TDR and Estoril – Escode

WA-85011

TDR Capital LLP (**TDR**) and Estoril Coinvest SCSp (**Estoril**) propose to enter a Shareholders Agreement, pursuant to which TDR will hold a majority interest while Estoril will hold a minority interest in Escode. TDR is a private equity firm based in the United Kingdom. Estoril is a co-investment vehicle managed by a private equity firm. The target, Escode, is a UK headquartered business active in providing software escrow and related services. Escode primarily supplies software escrow services, whereby software code and data or other business critical information is deposited by a licensor in Escode's physical or virtual vaults, and released to the licensee where the release criteria are met. In Australia, Escode also supplies verification services. Escode is a division of NCC Group plc (**NCC**), which is also based in the UK and is a supplier of cybersecurity services. NCC launched its Escode brand in Australia in 2024.