Code & Co.

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Engagement — Platform Due Diligence

Code & Co. provides Tech & Product Due Diligence to Bregal Milestone ahead of it leading the $64m growth investment round in Odilo, a B2B2C provider of customizable e-learning services for businesses

An industry of $315 billion in 2021, e-learning is predicted to continue its growth well into the future with its importance accelerated by the Covid-19 pandemic. This funding round will fuel the growth of Odilo’s catalogue of materials, as well as expansion into new geographies.

Odilo’s mission is to democratize access to high quality educational materials. Its white-label service powers education portals that provide 8,500 B2B customers in 52 countries and up to 170 million individual users access to a total catalogue of more than 3.9 million items, including books, podcasts, and educational courses. This is collated from more than 6,300 publishers and across more than 40 languages.

Odilo will work closely with Bregal Milestone to define its growth roadmap and leverage opportunities for value creation in the education sector. Already a leader in its field that works with the world’s largest businesses to provide e-learning to their employees, Odilo is focused on exploring new markets and deepening its operations in North America and Africa.

“Odilo presents an opportunity to invest in education for all levels and all people, delivering frictionless and personalized learning experiences across public and private organizations,” said Lukas Ingelheim, Founding Partner at Code & Co. “Its B2B2C model is backed up by strong and scalable cloud-first infrastructure that will support sustainable growth in partnership with Bregal Milestone’s long-term strategy.”

“Odilo is an innovative player in the high-growth educational content market, with an impressive product range, a vast content catalogue and best-in-class digital infrastructure,” said Francesco Canessa, Principal at Bregal Milestone. “There is significant scope for internationalization and scaling the platform – two value creation levers where Bregal Milestone has significant expertise.”

Scope of Work

Code & Co. provided Tech & Product Due Diligence to Bregal Milestone ahead of the investment round, compiling an analysis of Odilo’s B2B2C model, its specific technical requirements, platform, and architecture, as well as its capacity to scale. Code & Co. also worked with Bregal Milestone to assess Odilo’s data strategy and integrations capabilities, as well as its security, product roadmap and cloud infrastructure. This investment shows Code & Co’s position as a leading Tech & Product Due Diligence provider on pan-European growth equity mandates.

About Bregal Milestone

Bregal Milestone is a leading European technology growth capital firm dedicated to making investments in ambitious, high-growth technology companies. The firm provides growth capital and strategic assistance to support market-leading companies in the technology and technology-enabled services sectors. Bregal Milestone is part of Bregal Investments, a leading global investment firm that has invested more than €15 billion to date.

About Odilo

Odilo is the leading provider of intelligent digital library and learning solutions and considered by many to be the “Netflix for Education”. Odilo strives to:

  • Democratize access to high-quality education and culture
  • Improve literacy levels and critical thinking skills
  • Promote lifelong learning
  • Develop powerful insights on learners and content activity

Odilo provides digital library and learning solutions that are accessed by more than 170 million readers in 43 countries; Odilo also collaborates with more than 6,000 content providers worldwide to offer more than 2 million titles of high-quality e-books, audiobooks, video, magazines, SCORM, and other media, across more than 40 languages.

About Code & Co.

Code & Co. is an independent advisory firm that specializes in providing modern, actionable Tech & Product Due Diligence for the global alternative investment industry. Our expertise uncovers risks that threaten asset value and opportunities to accelerate growth.