Responsible Investing Case Studies

Infocert: Embedding ESG principles for meaningful product impact

Sector: B2B software

Head office: Rome, Italy

Strategy: Bregal Milestone

Acquisition date: February 2022

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As a leading digital trust player in Europe, Infocert integrates ESG principles in its business to drive product impact.

Infocert develops and operates software solutions for certified electronic mail, digital signatures, and the digital preservation of documents. The company also helps customers with the transition from paper to digital document management, optimizing document flows and promoting the adoption of tools to support data storage.

THOUSAND

Corporate customers

10+

MILLION

Users

€159

MILLION

FY23A revenue[[1]]

Investment rationale

Strong market positioning: A leading player in Digital Transaction Management (“DTM”) space in Italy, with demonstrated ability to expand product suite.

Market growth: Operates in a large and fast-growing market with high barriers to entry and potential for consolidation.

Financial profile: Strong and sustainable growth, revenue recurrence, margins, and cash generation.

Buy-and-build strategy: Well positioned to lead an ambitious buy-and-build strategy in the fragmented European DTM market, with the support of Bregal Milestone and the in-house proprietary Beehive sourcing engine.

Key developments

Completed the acquisitions of CertEurope and Ascertia since investment, with successful integration, extraction of revenue synergies, and strengthened management teams.

"As a business focused on digital transaction management, we have found an opportunity at the intersection of growth, profitability, and sustainability. Our solutions increase efficiency and accessibility by speeding up business processes, reducing wait times, and allowing remote access to services, while simultaneously reducing carbon emissions compared to physical alternatives."

Danilo Cattaneo

CEO - Infocert

Key Performance Indicators

Integration of ESG principles

Business conduct

Employee engagement

Climate change

Highlights in 2023

BOARD MEETINGS

With ESG agenda

CUSTOMER

Net promoter score

22.5

AVERAGE

Training hours on ESG topics per employee

Product impact and transparency

To quantify and communicate the impact of Infocert‘s digital solution, the company underwent a Life Cycle Assessment in 2023 verified by a third party on its Trusted Onboarding Platform (“TOP”) product.

The assessment compared the relative carbon savings of onboarding via Infocert‘s platform, versus the traditional method of onboarding at the bank office. The results showed that Infocert‘s TOP uses 86% fewer kg of carbon than traditional methods. Additionally, the company implemented a product feature highlighting the carbon savings associated with the GoSign e-signature solution for clients.

86%

LESS CARBON USAGE

For TOP product as compared with alternative[[2]]

Climate change

In 2023, Infocert committed to the Science Based Targets initiative to reduce in line with the 1.5 degree pathway, and made meaningful progress on carbon reduction.

40%

REDUCTION

In direct emissions (YoY)

Infocert reduced direct emissions by 40% YoY, largely driven by transitioning its primary data center to renewable electricity. Infocert fully monitors all relevant Scope 3 categories and is looking to implement measures to reduce value chain emissions. This year, Infocert mitigated its operational emissions through purchasing an equivalent amount in carbon offsets supporting forest protection projects in Zimbabwe.

Employee engagement and diversity

Infocert strengthened organizational processes to monitor employee engagement and diversity in 2023. The company established a DEI Committee that meets regularly to discuss potential opportunities to continually improve the workplace.

Infocert additionally collaborated with Specialisterne to increase the inclusion of neurodivergent people in the workplace. Beyond tracking eNPS, the company also established internal metrics such as the number of internal moves and expanded the scope of its exit interviews to continually improve measures of employee satisfaction.

EMPLOYEE

Net promoter score

Social impact and stakeholder engagement

Committed to building engagement with the local community, Infocert expanded its volunteering initiatives in 2023, participating in eight charitable initiatives for its employees and local community. One standout example was the company‘s participation in the Empowerment of Women in STEM Disciplines (“Elis”) Project, an initiative committed to providing equal opportunity for women in STEM.