TA Associates announces strategic growth investment in tech11 and Adcubum to create the leading provider of health and property and casualty insurance software in Europe.
Strategic growth investment by TA Associates
TA Associates, a leading global growth and private equity firm, today announced a strategic growth investment in Adcubum AG, the leading Swiss health and property and casualty (P&C) insurance software provider, and tech11 GmbH, a fast-growing insurance software provider for the P&C insurance market in Germany and Europe. This investment will create a leading software provider for core insurance software in Europe. Financial details of the transactions were not disclosed.
Adcubum: Market leader in the Swiss health insurance market
With its modern insurance solution Syrius, Adcubum offers a wide range of modules for handling insurance processes, including policy administration, quotation, pricing, claims management as well as collection/disbursement and commission management. Adcubum is the market leader for health insurers in Switzerland, with emerging expertise and growth in property and casualty insurance in Germany. Founded in 1997 in St. Gallen, Switzerland, the company has offices in Switzerland and Germany as well as a software development center in Croatia.
tech11: Innovative platform for the property and casualty insurance market
tech11 offers a holistic, digital insurance platform that is used by insurance companies and underwriters to cover the complete policy and claims management lifecycle End2End. The tech11 Insurance Platform, which is provided either cloud-based as a SaaS solution or classically on-premise, is used by insurers to replace and modernize legacy systems and as a digital speedboat for greenfield approaches in fast-growing ecosystems. tech11 was founded in 2018 and is headquartered in Würzburg, Germany.
Synergies and growth potential through the partnership
"Adcubum is recognized as the market leader in the Swiss health insurance market and is growing in property and casualty insurance, a segment where tech11 has developed great momentum with its innovative platform in Europe," said Stefan Dandl, Principal at TA. "Given their complementary expertise and resources, Adcubum and tech11 provide a strong foundation for innovation and growth. We look forward to working with the management teams to create an industry-leading player in the health and P&C insurance market across Europe."
Expectations and future prospects of those involved
"We have known the team at TA for many years and are delighted to welcome the company as an investor," said Emanuele Diquattro, CEO of Adcubum. "With insurers' ongoing efforts to further digitize their infrastructure, we see significant potential for continued innovation and new business opportunities in our work. We look forward to partnering with TA and tech11 and pursuing further organic and acquisitive growth together, including potential expansion into new insurance segments and countries."
TA as a strategic partner for innovation and expansion
"Given their decades of experience investing in growing software companies, including many SaaS-based businesses, we believe TA is an ideal financial and strategic partner," said Pierre Dubosq, Co-Founder and Managing Director of tech11. "Since our inception, we have focused on helping clients modernize their core insurance systems and achieve greater efficiencies by automating the property and casualty insurance business. With the support of TA and in combination with Adcubum , we will make our internationally scalable insurance platform available to many more insurers in Germany and across Europe."
Alvarez and Marsal acted as financial and tax advisors, Bär & Karrer and Latham & Watkins are TA's legal advisors.