Code & Co.

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Engagement — Add-on Due Diligence

Code & Co. provides Tech & Product Due Diligence to STP Group ahead of its acquisition of Advo-web

Digital transformation is a central concern of many businesses, and law firms are no exception. Intelligent, SaaS-based software is enabling firms to automate processes and mitigate risks. The STP Group (STP), since December 2020 part of the Bregal Unternehmerkapital (BU) portfolio, is a market-leading provider of legal tech software and has been influential in shaping the digitization of the industry. It has expanded its offering for small and medium-sized law firms through the acquisition of Advo-web.

STP, a leading provider of legal technology software and solutions, has acquired Advo-web, growing its client base to more than 7,000 law firms. This acquisition represents a significant step towards its goal of becoming the leading legal tech platform in Europe and kick-starting a digital, automated workflow revolution in the legal sector.

Advo-web develops and distributes Advoware, a suite of law firm-focused software products aimed at increasing efficiency and assisting on all routine tasks performed by lawyers and their support staff. Its objective is to simplify the various and sophisticated workflows and processes of its clients.

Through the acquisition, STP is now able to offer a broader, cloud-based service powered by cutting-edge AI technology to support its clients digitization projects across all market segments. The group will continue to provide innovative software solutions built on the latest technology.

In addition to its acquisition of Advo-web, STP also acquired Hülskötter & Partners, a legal tech consultancy and sales company based in Nordwalde, Germany.

“STP has taken a significant step towards revolutionizing the legal tech space with this acquisition. We’re excited to see the digital future of legal advice that STP is building, and how its innovative software solutions become a key part of the workflows of its clients,” says Dan Bender, co-founder of Code & Co.

Scope of Work

Code & Co. provided Tech & Product Due Diligence to STP ahead of its acquisition of Advo-web, assessing the target's longevity, security and resilience, as well as its plans and strategy for further modernization of its product family. The Tech & Product Due Diligence also included an analysis of Advo-web’s structure, which has been refined over its 20 years of operation.

Supporting STP in this acquisition underlines Code & Co.’s position as a leading Technology and Product Due Diligence provider on professional services software mandates.

About STP Group

STP Group, headquartered in Karlsruhe, is a leading provider of complete legal tech solutions that promote the digitization of lawyers, insolvency administrators, and notaries. The company offers a fully integrated legal tech platform that includes workflow automation, AI-based document management, ERP software, data management, and specialized software-enabled outsourcing services. STP's solutions are deeply embedded in the legal advice, insolvency, and commercial law ecosystems.

About Bregal Unternehmerkapital

Bregal Unternehmerkapital ("BU") is a leading family-backed investment firm with offices in Munich and Milan. As a part of a family-owned business that has grown over several generations, the BU funds invest in mid-sized companies based in Germany, Austria, Switzerland, and Northern Italy. With the mission to be the partner of choice for entrepreneurs and family-owned businesses, BU seeks to partner with market leaders and "hidden champions" with strong management teams and outbreak potential. Since its founding in 2015, the funds managed by BU have invested over €2.6 billion in more than 90 companies, supporting over 25,000 employees, and working in partnership with entrepreneurs and families to develop, internationalize, and digitize their businesses, while helping them generate sustainable value on a responsible basis with the next generation in mind.

About Advo-web

Advo-web is a developer of software applications intended for lawyers and notaries. The company offers software-as-a-service including office software, digital dictation, viewer, toolbox, and debt collection, providing customers flexibility, efficiency, profitability, and liberation of burdensome routine work through automatisms.

About Hülskötter & Partners

Hülskötter & Partners is a legal technology software consultant and reseller based in Nordwalde, Germany. The company offers a wide range of software, hardware and training to law firms and has been operating for more than 30 years.

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.