Code & Co.

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Engagement — Platform Due Diligence

Code & Co. advises Corsair Capital on the acquisition of the global B2B payment and credit solutions provider MSTS

As advisors to Corsair Capital, Code & Co. was mandated for the technology & product due diligence, which included several on-site expert workshops at the MSTS headquarters in Kansas City, Missouri.

MSTS, a wholly-owned subsidiary of World Fuel Services Corporation (NYSE:INT), is a financial technology company. The company works globally with B2B companies across transportation, manufacturing, retail, and eCommerce. MSTS’ Credit as a Service solution accelerates business commerce by streamlining payments and accounts receivable (A/R) processes.

As a global B2B payment and credit solutions provider specializing in commercial transaction management, MSTS facilitates transactions for customers in over 190 countries. MSTS processes over $5 billion in transactions on behalf of clients annually, in more than 15 currencies. The company’s A/R processing solution enables users to optimize the billing process, support complex pricing agreements, and reduce errors and costs to clients, while its credit solution reduces friction associated with collections, recovery rates, and enables easier access to credit.

The New York-based private equity firm Corsair Capital firm is paying World Fuel Services roughly $350 million for its MSTS unit with shares of World Fuel Services closing up nearly 3% after announcing the sale. MSTS will be spun out and continue to operate as a standalone business.

Corsair Capital is a leading global investor in the financial and business services industries. For the past 28 years, Corsair Capital has invested in many of the sub-sectors that comprise the financial services ecosystem in Europe and North America and has developed a leading practice aligning with strong management teams and co-shareholders to grow specialist businesses. In particular, Corsair has focused on businesses that operate at the crossroads of technology transformation and financial services complexity and that require a deep understanding of, and a global network within, the broad financial industry.

For the second time in only a few months, Code & Co. was given the opportunity to advise Corsair Capital on the technology & product due diligence of a transaction.

In addition to understanding the company's technology, product, and engineering capabilities, Code & Co. assessed MSTS' digital marketing, SEO, and mobile capabilities. Code & Co. also advised Corsair Capital on several additional topics with an impact on digital value creation and the planned carve-out. The transaction underlines Code & Co.’s position as a market-leading technology and product advisor on global technology deals.