Engagement — Add-on Due Diligence
Code & Co. provides AI & Tech Due Diligence to Tenzing ahead of the acquisition of Informa Global Markets (IGM), the global source for independent, actionable intelligence on the credit, rates and foreign exchange markets, by its portfolio company MNI, a provider of news and intelligence for the global foreign exchange and fixed income markets.
Bringing together MNI, IGM and AlphaFlash, Vectis Group provides a platform to build a leading portfolio of specialist financial business information companies, supporting growth through both organic investment and strategic acquisitions. Each business will continue to operate independently under its existing brand and leadership team, preserving the specialist expertise and customer relationships that have driven its success.
Scope of work
Code & Co. assessed IGM's fixed-income market intelligence platform, including its commercial modules covering credit and rates markets, its localized language services, and the proprietary issuance dataset spanning more than 25 years that anchors the company's transition toward a data-led model. The evaluation extended to the multi-channel distribution strategy across the company's own web application, programmatic interfaces and third-party institutional terminals, the commercial metrics and roadmap governance that shape prioritization, and the company's AI posture, including generative AI assistance within the authoring workflow, planned pilots for AI-supported data entry, story generation and natural-language interrogation of the historical record, and the governance applying to third-party AI tools.
Code & Co. reviewed the cloud-native, multi-tenant architecture of the consolidated platform, its automated deployment pipelines, monitoring setup, cross-region disaster recovery arrangements, cybersecurity controls and open-source license hygiene, as well as the technical carve-out from the parent group. On the engineering side, the analysis addressed the outsourced delivery model, code ownership and key-contributor distribution, the software development life cycle and release governance, and the quality management framework.
About Informa Global Markets (IGM)
IGM is the primary source for live, trusted syndicated bond data and intelligence, and a leading provider of insight on market-moving events in foreign exchange and rates markets. IGM has been trusted for decades to deliver unrivaled intelligence and help maximize performance whether winning new mandates, trading, making investment decisions, advising clients or delivering research. IGM provides a live window on primary bond markets for pipeline and recently priced deals, spanning investment grade, high yield, emerging markets and securitization, across U.S., EMEA and APAC regions. IGM's primary syndicated bond database tracks corporate bonds, SSAs, financials, covered bonds, ESG/SRI bonds, and structured finance deals around the globe. IGM is available on a subscription basis via the web, Bloomberg, Refinitiv, FactSet and various data feed options. To learn more, visit informaconnect.com/igm.
About Tenzing
Tenzing is a private equity investor specializing in high-growth tech and tech-enabled businesses in the UK and Europe. The firm partners with niche market leaders and challenger businesses valued between £50 million and £300 million, supporting them to transform and disrupt the markets in which they operate. Named after Tenzing Norgay, the legendary Nepalese mountaineer who, alongside Sir Edmund Hillary, made the first successful ascent of Mount Everest, his story reflects the firm's commitment to supporting its portfolio businesses in reaching the summit of their ambitions. To learn more, visit tenzing.pe.