Engagement — Exit Readiness & Vendor Tech Due Diligence
Code & Co. conducted Tech & Product Vendor Due Diligence for Avedon Capital Partners ahead of the sale of WCC Group, a leading Dutch developer and distributor of advanced data-matching technology and software.
Software Combined, the international aggregator of B2B technology companies, is continuing its rapid expansion in the Benelux market. The company announced the strategic acquisition of WCC Group, the Dutch pioneer in intelligent workforce matching software. After a nine-year period of significant growth under the private equity firm Avedon Capital Partners, WCC Group has deliberately chosen Software Combined’s sustainable “permanent capital” model. This marks Software Combined’s third Dutch acquisition in just four months and its thirteenth acquisition globally since its founding in 2020.
Scope of Work
Code & Co. reviewed WWC’s software platform, assessing its architecture, infrastructure setup, technology stack, security framework, and AI implementations in employment services. The audit also covered the company’s product roadmap and integration capabilities. Finally, Code & Co. evaluated the engineering organization and internal processes, including the software development lifecycle and regulatory compliance.
About WCC Group
Since its founding in 1996, WCC Group has been a pioneer for nearly three decades, providing intelligent workforce solutions that fundamentally transform the way organizations connect people and jobs. From its headquarters in Utrecht (Netherlands) and a strategic office in Kuala Lumpur (Malaysia), WCC Group serves public employment services, staffing agencies, and large enterprises globally. The company offers two solutions: Employment Solutions support public employment services and staffing agencies in matching candidates with jobs or training, while its HR Solutions simplify talent retention and internal talent management for large enterprises to reduce external recruitment and onboarding costs. At the core of these solutions is the cloud-native ELISE Search & Match Platform, delivering meaningful, ranked results within a second. WCC Group’s software impacts half a billion people daily and powers large-scale labor market initiatives worldwide, including MyFutureJobs in Malaysia (300,000+ job seekers, 30,000+ employers) and the recruitment activities of Robert Half in the United States, where it has established the company’s reputation for innovation and efficiency.
About Software Combined
Software Combined is an international group that invests in successful B2B tech companies with a long-term vision. The company, originally Australian, was founded by three Dutch entrepreneurs (Niek Hoogenhout, Evert den Hollander, and Stefan Jansen) and manages its European operations from Amsterdam. Software Combined’s approach differs fundamentally from traditional investors. Preserving culture and autonomy is central: acquired companies retain their own brand, management team, and daily operational independence.Software Combined acts as a strategic partner, providing resources that support sustainable growth. These resources include capital for growth, shared expertise in international expansion, refining go-to-market strategies, and professionalizing processes. This “buy-and-hold” strategy allows companies to focus on long-term value creation without the pressure of a forced exit. Software Combined is building a community of like-minded tech companies that want to grow.
About Avedon Capital Partners
Avedon Capital Partners is a leading private equity firm with offices in Amsterdam and Düsseldorf. Avedon supports growth companies in the Benelux and DACH regions and works closely with entrepreneurial management teams to accelerate organic growth, international expansion, and buy-and-build strategies. The investments are focussed in four core sectors: business services, software & technology, smart industry, and consumer & health. https://avedoncapital.com