’s position in the fastest growing segments of the market. As a result Wirtualna Polska almost doubled its EBITDA and tripled its equity value by the time of an IPO and partial exit of Innova via the Warsaw Stock Exchange in 2015, 15 months after the acquisition.


  • EBITDA Margin:FY 2013 (WP+o2) - 33%
  • FY 2015 (Cons. WPH) - 38%
  • FY 2015 (Cons. WPH Pro Forma) 35%

wykres wp

Non-barter Revenue (PLN m) Normalized PF EBITDA (PLN m)

Main objectives of the funding

  • Support management in buy-in of WP, build new senior executives team and reshape company structure
  • Focus and drive to grow the business and proactively sell its products
  • Investment in high-growth segments to expand portfolio and scale of the business
  • Organization centered around high quality and rich variety of content

Achievements of the company

  • Moving stagnant #2 and subscale #5 Internet portals in Poland to a market leader position by the number of monthly active users
  • Integration process realized within 120 days after closing, generating ~ PLN 21.0m annual synergies
  • First revenue synergies realized 5 months after closing
  • 13 add-on acquisition completed within 24 month after closing
  • Over 2.0x growth in revenue and EBITDA in 2 years
  • Migrated to a single IT platform, quick integration of sales team
  • Installed a top-class management team

EBITDA growth

increase in company’s value

Value added by PE/VC fund

  • Top-quartile management team recruited
  • Merged 2 large Internet portals and supported execution and integration of 13 add-on acquisitions
  • Streamlined the company’s structure
  • Refocused company’s business model on video, mobile and e-commerce segments
  • Secured external financing to support future growth
  • Assisted with listing the company on the Warsaw Stock Exchange
  • Building a company with market capitalization of above PLN 1.0bn in 18 months, tripling equity value of Wirtualna Polska