Summary
BitFlow played a crucial role in facilitating the successful acquisition of GenoData, a German software company specializing in data processing and business intelligence in the banking sector, by the FOCONIS Group.
BitFlow conducted a thorough tech due diligence of GenoData's software and technology infrastructure, providing FOCONIS with key insights into the strengths and weaknesses of the company's systems. This information allowed FOCONIS to make informed decisions about the acquisition and ensure a smooth integration of GenoData's technology into its own operations.
FOCONIS was particularly interested in GenoData's expertise in actuarial calculations and risk analysis, which would enable it to offer more sophisticated risk management tools to its customers. BitFlow's analysis confirmed that GenoData's technology was indeed highly advanced and would be a valuable addition to FOCONIS' portfolio.
The acquisition of GenoData has strengthened FOCONIS' position in the market and enabled it to offer a wider range of services to its customers.
Scope
BitFlow has closely analyzed Team & Skills, Processes, Technology & Tools and Architecture & Code in the context of this Technical Due Diligence. Among other things, a key person risk assessment was carried out, in which critical pillars and structures within the team were identified, as well as a license check for the opportunities and risks associated with the technology stack and the respective dependencies built up over the years.
About GenoData
GenoData, a medium sized IT service provider, founded in 1992 and headquartered in Landau (Baden Württemberg), develops customized solutions for their customer base within the corporate and finance and banking sector in Germany. The company implements a tried and tested modular system GDix for data management, data networking, and data interpretation. The company has currently around 45 employees.
About FOCONIS
Founded in 2000 in Vilshofen, FOCONIS AG is a leading provider of data quality, control and compliance software, supporting financial institutions with internal reporting and compliance with legal requirements. The solution is focused on banks in German-speaking countries and currently includes more than 500 customers from the financial services industry. The company’s main product, FOCONIS-ZAK®, consolidates data from various sources, e.g. B. Stock market data, securities lists, data from banking associations, business information or other (un)structured data that is provided, for example, by the IT service provider or within the core banking process. The system automatically analyzes and controls the data to be processed using an underlying set of rules coordinated with banking and savings bank associations. If conspicuous business transactions are identified, ZAK initiates the solution of compliance problems according to a firmly defined process including escalation paths. The checked and corrected data is then automatically updated in the customer’s core banking system. The company currently has 97 employees.
About Main Capital Partners
Main Capital Partners is a strategic investor with an exclusive focus on enterprise software companies in the Benelux, DACH and Nordics regions.
Within the software sector, they are the most specialized company for management buyouts and later-stage growth capital. With an experienced team of financial- and operational professionals, Main Capital Partners has over 2.2 billion euros in assets for investments in mature, profitable and growing product software companies that disrupt markets and trigger change.
Since 2003 Main Capital successfully supports and closely collaborates with their portfolio companies to realize their full potential, focusing on sustainable growth through strategic product-market positioning and selective buy-and-build, partnerships and internationalization strategies.
