Global law firm Baker McKenzie has partnered with Fundacja Digital Poland to develop “The Digital Champions CEE 2025 report”, showcasing the resilience, innovation and global ambition of CEE’s digital economy, with Poland once again at the forefront.
The report provides a data-rich, forward-looking analysis of the CEE tech landscape, spotlighting the region’s top 100 technology companies and their market dynamics – with a combined valuation approaching USD 117 billion. Fifteen companies debuted on the list of 100 digital champions in the region. The Foundation’s experts highlight the increase in the value of mid-sized companies, which is a sign of the dynamic development of the entire technology industry.
Estonian fintech Wise topped this year’s list, followed by Poland-based ecommerce enabler InPost and Polish online sales platform Allegro. The list includes 32 companies with a market capitalization over $1 billion, down from a record 39 in 2021.
Within the report, experts from the Digital Poland Foundation point to the increase in the value and importance of medium-sized companies in the latest edition of the ranking. This favours innovation, the exchange of experience, staff development and specialist support services. It is also more dynamic and attractive from an investor’s point of view. As the report shows, the capitalization of ‘dragons’, i.e. companies in the range of USD 250 million to USD 1 billion, has more than doubled (an increase of 138%) in four years.
“We’re thrilled to see the growth of the region’s biggest tech stars, and even more by the evolution of the entire CEE market, which is transforming into an ecosystem full of valuable companies,” said Piotr Mieczkowski, managing director of the Digital Poland Foundation and a co-author of the report. “This showcases how the region’s numerous competitive advantages make it an ideal platform for growth.”
Poland maintained its lead in the ranking in terms of the number of champions and share in total market capitalization. The list of the 100 largest companies includes 39 Polish companies with a value of USD 43 billion, representing 37% of the value of all companies in the ranking. Estonia remains the leader in the ranking based on population, both in terms of the number of champions and capitalization.
“The region’s champions continue executing on their strategy of fast growth driven by acquisitions – not only elsewhere in the region, but also from Western Europe and markets including Turkey,” said Radzym Wójcik, counsel in Baker McKenzie’s Warsaw M&A practice. “We’re still seeing low engagement in the region by global capital, but my experience confirms the report’s conclusion that companies from the region are increasingly well prepared to negotiate with international funds, and are receiving bigger funding flows, at greater valuations. Part of that is because these local companies increasingly have clients around the globe.”
This is the fourth edition of the CEE Digital Champions ranking. The value of companies was calculated based on current public market valuations, market benchmarks, EBITDA ratios and revenues. The champions include companies whose main source of profit is digital products and services or sales through digital channels reaching customers.
The report’s strategic partners are Arthur D. Little and Baker McKenzie.
The full report can be downloaded from the Digital Poland Foundation’s website.