Patra Corporation, a leading technology-enabled services company for the insurance industry, today announced a $146 million growth investment as part of a recapitalization from FTV Capital, a sector-focused growth equity firm with nearly 25 years of experience investing in technology-enabled services. This funding will drive additional growth through market expansion and accelerate the deployment of technologies that drive automation and digitization of policy and administrative services Patra delivers to their clients.
Patra’s solutions have been designed to address major structural challenges facing the $60 billion insurance industry in the United States today. An aging insurance workforce has resulted in a talent crisis as businesses struggle with increased turnover and higher recruiting and replacement costs. Additionally, a continued wave of industry consolidation continues to fuel the need for flexible front-, middle- and back-office solutions to streamline processes and position platforms to scale. Confronted with these and other challenges, brokers, carriers and other market participants are increasingly turning to partners who offer efficient technology-enabled services and help automate key processes in order to drive future growth.
Patra has developed a curated offering of technology-enabled process management solutions purpose-built for industry participants across the insurance value chain. These solutions are delivered through a core team of insurance experts, supported by Patra’s proprietary technology platform – PatraOne(SM). As a result, Patra alleviates the burden of administrative and operational tasks, completing them at a lower cost, in a quicker time frame and with greater accuracy.
“We are excited to partner with FTV Capital as we enter our next phase of growth,” said John Simpson, founder and CEO of Patra. “FTV’s extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets. FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team’s prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward. We look forward to introducing new products and services for our customers, continuing our mission of bringing innovative and value-oriented services to the insurance marketplace.”
“Patra’s service offering has the ability to optimize and integrate technology with human capital, which is critical in today’s increasingly digitized world,” said Brad Bernstein, managing partner at FTV Capital. “Led by a seasoned management team, Patra’s 5,000-plus network of global insurance specialists supports rapid scale while maintaining the quality and precision needed in the complex, highly-nuanced insurance ecosystem. Patra provides a turn-key offering that allows brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate necessary resources to secure and retain new business.”
Founded in 2005, Patra’s tech-enabled services set the insurance industry standard for quality, efficiency and value. With over 235 customers spanning 650 offices across the United States and Canada, Patra has been recognized as one of Inc. 5000’s “Fastest Growing Companies of the Year” for six consecutive years. Patra’s customers represent 68 percent of the Business Insurance “Top 25 Agencies” and the largest wholesalers in the United States that process over 40 percent of the wholesale volume.
“Patra’s reputation as an established leader in the insurance space and track record of uninterrupted historical growth speak for themselves,” added Mike Vostrizansky, principal at FTV Capital. “Patra has experienced 16 consecutive years of revenue, employee and customer growth since its founding in 2005, a direct byproduct of its continually best-in-class service offering and ability to consistently expand relationships with its highly-satisfied customers. Building on the relationship we’ve developed with the Patra management team over nearly five years, we are excited to now partner with this group of industry experts and support them in continuing to deliver market-leading products and support for broker, carrier, wholesaler and MGA clients’ ever-more-complicated needs.”
With this investment, Brad Bernstein, managing partner at FTV Capital, and Mike Vostrizansky, principal at FTV Capital, will join Patra’s board of directors. Willkie Farr and Gallagher served as legal advisors, and RSM served as accounting and tax advisors, with Oliver Wyman and Lincoln International serving as market advisors to FTV for this investment. Locke Lord served as legal advisors and Waller Helms Securities as financial advisor for Patra.
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