Acrisure stated it has entered right into a definitive settlement for the issuance of latest convertible senior most well-liked inventory in a $2.1 billion capital increase led by Bain Capital.
Acrisure stated the corporate’s valuation stands at $32 billion—a virtually 40% enhance since its final institutional capital increase three years in the past.
Different traders included Constancy Administration & Analysis Firm, Apollo Funds, Gallatin Level Capital, BDT & MSD Companions, and a consortium of others.
Funds from the spherical can be used to refinance a portion of its present non-convertible most well-liked inventory, pursue strategic M&A, and speed up its growth as a tech-enabled monetary companies platform. Acrisure stated it would proceed to broaden its footprint and product choices, which embrace actual property companies, cybersecurity instruments, payroll and cost processing, and retirement options.
“Our evolution from an insurance coverage brokerage into an AI- and technology-powered world monetary companies supplier has opened the door to huge alternative,” stated Greg Williams, chairman, CEO and co-founder of Acrisure. “I see limitless potential for the way far Acrisure can go, and we’re extraordinarily grateful for the monetary help and validation from our traders.”
No present investor exited as a part of this transaction. BDT & MSD stays the most important minority shareholder in Acrisure by affiliated funds.
Subjects
Mergers & Acquisitions
InsurTech
Tech
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