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Initiating Coverage on IT outsourcing company PGS Software S.A.
​PGS Software S.A. (PGS), which was founded in 2005 by Messrs Wojciech and Pawel Gurgul, is a provider of IT outsourcing services and one of the fastest-growing companies on the Warsaw Stock Exchange. Over the last five years, its sales have increased at a CAGR of 45.3% and its market cap >13 times. Today, apart from its headquarter in Wroclaw, the company has offices in Gdansk, Rzeszow and London and employs in total c. 450 people. In 2015, 98% of its total sales were generated outside Poland...
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