Engagement — Add-on Due Diligence
Code & Co. advises Serrala, a Hg portfolio company, on AI & Tech Due Diligence ahead of its investment in Cevino, a European software company specialising in AI-driven automation for Accounts Payable (AP) and Accounts Receivable (AR) processes.
Serrala, a global leader in finance process automation, has announced the acquisition of Cevinio, an AI specialist in Accounts Payable (AP) and Accounts Receivable (AR) processes with recognized authority in AP and AR e-invoicing.
Scope of work
Code & Co. reviewed Cevinio’s dual-architecture platform, including its cloud environment, technology stack, security framework, and AI-enabled e-invoicing capabilities. The assessment also covered platform scalability, infrastructure setup, and operational readiness to support continued growth.
As part of the review, Code & Co. performed a detailed code-level walkthrough to assess integration pathways with Serrala’s platform and evaluate code quality from an engineering perspective. The review concluded with an evaluation of the engineering organization, team structure, and software development lifecycle.
About Cevinio
Cevinio is a European software company specialising in AI-driven automation for Accounts Payable (AP) and Accounts Receivable (AR) processes, with particular emphasis on regulatory-compliant e-invoicing. Following minority investments in 2020 and 2021 by CNBB Venture Partners, Endeit Capital and InnovationQuarter, the company further developed its technology offering and expanded its presence across key European markets, including Belgium, France, the Netherlands and Germany. Cevinio is recognised for combining regulatory expertise with scalable automation, supporting organisations in meeting increasingly complex e-invoicing requirements across multiple jurisdictions. https://cevinio.com/
About Serrala
Serrala is a global market leader and pioneering innovator in finance process automation. Their award-winning suite of applications gives finance leaders the power to evolve, optimize their working capital and streamline all workflows, planning, and compliance, by automating all operational processes across Order to Cash, Procure to Pay, Cash Flow Management, and Treasury. Serrala’s AI-powered finance automation suite is trusted by thousands of organizations worldwide to gain real-time insights and create operational excellence through high performance engineering and seamless integration. Serrala has been advancing the office of the CFO for over 40 years with solutions that accelerate growth, enhance decision-making, and achieve sustainable finance success. https://www.serrala.com
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information. https://hgcapital.com/