Investment made in partnership with the CEO and the founder with the aim of accelerating the growth and expansion of Duco
Nordic Capital announced an agreement to invest in Duco Technology Limited (“Duco”) and acquire a majority stake from current investors, CME Ventures, Insight Partners and Eight Roads Ventures. Founder Christian Nentwich will remain a shareholder and chief executive officer.
Nordic Capital will use its experience in the technology and payments industry, along with its extensive 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 allow the company to further increase its international presence while supporting product expansion and staff growth.
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Duco provides cloud-based Software as a Service (SaaS) solutions to financial services, insurance and FinTech companies dealing with critical data management issues. Duco’s mission is to “simplify data management” by replacing spreadsheets and technology solutions in areas such as data preparation, reconciliation, quality and data management with a user-friendly platform based on machine learning.
Based at London, Duco has 140 employees in UK, USA, Singapore and Poland. Duco’s software is used by 14 of the world’s 30 largest banks, asset managers with over 10,000 billion dollars in assets, leading payments innovators, exchanges and custodians, and insurers.
“We are very happy to partner with Nordic Capital for the next leg of Duco’s journey. Together we will be able to take the business to the next level as they have a strong track record of developing fast growing businesses such as Duco. Businesses face huge unresolved issues in the areas of data management and automation. We are passionate about solving these problems in new ways that make people’s working lives more enjoyable and provide immediate and substantial financial agility and benefits to our clients. Nordic Capital’s strategic expertise, growth focus and best execution practices mean we can accelerate from here and strengthen our strategy with both organic and acquisition growth going forward. “, said Christian Nentwich, CEO of Duco, adding: “I would also like to thank our outgoing investors and our independent directors, Cree Conde, Kirsten wolberg and Spencer Lake, for their support and guidance which has brought us to where we are today.
“The reconciliation market is growing rapidly with strong structural tailwinds. Duco offers state-of-the-art solutions that challenge existing existing solutions and dramatically improve processes. Duco has demonstrated strong leadership and innovation in advancing technology in financial services, with an emphasis on cloud-only delivery and self-service for end users. We are enthusiastic about the company’s positioning to respond to the major trends that are rapidly emerging, its great reputation with its customers and the strength of its technology. Nordic Capital looks forward to supporting the next phase of Duco’s journey alongside Christian and the management team, ”said Emil Anderson, Director, Nordic Capital Advisors.
Nordic Capital is one of the leading technology and payments investors in Europe with a long and extensive experience in investing and supporting sustainable growth in technology software and financial services companies. To date, Nordic Capital has deployed more than 4.5 billion euros equity capital of 21 technology companies since 2001 and has significant experience in software as well as payments.
Nordic Capital helps companies accelerate their growth through expansion into new markets, new product development, improved go-to-market and talent acquisition, among other initiatives. The goal is to use operational experience, capital and business acumen to build strong, sustainable businesses that will thrive in the long run.
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