Private equity firm, The Carlyle Group, along with its management team, has entered into an agreement to acquire French insurance software vendor Prima Solutions.
The transaction is expected to close on September 30th, 2017, subject to approval from the relevant authorities. Carlyle Europe Technology Partners III, a €657m Carlyle fund focused on European technology, media and telecommunications (TMT) companies, will make the investment. Financial terms are not disclosed.
Prima Solutions is a French software vendor that designs, develops and markets software exclusively for insurance providers.
Founded in 2000 by Hugues Delannoy, co-founder of the Assurland.com insurance comparison website, Prima Solutions offers modular digital applications to help insurance companies optimize customer relations and insurance policy management.
Headquartered in Paris, with a presence in European and international markets, Prima Solutions has 200 employees and has grown more than 80% per year since 2013, reaching turnover of more than €20 million in 2017.
The company’s sales momentum and innovative products and services make it the natural choice for insurance providers facing a range of operational challenges, including the introduction of new distribution models and digital customer relationship platforms and the creation of innovative products. Prima Solutions’ customers include Allianz, AXA, MAIF, Société Générale, PSA Insurance and Hiscox.
Following this acquisition, Prima Solutions will continue to be led by the current leadership team, including Founder and President Hugues Delannoy, and CEO Rodolphe Peim.
Vladimir Lasocki, Managing Director of the Carlyle Europe Technology Partners team, said: “Prima Solutions has built up a solid foundation for continued growth in Europe and internationally. In less than four years, the company has become a reference in its market in Western Europe. The management team has shown it can create strong and promising sales momentum and growth. We look forward to working with Hugues, Rodolphe and their team to actively support Prima Solutions on its expansion path.”
Charles Villet, Associate Director of the Carlyle Europe Technology Partners team, added: “We are impressed with the range of solutions developed by Prima Solutions. The insurance sector is experiencing – and will continue to experience – a profound digital transformation to stay competitive. Prima Solutions has positioned itself as a key player in this market.”
Prima Solutions’ Chairman Hugues Delannoy commented: “We are delighted to join forces with Carlyle. This partnership marks a pivotal step in Prima Solutions’ development. Carlyle’s in-depth understanding and extensive experience in the insurance sector will help us rapidly boost our international sales growth. Today’s insurance providers are prepared for the strategic challenges posed by digital technology, and our tried-and-tested platform is optimally poised to meet and exceed their expectations.”