Abry Partners, a Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, have acquired Concentrix Corporation’s (NASDAQ: CNXC) insurance third-party administration and software platform.
Abry Partners, a Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, have acquired Concentrix Corporation’s (NASDAQ: CNXC) insurance third-party administration and software platform.
Concurrent with the transaction, the independent stand-alone insurance administration and software services company has been re-branded as illumifin and will be led by newly-appointed Chief Executive Officer Phil Ratcliff, a seasoned insurance industry executive with 30 years of broad based financial services capability, including senior roles in industry, consulting, technology and outsourcing. illumifin is poised to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. illumifin’s deep industry expertise, proven technology and best-in-class administration will combine to create unrivaled value.
“We are very excited to reach today’s milestone and are thrilled to welcome the talented insurance and software professionals of CIS to illumifin,” says Ratcliff. “We see tremendous opportunities in the insurance market and believe that illumifin’s insight, capability and guidance will help to deliver a brighter future for our customers.”
Brent Stone, Partner at Abry Partners, says: “This investment falls directly within our strategy of partnering with high caliber management teams in the insurance services sector and we are thrilled to announce the formation of illumifin, an independent company.”
Robert Arsov, Partner, says: “This exciting new partnership with Abry and illumifin’s management team begins a new chapter for the company as an independent organisation with the technology and leadership to help it achieve its full potential. We share in the vision for the business to utilise digital technologies to accelerate and improve the overall service offerings and benefits to the insurance industry.”
