Astorg Acquires Minority Shareholding in Acturis
Astorg, a leading European private equity firm, has signed an agreement to acquire a minority shareholding in Acturis Group, a leading supplier of insurance software. Under the terms of the transaction, existing investor Summit Partners will exit its position. Acturis employees will continue to own the majority of the company.
Theo Duchen, Co-CEO and co-founder of Acturis says: “We are very proud of what we have achieved over the last 18 years since our founding, and we are all excited by what the future now holds. Looking ahead there is a great deal of opportunity for Acturis to grow as the insurance market becomes more digital and connected.”
David McDonald, Co-CEO and co-founder of Acturis adds: “We will continue to focus on the values which are dear to us: Integrity, Innovation and Client Service. Astorg is a partner who shares these values and brings a wealth of experience to the table. We are excited to partner with them for the journey ahead.”
Benoit Ficheur, Partner at Astorg says: “Acturis is an outstanding business of rare quality that we have admired for a long time. We are extremely excited to partner with the Acturis team and look forward to helping the team expand on their already strong market positions by entering new markets and segments of the industry. This investment highlights our commitment to backing innovative software leaders.”
Scott Collins and Han Sikkens, Managing Directors at Summit Partners add: “It has been a great privilege to have worked in partnership with the Acturis team during a period of impressive growth. Since our investment in 2010, the company has expanded its international presence and been recognised as a leader in the insurance technology sector. We look forward to seeing Acturis build upon this strength in the future.”
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).
About Acturis :
The Acturis Group was founded in 2001 and today comprises some 700 colleagues across five countries and four divisions. The four divisions include: Acturis SaaS, a leading multi-tenant SaaS platform for the general insurance industry; Acturis Deutschland, the market-leading broker software platform and comparison engine in the German broker market; ICE InsureTech, a cutting-edge platform for forward-thinking insurers, MGAs and claims managers; and NIS, the leading technology platform in the travel insurance, assistance and benefits market. Astorg will support Acturis’ future organic growth and acquisition growth opportunities in the insurance software market.
Source: Astorg press release