LONDON, UK—Acturis Limited, an award-winning provider of insurance technology solutions, announced today that it has received a minority investment from Summit Partners, a growth equity investor. Financial terms of the transaction were not disclosed.
Acturis, founded in 2000 and headquartered in London, provides technology solutions to general insurance brokers, underwriters and affinity networks in the UK. Acturis’ administration, underwriting and trading platform is used by more than 7,000 users across 300 sites processing in excess of £2 billion of Gross Written Premium annually. The company’s customers include Allianz, Axa, Aviva, RSA, Giles, Jelf, Bluefin, Oval, Heath Lambert, Swinton and Willis.
Delivered as software as a service (SaaS), Acturis’ platform is highly flexible and can be easily integrated with third-party components. It enables substantial cost savings as well as revenue-enhancing strategies for its customers.
“Acturis has grown rapidly by assuming an important role in the electronic trading of insurance distribution. We are pleased to team up with Summit Partners, with whom we have had a close relationship for some time, to further leverage our success and continued growth strategy in the UK and in Europe,” said Theo Duchen, Co-Founder and Co-CEO of Acturis.
“Over the past three years, Acturis has prospered operationally and financially, growing our revenues at a 45% cumulative annual growth rate and generating strong cash flows,” said David McDonald, Co-Founder and Co-CEO of Acturis. “This transaction represents an important milestone in Acturis’ development as we continue to focus on delivering best-in-class technology and services to our customers. Summit Partners’ invaluable experience in pan-European financial technology and software investments will help us continue to grow and strengthen our business.” Mr. Duchen and Mr. McDonald will continue in their present roles and remain major shareholders in Acturis.
Han Sikkens, a Principal of Summit Partners who will join the Acturis Board of Directors, said: “Under the exceptional leadership of Theo Duchen and David McDonald, Acturis has demonstrated rapid growth and counts most of the leading insurers and brokers in the UK as its customers. The highly competitive UK insurance industry continues to seek efficiencies in administration and distribution, and other European markets can also benefit from the Acturis business model; Acturis, with its highly scalable, modern and flexible technology, is ideally positioned to serve this marketplace.”
“We are pleased to be an investor in Acturis and look forward to working closely with David, Theo and the entire management team to build the pre-eminent vendor of commercial and personal lines insurance technology,” added Scott Collins, a Managing Director of Summit Partners who is also joining the board.
Arma Partners LLP acted as financial advisor to Acturis on the transaction.
Founded in 2000, Acturis (http://www.acturis.com) provides leading-edge technology for administration, underwriting and trading of general insurance. Used by more than 7,000 users across 300 sites, the Acturis platform automates insurance administration and enables multi-channel implementations as well as electronic trading of commercial and personal lines insurance. Based in London, UK, Acturis has won industry Service Provider of the Year awards in 2006, 2007 and 2009, and employs more than 120 professionals.
About Summit Partners
Summit Partners (http://www.summitpartners.com) is a growth equity investor that provides private equity and venture capital to rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has provided growth equity, recapitalization and management buyout financing to more than 300 growing companies across a range of industries and geographies. Summit Partners seeks outstanding management teams that have built their companies to market leadership. Summit’s notable investments in the financial services technology sector include Flow Traders, IGEFI Group, Fleetcor, Fortegra Financial, Hyperion Software, iPayment and Ogone.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.