Calash is pleased to announce that it provided commercial due diligence support to Strada Partners on its majority investment into Elsyca, a Belgian digital twin simulation software company focussed on predicting and preventing corrosion of critical oil and gas and other energy sector assets.
Its solution is also employed in the manufacturing of electronic printed circuit boards (PCBs) and for the application of decorative and functional metal layers in various industries, including consumer and industrial goods, transportation, and healthcare. Elsyca’s digital twin clients include companies such as Safran, Volkswagen, AT&S, Enbridge, Saudi Aramco, Calumet, Hansgrohe and Rohde & Schwarz.
Strada Partners will be invested alongside the current management team and investor Think2Act. In addition to further organic growth in Elsyca’s international markets, Strada is also exploring several acquisitions to expand Elsyca’s product portfolio.
Calash’s commercial due diligence focused on assessing the company’s key solutions, end markets, demand drivers, changing regulatory and operator methodologies and attitudes, assessment of adjacent markets, competitive positioning, alternative technologies and a customer referencing exercise.
The Calash team included Rob Neves, John Corbett and James Kirby.
“Calash provided expert commercial due diligence support with this transaction. The digital twin space is vast and fast evolving with many applications, so getting a firm grasp of the technologies and end markets was critical when crafting our investment thesis and validating Elysca’s growth potential. Calash’s experience with digital twin, simulation software and oil and gas was very helpful to assess the market potential.
Calash was able to consider all major attention points, from regulation, competition, market drivers, etc. in a conclusive and efficient way. We look forward to working with the team again in the future.” Strada Partners
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Elsyca is an international software company with offices in Leuven (Belgium), the United States of America and Romania. Elsyca can model various electrochemical processes with a broad industrial application, ranging from the automotive industry to energy and electronic applications. Their solution assures asset integrity, reduction in operational costs and increased product quality. The team is 30 strong and has a turnover of around €6m in 2023.
Strada Partners is a European investment fund founded by Bart Wouters and Matthias Vandepitte, with a combined track record in private equity of 25 years. The team focuses on software, healthcare and services growth companies with a technological component. Strada is building a concentrated investment portfolio with companies that it can support in the long term to grow at a pan-European level. Elsyca is Strada’s 4th investment platform, joining TOBA HR, AXI and Invincible Software Holdings (ISH).
