Code & Co.

Code & Co. provided AI & Tech Due Diligence to Bregal Milestone ahead of its investment in CoreGo, a leading provider of open-loop payments and integrated technology solutions for festivals, sports events, and venues across Europe. The assessment covered the platform's integrated payment and event technology, software architecture, product strategy and roadmap, data-driven analytics, and operational scalability. The review also examined the technology stack, cloud infrastructure, and cybersecurity practices, as well as CoreGo's engineering organization, software development lifecycle, and key considerations for supporting continued product development and growth. Congratulations to Sebastian Charpentier, Andrea Strand, Visar Shabi, Peter Stridh, and everyone else involved! More information: https://lnkd.in/gir6tsWH #AIDD #TechDD #Growth #Payments

We are now officially ISO/IEC 27001:2022 certified! 🎉 The certification covers our entire global organization across EMEA and the Americas, including our Technology & AI advisory services and our proprietary software systems. A mature Information Security Management System (ISMS) is a key consideration when we assess B2B companies in a global private equity and investment context. Information security has also been central to our own work since 2016, across ~1,000 projects. ISO 27001 formalizes that commitment and the standards we apply to our operations. This is particularly important as we complement established deliverables (document-based reports) with a growing range of portal-based solutions for clients. These solutions are part of how we are advancing modern AI & Tech Due Diligence for the global alternative investment industry. Our thanks go to the team at PCG - Public Cloud Group, a portfolio company of NORD Holding UBG mbH (one of our trusted long-term Private Equity clients). In particular, we thank Faraz Hafeez, Oliver Gehrmann, and Pierre Foechterle for their support throughout the process. We also appreciated the close collaboration with Proks Certification GmbH, particularly Imren G. and Alper O., during the thorough yet smooth certification process. Above all, a huge thank you to Andrew, CTO & Partner, and Tazmine. They led the work internally and drove the certification process from start to finish! 👏

Code & Co. provided AI & Tech Due Diligence to One Peak ahead of its $120 million Series D investment in Elliptic, a global leader in real-time blockchain analytics, digital asset decisioning, and AI-native compliance infrastructure. The round was led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank, and the British Business Bank, and values Elliptic at $670 million. The capital will accelerate Elliptic's mission to deliver enterprise-grade on-chain analytics for the world's largest and most demanding banks, fintechs, government agencies, and crypto and payments companies. Code & Co.'s evaluation covered the platform's AI-native compliance capabilities, cross-chain analytics and decisioning solutions, product strategy and roadmap, and how it delivers enterprise-grade value to banks, fintechs, government agencies, and digital asset businesses. It also assessed the technology stack, software architecture, data infrastructure, scalability, and cybersecurity practices, and closed with a review of the engineering organization, software development lifecycle, and key considerations for supporting continued product development and growth. Congratulations to Humbert de Liedekerke Beaufort, David Klein, Christoph Mayer, Nicholas Hancock, Jackson Hull, James Smith, Tom Stenhouse, and everyone else involved! More information: https://lnkd.in/ginqpSJ2 #AIDD #TechDD #Growth

Code & Co. provided AI & Tech Due Diligence to EOS Partners ahead of its investment in Drooms, a leading European platform supporting the document lifecycle of transactions across the real estate, corporate finance, legal, and energy sectors. The in-depth evaluation of the Drooms platform covered its AI-powered transaction and document lifecycle solution, software architecture, and approach to data sovereignty and compliance. It also assessed the underlying technology stack, cloud infrastructure, scalability, and cybersecurity practices, and closed with a review of Drooms' engineering organization, software development lifecycle, and the key considerations for supporting continued product development and growth. Congratulations to Philipp Wegener, Thomas Röhrl, Maurice Flaig, Aljoscha Icks, Nikita Chernukhin, Daniel Ruppert, Andrii Velychko, and everyone else involved! More information: https://lnkd.in/eeqmKuVJ #TechDD #AIDD #PE

Code & Co. provided AI & Tech Due Diligence to Cinven ahead of its investment in Ongoing, a fast-growing, Sweden-based leading provider of cloud-native Warehouse Management System ('WMS') solutions, with Ongoing's founders remaining significant shareholders and partners in the business. The assessment evaluated Ongoing's cloud-native WMS, software architecture, integration ecosystem, and use of AI for automation, optimization, and decision-making across warehouse operations. It also examined the technology stack, hosting infrastructure, scalability, and cybersecurity, and concluded with a review of Ongoing's engineering organization, software development lifecycle, and the key considerations for supporting continued product development and growth. Congratulations to Dr. Michael Weber, Felix Rieger, Nathan Atkinson, Tom Thomasson, Alexander Matlari, Poppy Barrett-Fish, Pauline Schüller, and everyone else involved! More information: https://lnkd.in/e9bEJXS3 #AIDD #TechDD #PE

