Data analytics
Data analytics

FPE portfolio company Codestone completes second bolt-on in 6 months

Codestone acquires Business Intelligence Leader DSCallards

FPE Capital LLP (‘FPE’), the software & services specialist lower mid-market growth investor, announced today that its portfolio company Codestone, an SAP, Microsoft and CCH Tagetik services leader, has acquired DSCallards. The acquisition marks a significant move into the Business Intelligence and Analytics market and strengthens Codestone’s core technology and cloud services business. The acquisition follows Codestone’s May 2022 acquisition of the SAP ERP, Analytics and EPM specialist Clarivos.

DSCallards is recognised as a leading UK provider of analytics and data transformation solutions to a wide enterprise client base, which will bolster Codestone’s digital platform capabilities around its core ERP, EPM and BI implementations, enabling next level cloud transformation for SMEs up to to large enterprises. Adrian Handley, Managing Director at DSCallards, will become the Director of BI and Analytics line of business within the Codestone Group.

Backed by FPE Capital in 2021 from its debut institutional fund FPE Fund II, this acquisition marks Codestone’s second acquisition in 6 months, having acquired Clarivos, an SAP ERP, Analytics and EPM specialist, in May this year. These two acquisitions augment Codestone’s accelerated growth and rapid customer base expansion and bolsters its leading position across ERP and EPM software partners SAP, Microsoft and CCH® Tagetik.


FPE Capital Managing Partner David Barbour commented, “Since our investment in Codestone from Fund II just 18 months ago, the team at Codestone has strengthened its position as a leading partner of SAP, Microsoft and CCH® Tagetik and closing this second acquisition brings further strategic data and analytics skills into the business, rounding out the company’s cloud transformation offering. In May this year, FPE successfully closed Fund III with a hard cap of £185m, the firm’s third software and services focussed fund, allowing us to continue our focus of investing in software and services focussed companies such as Codestone and build on the firm’s strong track record of being the first institutional investor into founder and entrepreneur led businesses. “

Jeremy Bucknell, Co-Founder & CEO, Codestone said, “The addition of DSCallards allows us to expand our product offering and better support our existing customers while continuing to grow and serve new customers wanting an end-to-end enterprise solution. DSCallards’ deep and broad data and analytics technology expertise across industries, secures the Group’s positioning amongst our customers that they are indeed in the best hands to achieve their full technology transformations.”

Commenting on the acquisition, Adrian Handley, Managing Director, DSCallards says, “Codestone’s comprehensive ERP and EPM delivery as well as multi-capability Microsoft credentials, cloud hosting expertise and comprehensive support provides much in demand services to our customers.”

Codestone was advised and supported by Stephenson Harwood LLP and Azets. DSCallards was advised by Boyce Hatton LLP and Mark Holt and Associates.

GAT press release picture 2
FPE Capital leads growth investment into Global App Testing, a global testing platform to the software development sector
BC SG
FPE Capital announces promotion and new appointment
Dynamic Planner Press Release
FPE Capital leads first institutional investment into Dynamic Planner, a leading software provider to the UK wealth management sector