Engagement — Platform Due Diligence
Code & Co. advises Avedon Capital Partners on Tech & Product Due Diligence ahead of their investment in Cumulocity, a leading independent Industrial IoT (IIoT) platform.
Avedon Capital Partners, alongside Schroders Capital and Verso Capital, has successfully supported the management buyout of Cumulocity from Software AG. This transaction positions Cumulocity as a fully independent IIoT leader, enabling it to drive innovation, expand its global footprint, and further enhance its customer-centric product offerings.
Scope of Work
Code & Co. conducted a comprehensive audit of Cumulocity’s technology, product architecture, cybersecurity, and scalability. The assessment included an in-depth review of Cumulocity’s cloud-native platform, infrastructure, AIoT capabilities, and operational readiness for global expansion. The Tech & Product Due Diligence further evaluated Cumulocity’s roadmap to maintain its leading position in the IIoT market while delivering continued innovation in edge computing, device management, and low-code application enablement.
About Cumulocity
Founded in 2012, Cumulocity is a global leading industrial IoT platform, offering ready-to-use device management and low-code application enablement for a fast ROI. The cloud-native platform enables enterprises to adopt a “Buy & Build” approach, shortening time-to-market for new, differentiating digital services. Cumulocity is the preferred choice for industrial equipment makers and is trusted by leading companies worldwide to power their smart connected products in manufacturing, fleet management, consumer electronics, and more. Cumulocity is available as a cloud, on-premises, edge, and hybrid solution.
About Avedon Capital Partners
Avedon Capital Partners is a leading private equity firm based in Amsterdam and Düsseldorf. We focus on supporting growth-stage businesses in the Benelux and DACH regions, partnering with exceptional entrepreneurs and management teams to accelerate organic growth, international expansion, and buy-and-build strategies. Our investments are concentrated in four key sectors: business services, software & technology, smart industries, and consumer & health. For more information, visit https://avedoncapital.com.
About Schroders Capital
Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customized private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates. The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity. With $97.3 billion (£77.0 billion; €90.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
About Verso Capital
Verso Capital is a Nordic private equity company investing in European B2B businesses with €10-100m in revenue. We look for businesses that target a leading position in their target market or have the potential to disrupt the market equilibrium. We specialize in carve-outs and buy-out situations where we can leverage our extensive operational and carve-out experience, working together with the management to build sustainable profitable growth. Our team has experience from over 100 carve-out and M&A transaction situations – we have the necessary know-how and methodology to execute even complicated transactions quickly and efficiently. We invest primarily in northern Europe and have offices in Helsinki, Stockholm and Munich.