Investment made in partnership with the CEO and Founder with the aim to accelerate Duco’s growth and expansion
15th July 2021, London UK — Nordic Capital today announced an agreement to invest in Duco Technology Limited (“Duco”) and acquire a majority shareholding from current investors, CME Ventures, Insight Partners and Eight Roads Ventures. Founder Christian Nentwich will remain as a shareholder and Chief Executive Officer.
Nordic Capital will utilise its experience within the Technology and Payments sector, as well as its broad network and operational resources to accelerate the transformative growth of the business. The data automation market is growing rapidly, and Nordic Capital’s investment will enable the business to further increase its international footprint whilst also supporting product expansion and employee growth.
Duco provides Software as a Service (SaaS) solutions in the cloud to Financial Services, Insurance and FinTech companies dealing with mission critical data management issues. Duco’s mission is to “make managing data easy” by replacing spreadsheets and technology-heavy solutions in areas like data prep, reconciliation, data quality and data management with a user-friendly, machine learning-powered platform.
Headquartered in London, Duco has 140 employees in the UK, US, Singapore and Poland. Duco’s software is used by 14 of the top 30 global banks, asset managers with over $10 trillion in assets, leading payments innovators, crypto exchanges and custodians, and insurers.
“We are very pleased to be partnering with Nordic Capital for the next part of Duco’s journey. Together we will be able to take the business to its next level as they have a strong track record of scaling fast-growing businesses such as Duco. Companies face huge, unsolved problems in the data management and data automation areas. We are passionate about solving these problems in new ways that make people’s work lives more enjoyable and have immediate and substantial agility and cost benefits to our clients. Nordic Capital’s strategic expertise, focus on growth and execution best practice mean that we can accelerate from here and strengthen our strategy with both organic and acquisition growth in the future,” said Christian Nentwich, CEO, Duco, adding “I would also like to thank our outgoing investors and our independent board members, Cris Conde, Kirsten Wolberg and Spencer Lake, for their support and guidance that led us to where we are today.”
“The reconciliation market is growing quickly with strong structural tail winds. Duco brings state-of-the art solutions challenging established legacy point solutions and vastly improve processes. Duco has demonstrated strong leadership and innovation to move technology in Financial Services forward, with its focus on cloud-only delivery and self-service for end users. We are excited about the positioning of the company to respond to major trends that are gaining rapid traction, its great reputation with its clients, and the strength of its technology. Nordic Capital is looking forward to supporting the next phase of Duco’s journey alongside Christian and the management team,” said Emil Anderson, Principal, Nordic Capital Advisors.
Nordic Capital is a leading specialised Technology & Payments investor in Europe with a long and extensive history and experience of investing and supporting sustainable growth in technology software and Financial Service companies. To date, Nordic Capital has deployed more than EUR 4.5 billion of equity across 21 technology companies since 2001 and has significant experience in software as well as payments.
Nordic Capital supports businesses to accelerate growth through expansion into new markets, new product development, improving go-to-market and talent acquisitions, amongst other initiatives. The goal is to use operational experience, capital and business acumen to create strong, sustainable businesses that will thrive in the long term.
The terms of the transaction were not disclosed. Arma Partners served as financial advisors to Duco management and institutional shareholders.
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent funds are Nordic Capital Fund X with EUR 6.1 billion in committed capital and Nordic Capital Evolution Fund with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com.
“Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners and/or delegated portfolio manager of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.
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