Bullnet Capital sells Codice SW to PE-backed Unity

Bullnet invested in Codice in February 2009, acquiring a 55% stake. The company has an enterprise value of around $20m, according to press reports.

According to Unquote sister publication Mergermarket, the company started to look for a potential buyer in October 2019.

"We are very happy for our investors, who trusted us many years ago when nobody invested in early-stage 'deep tech' in Spain," said Bullnet founding partner Javier Ulecia. "Codice SW is the most recent example that it is possible to obtain interesting returns even in situations as complex as the ones the world is currently experiencing."

Unity is a San Francisco-headquartered software provider backed by Silver Lake Partners, Light Street Capital Management, D1 Capital Partners, Sequoia Capital and Canada Pension Plan Investment Board. The company specialises in developing software for creating and operating real-time 3D content for game developers, architects, designers and video producers.

According to press reports, Unity is working with Goldman Sachs as financial adviser to launch its US IPO, which is expected to take place by the end of the year. The company is understood to have an enterprise value of around $6bn.

Company
Established in 2005, Codice is a developer of version control software (VCS), which allows developers and artists to work more effectively together.

Its flagship product, Plastic SCM is used across a variety of industries, such as gaming, automotive, manufacturing, retail and consumer electronics.

Codice's client base includes numerous international companies such as Unknown Worlds, Facepunch, Dreamscape Immersive, Aptiv, Medtronics and Nike, among others.

Codice is based in Boecillo Tech Park, in Valladolid, and employs 19 staff.

People
Bullnet Capital – Javier Ulecia, Miguel del Cañizo (founding partners).
Codice SW – Pablo Santos (founder, president); Francisco Monteverde (CEO).

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