Advised Acturis, a provider of insurance software solutions, on its growth equity investment by Summit Partners 
– Founded in 2000 and based in London, Acturis provides technology solutions to general insurance brokers, underwriters and affinity networks
– The Acturis Platform automates insurance administration and enables multi-channel implementations as well as electronic trading of insurance products
– Acturis’s platform is used by more than 7,000 users across 300 sites and processes more than £2bn of Gross Written Premium annually
– Summit Partners is a private equity and venture capital firm with offices in Boston, London and Palo Alto
– Formed in 1984, the firm has raised nearly $11 billion in capital in its private equity, venture capital, and subordinated debt funds
– Summit has provided financing to more than 300 companies, which have completed more than 125 public offerings, and in excess of 125 strategic mergers or sales
– The investment will position the company for the next stage in its growth, help execute its European expansion strategy and continue the company’s focus on delivering best-in-class technology
– The transaction is part of Summit Partners’ strategy to invest in growing, profitable software companies with a strong market position. Summit Partners have a strong history of investing in the financial services technology sector, including investments in Flow Traders, IGEFI Group, Fleetcor and Fortegra Financial
– The transaction will allow existing shareholders to partially exit the business while retaining a majority stake
– Scott Collins (Managing Director) and Han Sikkens (Principal) of Summit Partners, will join the Acturis Board of Directors
– Arma Partners was engaged by Acturis shareholders to evaluate the company’s strategic options
– Arma Partners worked closely with the shareholders to define a list of investment criteria and agree on the optimal transaction structure to maximise value using both debt and equity financings
– The highly focused approach, emphasising both the tangible and non-tangible aspects of the transaction, enabled shareholders to evaluate their alternatives in a very short time frame
– All of the key points of the transaction were negotiated up-front in a detailed term sheet, whilst there was still competitive tension
– A short period of exclusivity was granted to Summit Partners to complete due diligence, arrange bank financing and negotiate all deal documents