Coda has been working with Goldman Sachs Group Inc. on a strategic review of options including a potential sale of the business, an initial public offering and a private round, Bloomberg News reported in November. The company was seeking a valuation of at least US$4 billion, people familiar with the matter said at the time.
Considerations are ongoing and details such as the value and prospective investors could still change, the people said. Representatives for Coda, Advent and Primavera didn’t immediately respond to requests for comment.
Founded in 2011, Coda provides online payment solutions to digital content providers in more than 30 markets, according to its website. Its investors include London-based private equity firm Apis Partners and Japan’s GMO Global Payment Fund. Its customers include gaming giants including Tencent Holdings Ltd., Krafton Inc., Activision Blizzard Inc. and Riot Games Inc.
