Engagement — Platform Due Diligence
Code & Co. advises Innova Capital on Tech & Product Due Diligence ahead of its acquisition of ProService Finteco, a market leader in providing technology services and solutions to mutual and pension funds, insurance companies, and banks.
Innova Capital has announced the acquisition of a majority stake in ProService Finteco Sp. z o.o. ("ProService Finteco") a leading provider of investment fund administration services, and a 50% stake in Investment Funds Depositary Services S.A. ("IFDS"), a specialist provider of fund depositary services in Poland. This transaction is a key milestone to accelerate the implementation of Innova Capital's investment strategy, which focuses on backing high-growth companies in key sectors of the economy. ProService Finteco was previously owned by funds managed by Oaktree Capital Management, L.P. ("Oaktree") and funds managed by Cornerstone Investment Management.
Scope of Work
Code & Co. conducted a comprehensive audit of ProService Fintecho’s enterprise software platform. This included a review of its architecture, technology stack, cybersecurity measures, and open-source management. Additionally, Code & Co. further analyzed ProService Fintecho’s product roadmap, migration initiatives, integration capabilities, and software rollout processes. The evaluation concluded with a review of the company’s team structure, software development lifecycle, and technical debt management.
About Proservice Finteco
ProService Finteco Sp. z o.o., which includes MakeItRight and Turbine Analytics, is a leading provider in services of transfer agent, accounting and fund valuation, and corporate accounting services. The company also provides IT solutions, technologies, and managed services for financial institutions in Poland and abroad. ProService Finteco's goal is to offer its clients professional, tailor-made solutions, business applications, and outsourcing services. ProService Finteco works mainly with investment funds, pension funds, insurance companies, and banks, supporting key processes of handling financial products, services, and customer service.
About Innova Capital
Innova Capital is an independent private equity adviser operating from Poland and investing in majority buyouts in mid-sized enterprises doing business in Central and Eastern Europe. Since its inception in 1994, Innova Capital has invested close to EUR 1.4 billion in almost 70 companies across 10 countries in the region. Innova was recognized by the Polish Private Equity and Venture Capital Association (PSIK) as PE Management Firm of the Year 2023 & 2024. www.innovacap.com