Market-leading Insurtech firm Ignite licenses an integrated Software as a Service (SaaS) platform providing end-to-end insurance policy management systems, from quotations to full-cycle electronic data interchange (EDI) schemes for brokers and managing general agents (MGAs), particularly in the motor, property and pet insurance sectors. The business approached FRP to advise on the potential sale of the company.
FRP’s Corporate Finance team was appointed and completed a full sales process, advising the shareholders and management of Ignite prior to agreeing the company’s sale to Sequel, a UK reinsurance business owned by the $33 billion Nasdaq-listed company, Verisk Analytics Inc. Sequel were attracted to Ignite’s business and technical capabilities, its strong client base of specialist brokers, MGAs and insurers, and the experienced management team behind the business.
The acquisition and investment will accelerate the expansion of Ignite’s technology platform. The backing of Sequel and Verisk expands Ignite’s credentials, reputation and contacts in the UK. Joining Sequel will help Ignite to win tenders for larger clients which, despite having market leading software, were previously lost due to a small balance sheet and ownership by an unknown, overseas investor.
“I am grateful for the support, advice and focus of the FRP Corporate Finance team that has advised the shareholders and company with this important and transformational transaction. FRP’s professionalism, hard work and grasp of detail are rare; it has been a true pleasure to have them in our corner.” Toby MacLachlan, Managing Director of Ignite.
The acquisition and investment will accelerate the expansion of Ignite’s technology platform.Heath Snyder Corporate Finance