Code & Co.

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Engagement — Platform Due Diligence

Code & Co. offers Tech & Product Due Diligence ahead of the planned Take-Private of Relatech, a leading B2B partner for digital transformation whose shares are listed on the Euronext Milan Growth.

Funds advised by Bregal Unternehmerkapital ("BU") execute a binding agreement aimed at acquiring a majority stake in Relatech S.p.A. (“Relatech” or “Company”), a leading B2B partner for digital transformation whose shares are listed on the Euronext Milan Growth. The acquisition is subject to customary closing conditions and regulatory approvals. Upon closing of the acquisition, a mandatory tender offer on the remaining shares of Relatech will be launched aimed at the delisting of the Company from the Euronext Growth Milan. The management will reinvest in the Company.

Scope of Work

Code & Co. conducted an evaluation of Relatech’s RePlatform solution, focusing on its architecture, infrastructure, and deployment capabilities. In addition, Code & Co. reviewed Relatech’s overall product strategy and cybersecurity services. Finally, an assessment was made of the engineering organization and the software development life cycle.

About Relatech

Based in Italy, Relatech is a leading provider of digital enabler solutions operating in the fast-growing Digital Transformation, Industrial Automation and Cybersecurity markets. The Company supports customers in achieving their goals and redesigning their business models by providing innovative digital services and solutions leveraging key technologies, including Artificial Intelligence, Cloud, IoT, Cybersecurity, and Big Data. Relatech employs ~700 employees and serves a long list of Italian and International blue-chip customers in diversified end markets.

About Bregal Unternehmerkapital

Bregal Unternehmerkapital (“BU”) is a leading investment firm with offices in Zug, Munich, and Milan. With €7.0bn in capital raised to date, BU is the largest mid-cap investor headquartered in the DACH region. The funds advised by BU invest in mid-sized companies based in Germany, Switzerland, Italy, and Austria. 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 advised by BU have invested in over 100 companies with more than 27,000 employees. Thereby, more than 7,700 jobs have been created. BU supports entrepreneurs and families as a strategic partner to develop, internationalize, and digitize their businesses, while helping them generate sustainable value on a responsible basis with the next generation in mind. For more information, please visit or follow them on LinkedIn.