Of a mind to debut

Kraków-based software producer Software Mind has announced plans to hold its IPO on the Warsaw Stock Exchange this autumn.

"The debut on the WSE will enable us to realize our development strategy faster. This includes strengthening our position on foreign markets and further developing innovative semantic technologies," said Janusz Homa, the president of the company.

The company would not reveal how much it wanted to gain from the IPO, but its spokesperson, Michał Hasik, said that "between zł.10 and zł.20 million would be enough to fulfill the development strategy goals." The issue prospectus will be submitted to the Polish Financial Supervision Authority in June.

Software Mind also wants to develop its product range and increase sales, especially in foreign markets. Currently, 55 percent of the company's revenues come from sales in the domestic market, 30 percent from sales in the EU and 15 percent from sales in the US.

"In my opinion it is a good decision to bring Software Mind to the bourse; it is surely a step in the right direction. The company is profitable and is dynamically developing its activity, both at home and abroad," said Paweł Olszynka, the head of the IT and telecoms analysis department at market research firm PMR Publications.

"With the situation on the bourse as insecure as it is now, investors see IT companies as relatively safe investments. That could mean success for Software Mind's IPO," he told WBJ.

The company's good prospects seemed to be confirmed last week when it announced a zł.7-million contract with Dialog Telecom for implementing a sales information system (SIS).

"SIS projects are our core business, which confirms that the way we have chosen to create a competitive offer for the international market is the right way," Software Mind's Homa commented.