​Private equity firm scoops minority share in Acturis

Astorg – a European private equity firm, has acquired a minority share of insurance software supplier, Acturis.

Astorg will support Acturis’ future organic growth and growth opportunities like acquisitions.

The news follows Acturis announcing in January that it was on the look-out for a minority PE investor in the run-up to the departure of its investor, Summit Partners.

Under the terms of the transaction, Summit Partners will exit its position.

But Acturis employees will own the majority of the company.

The transaction is subject to the satisfaction of certain regulatory closing conditions.

Growth

Theo Duchen, co-chief executive and co-founder of Acturis said: “Looking ahead there is a great deal of opportunity for Acturis to grow as the insurance market becomes more digital and connected.”

He added that the firm was proud of what they have achieved over that last 18 years since the firm was founded in 2001.

David McDonald, co-chief executive and co-founder at Acturis said: “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.” 

Investor

Scott Collins and Han Sikkens, managing directors at Summit Partners added: “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.”

Summit Partners is a global alternative investment firm that is currently managing more than $14bn in capital. 

Partnership

Astorg is an independent private equity firm with over €8bn of assets under management.

Benoit Ficheur, partner at Astorg said: “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.”

Astorg was advised by Paul Hastings (Legal). Summit was advised by Kirkland & Ellis (Legal), whereas Acturis was advised by Jefferies International (Financial) and Dickson Minto (Legal).

The Acturis Group is a software as a service (SaaS) provider has four divisions which include:

•  Acturis SaaS, a multi-tenant 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 forward-thinking insurers, MGAs and claims managers
• NIS, a technology platform in the travel insurance, assistance and benefits market