Code & Co.

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Engagement — Add-on Due Diligence

Code & Co. conducted a technology review for HRworks, a portfolio company of Maguar Capital, on its acquisition of Bonrepublic, a leading Austrian talent management software platform.

Code & Co. advises HRworks ahead of its investment in Bonrepublic, a leading provider of talent and performance management software. This acquisition marks HRworks' entry into the Austrian market, enriching its suite of HR services with comprehensive functionalities.

Scope of Work

In close collaboration with the legal due diligence stream (Blomstein) Code & Co. conducted an in-depth technology review of Bonrepublic's implementation of cryptography in its software offerings. This included an examination of Bonrepublic's authentication practices, including single sign-on (SSO) systems, and an assessment of the cryptographic algorithms employed. Additionally, Code & Co. evaluated Bonrepublic's application deployment and explored its use of open-source components.  

About HRworks

HRworks, founded in 1998, is an integrated Software-as-a-Service (SaaS) HCM software provider primarily for small- and medium-sized businesses in Germany. The Company focuses on business-critical HR functions such as time management, travel expenses, personnel management, recruiting and corporate benefits. For 25 years, HRworks has delivered uninterrupted profitable growth and currently serves c. 2,700 customers. The Company runs a highly scalable technology platform and employs c. 170 employees located in its four offices across Germany.  

About Maguar Capital

Headquartered in Munich, Germany, Maguar Capital was founded in 2019 by Matthias Ick, Gunther Thies and Arno Poschik. Maguar focuses on investments in small and medium-sized B2B software companies in the DACH region. The Maguar team has strong entrepreneurial and extensive management experience in the technology industry, with more than 35 years of experience as software CEOs and more than 20 years of experience in the private equity industry. Recent investments in related areas such as HRworks, Effectory and Ingentis have helped to build a deep understanding of relevant and repeatable value creation themes.