Code & Co.

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Engagement — Add-on Due Diligence

Code & Co. provides Tech and Product Due Diligence to Bregal Unternehmerkapital and GENII Software Group ahead of the acquisition of Compart

Mid-sized companies face challenges in finding the right software solutions for their business needs. Often this is an expensive, off-the-shelf product that is not tailored to specific needs. GENII Software Group aims to solve this problem by building a federation of software firms that build target-specific products that are designed for its customers' industry, fully integrated and a fraction of the cost of other options. It has acquired Compart to add customer communication to its portfolio of services.

GENII Software Group (GENII), a Munich-based software holding company majority-owned by funds advised by Bregal Unternehmerkapital (BU), has acquired all the shares of Compart, an omnichannel customer communication software specialist.

Compart makes complex document production and omnichannel customer communication efficient, transparent and compliant. It serves clients in the insurance, healthcare, utilities, financial services and print industries, enabling them to reliably and easily handle data, documents and customer communications. GENII is a strategic software holding company leading a group of independent software firms that provide customers, typically mid-sized businesses, with tools to compete with larger competitors. Its portfolio operates across the manufacturing, retail, distribution and laboratory industries, leveraging periphery technologies like content management to offer best-in-class tech solutions.

“Compart’s ability to convert legacy print streams into modern digital and paper-based document formats enables its enterprise clients to meet complex needs when it comes to communicating with their customers, who are increasingly expecting greater responsiveness and flexibility. The trend towards outsourcing in enterprise IT and regulatory requirements for the retention and storage of digital documents, combined with support from GENII, leave Compart well-placed to continue its growth,” says Lukas Ingelheim, co-founder of Code & Co.

Scope of Work

Code & Co. provided Tech and Product Due Diligence to GENII and BU ahead of its acquisition of Compart, assessing the target company’s core products, technology stack, architecture, and its team structure. Code & Co. also assessed Compart’s scalability, data collection and security capabilities.

Supporting GENII in this acquisition underlines Code & Co.’s position as a leading Technology and Product Due Diligence provider.

About Compart

Since Compart was founded in 1992, it has focused on one goal: making its customers' handling of data, documents, and customer communications reliable and convenient while constantly exceeding their expectations.

To achieve that, it develops, sells, and implements scalable, high-performance, and easy-to-integrate software solutions that receive, create, process, check, validate, control, and deliver any type of document, in large numbers and on any communication channel.

Automated, standardized, future-oriented.


GENII is a software holding company based in Munich. Market-leading medium-sized software manufacturers such as SHD AG, GUS GmbH, PDV GmbH, Iptor and Isah BV are united under their roof, which provide industry-specific software solutions and services tailored to the requirements of medium-sized companies.

The brands have been on the market for over 20 years on average and are the partners of choice for customers, based on in-depth industry experience and long-standing customer relationships. As an entrepreneurial holding company, GENII is the first point of contact for software entrepreneurs who want to ensure the long-term sustainability of their companies as part of a succession plan. The majority shareholders of GENII are the funds advised by Bregal Unternehmerkapital.

About Bregal Unternehmerkapital

Bregal Unternehmerkapital (“BU”) is part of a family-owned business that has grown over several generations. Funds advised by BU invest in European mid-sized companies across a wide range of sectors with a focus on market leaders and “hidden champions” with strong management teams and outbreak potential. With patient capital, entrepreneurial expertise, and a partnership approach, our team works closely with entrepreneurs to develop, internationalize and digitalize portfolio companies, and to help them generate sustainable value on a responsible basis.

As part of its comprehensive commitment to ESG, BU also supports existing portfolio companies with loans at attractive terms to finance sustainability investments provided by Bregal’s dedicated EUR 40 million Sustainable Development Fund and, in 2020, with grants for charitable projects to contribute to portfolio companies’ pandemic responses provided by Bregal’s EUR 3 million COVID-19 relief fund. Furthermore, in 2021, BU committed to ambitious science-based climate targets for 2030 as part of its commitment to decarbonize its portfolio and achieve net-zero.

For more information, please visit and find Bregal Unternehmerkapital on LinkedIn.

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.