itrinity, a Czech-Slovak SaaS group backed by Pale Fire Capital, has quietly built a portfolio of eight global companies, serving over 8 million users and generating revenues exceeding CZK 550 million. With most of its customers in North America and Western Europe, itrinity remains largely under the radar in its home region.
Led by CEO Michal Aftanas, the company actively scouts for high-potential but overlooked startups using its in-house AI tool avoiding bidding wars and instead identifying hidden gems. The group’s acquisition strategy is fast and focused, with thousands of companies approached annually but only a few making it past final approval by investor Jan Barta.
Recent acquisitions include Touch Stay (UK), Deadline Funnel (US), and TopicRanker (US), with more on the horizon. itrinity continues to scale profitably, with no plans to slow down.
From SEO tools to email deliverability platforms used by NASA and Apple, itrinity’s reach is global. Yet the group remains relatively unknown, even in its home markets of the Czech Republic and Slovakia. Why? “We’ve always been global-first,” says CEO Michal Aftanas. “Most of our users come from North America and Western Europe. The local market only makes up a small fraction of our revenue.”
itrinity’s approach is simple, but rare: find profitable SaaS businesses with loyal user bases and long-term potential and help them grow with minimal disruption. But getting into the itrinity portfolio isn’t easy. Each year, the team screens thousands of companies around the world. Only a select few make it to the final round, where they’re vetted by entrepreneur and investor Jan Barta, one of the key partners behind Pale Fire Capital.
The Art of a “Quiet” Acquisition
What makes itrinity different from other acquirers? For one, they don’t compete in high-bid auctions. Instead, the team developed an internal AI-powered scouting tool that identifies high-potential SaaS startups that are still flying under the radar, often long before other investors show interest.
“We’re not interested in bidding wars,” says Aftanas. “We look for businesses that are valuable but overlooked. Often, the founders haven’t even thought about selling yet.”
Once contact is made, the acquisition process is fast and efficient, typically completed in 4–8 weeks. Still, every deal goes through the Barta filter. “Jan evaluates the strategy, the risks, the potential. He sees deep into the product,” Aftanas explains. “Roughly half the deals don’t pass his final approval.”
What’s Next?
Last year, itrinity completed three acquisitions – an ambitious pace for any company. And they’re not slowing down. The team plans to acquire two to three more companies in 2025, funded entirely by their own EBITDA.
One recent addition to the team? Dmitry Dragilev, a founder with multiple successful exits under his belt – including one acquisition by Google. He’s now helping shape the future of itrinity’s U.S.-based businesses from inside the group.
As SaaS continues to grow and consolidate, itrinity stands out for its patience, precision, and quiet effectiveness.
No buzzwords. No noise. Just results.You can read the Czech Crunch article here on this link (CZ only).