Dan Bender (Code & Co. Founding Partner), Kirby Montgomery (Head of North America), and Jason Langenauer (Vice President) joined PhD economist Paul Karner and author Dave Mangot on the Engineering Alpha in Private Equity podcast, where they discussed how software engineering and data science can create operational alpha for investors. The conversation covered token economics, data moats, and how AI is fundamentally reshaping technology due diligence for private equity. A few key takeaways: The end of zero marginal cost: Every AI workflow consumes tokens. Without tracking unit economics, what was once a high-margin SaaS business can quickly become a margin leak. Mindless token burning: Throwing the largest, most expensive LLM at every task is inefficient. The best engineering teams intelligently route work across models to optimize both performance and cost. The true AI moat: General-purpose AI hallucinates and wastes tokens. Sustainable AI advantage comes from combining models with clean, proprietary data that provides narrow, high-quality context. Increasingly, data is the moat. Listen to the full conversation on your favorite podcast platform: Apple Podcasts: https://lnkd.in/enE3a3hM Spotify: https://lnkd.in/eNcvjU69

Code & Co. conducted AI & Tech Vendor Due Diligence for Doctrine, a French Summit Partners portfolio company and leading legal AI platform for professionals across Continental Europe, ahead of its sale to RELX Group (owner of LexisNexis and others). Founded in 2016 and headquartered in Paris, Doctrine combines a comprehensive corpus of case law, legislation and regulatory content with AI-powered research, drafting and analytics tools, used daily by 27,000 legal professionals across France, Italy, Germany and Spain. Code & Co. carried out an in-depth evaluation of Doctrine's legal AI platform that covered its AI-powered legal research and analytics capabilities, proprietary data architecture, product strategy and international expansion approach, and customer acquisition and retention model, while also examining the underlying technology stack, cloud infrastructure, scalability, and cybersecurity practices, and concluding with a review of Doctrine's engineering organization, software development lifecycle, and key considerations for supporting continued product development and growth. Congratulations to Paul-Hugo Thiboult, Tim Kohn, Johannes Grefe, Chris Bon, Christophe Jolif, Gregory Tilmant, Matthieu Thieblin, Felix Beck, George Greaves, and everyone else involved! More information: https://lnkd.in/enX9Kdg7 #AIDD #TechDD #Sellside #LegalTech

Today is Code & Co.'s 10 year anniversary 🎉🔟🎂 In 2016, we set out to translate between AI, technology, and finance, bridging worlds that rarely speak the same language. Since then, we've supported close to 1,000 deals for 200+ funds worldwide, from Seed to Take-Privates and everything in between. We've built a presence across Berlin, London, Paris, and New York, grown an expanding team (we're hiring!), and redefined what Product, AI & Tech Due Diligence looks like for the modern era, an era where AI is reshaping how software is built, valued, and defended. Built by operators, we’ve run our firm like a software company since day one, developing an in-house technology platform and AI suite that integrates a unique proprietary dataset, operational tooling, and benchmarking intelligence, all purpose-built to help the world’s leading funds identify risk, unlock value, and drive returns. Today is about gratitude. For what we've built together. For the people who made it happen 🫶 And for the fact that after 10 years, we're just getting started 🚀

Today is Code & Co.'s 10 year anniversary 🎉🔟🎂 In 2016, we set out to translate between AI, technology, and finance, bridging worlds that rarely speak the same language. Since then, we've supported close to 1,000 deals for 200+ funds worldwide, from Seed to Take-Privates and everything in between. We've built a presence across Berlin, London, Paris, and New York, grown an expanding team (we're hiring!), and redefined what Product, AI & Tech Due Diligence looks like for the modern era, an era where AI is reshaping how software is built, valued, and defended. Built by operators, we’ve run our firm like a software company since day one, developing an in-house technology platform and AI suite that integrates a unique proprietary dataset, operational tooling, and benchmarking intelligence, all purpose-built to help the world’s leading funds identify risk, unlock value, and drive returns. Today is about gratitude. For what we've built together. For the people who made it happen 🫶 And for the fact that after 10 years, we're just getting started 🚀

How is Private Equity rethinking AI & Tech Due Diligence? We spent an hour on the Private Equity FunCast discussing just that. Code & Co. Founding Partners Dan Bender and Lukas Ingelheim, together with our Head of North America, Kirby Montgomery, joined our very good friends at ParkerGale Capital to discuss what is actually changing in diligence today, how AI is reshaping the process, and what still matters most when evaluating a software business. A huge thank you to Jim Milbery and Devin Mathews for their continued partnership and trust, and for having us on the show! It certainly won’t be the last time this year. Watch the episode on YouTube (https://lnkd.in/emm-ndMQ) or listen to it on Spotify (https://lnkd.in/eART-dVi), Apple Podcasts (https://lnkd.in/eYu_DMz4), or anywhere else you listen to your favorite podcasts.