European private equity firm Astorg will acquire a minority shareholding in UK insurance software provider Acturis Group.
Financial details were not disclosed, but under the terms of the transaction, existing investor Summit Partners will exit its position. It had first got involved in 2010. Acturis employees will continue to own the majority of the company.
Theo Duchen, co-CEO and co-founder of Acturis, says: “Looking ahead there is a great deal of opportunity for Acturis to grow as the insurance market becomes more digital and connected.”
Acturis was founded in 2001 and today comprises some 700 colleagues across five countries and four divisions.
The four divisions include: Acturis SaaS, a Software-as-a-Service (SaaS) platform for the general insurance industry; Acturis Deutschland, a broker software platform and comparison engine in the German broker market; ICE InsureTech, a platform for insurers, managing general agents (MGAs) and claims managers; and NIS, a technology platform in the travel insurance, assistance and benefits market.
There are no details, but Astorg will support Acturis’ “future organic growth and acquisition growth” plans.
The transaction is subject to the satisfaction of certain regulatory closing conditions. Acturis was advised by Jefferies International (Financial) and Dickson Minto (Legal). Astorg was advised by Paul Hastings (Legal). Summit was advised by Kirkland & Ellis (Legal).
Astorg is an independent firm with over €8 billion of assets under management. It has offices in London, Paris, Luxembourg, Frankfurt and Milan.
via FinTech Futures http://bit.ly/2IIxC53