Advised Acturis, a provider of insurance software solutions, on its growth equity investment by Summit Partners
Jun 2010
growth equity
investment by
  • Sector: Fintech, WealthTech & InsurTech
  • Deal Type: Founder-led Businesses; Private Equity Deals
  • Engagement type: Sellside
  • Size: <$200m
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Arma Partners is pleased to announce that it has acted as exclusive financial advisor to Acturis Ltd on a growth equity investment by Summit Partners Limited. The financial terms of the transaction were not disclosed. The investment positions Acturis for the next phase of its international expansion, on the back of 45% year-on-year growth over the last 3 years.

Founded in 2000 and headquartered in London, Acturis (www.acturis.com) provides technology solutions to general insurance brokers, underwriters and affinity networks in the UK and internationally. Acturis’s 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.

Delivered on a software as a service (SaaS) model, Acturis’s flexible and scalable platform can be easily integrated with third-party components delivering an efficient solution that unlocks substantial cost savings and creates revenue-enhancing strategies for its customers.

The injection of growth equity by Summit Partners represents an important milestone in Acturis’s development. A combination of the company’s track record of delivering best-in-class technology and services to its customers and Summit’s experience in financial technology and software investments will help Acturis continue its growth trajectory and strengthen the business across Europe and globally.

– 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