NorthEdge had used Black Duck audit services earlier in the year to perform an open source audit to identify any potential issues that might impact the planned exit of Utiligroup. “It was a successful exit for us, and the Black Duck audit group was highly rated both by the team at NorthEdge and the management team of our portfolio company as well,” notes Holmes. “We recognized the need for the same tech due diligence when it came to our investment in Cubic Motion, and put in the call to the audit team.
“The audit process went very quickly, a week from the initial call to getting feedback from Black Duck audit services,” Holmes says. “That was another massive plus. When we’re working the diligence process, we’re obviously working to a tight time scale. The fact that we were able to get a precise and well-written report from the audit team in a short time scale was extremely useful.”