Century Focused Fund II, a private equity fund sponsored and managed by Century Capital Management, has completed an investment in Torrent Technologies.
Torrent plans to use the additional capital to support its growth and to recapitalise early investors in the company.
Torrent is a technology leveraged business services company that provides back office policy and claims processing services to private insurance carriers that participate in National Flood Insurance Program.
Century Capital provides growth capital to companies in the financial services industry.
Century Capital Management’s partner Charles L. Kline says: "The flood market demands a high level of service and versatility in administrative platforms and the Torrent team, with their deep NFIP expertise and leading technology, is well positioned to become the market leader. They have built a company that is tirelessly dedicated to customer satisfaction, FEMA compliance and ease of use for the agents. We are very excited to be part of the Torrent team."
"Century has taken the time to understand not only why Torrent is poised to become the leading solution provider to our industry, but that they strongly support the core values and culture we’ve built here at Torrent," adds Travis Pine, Torrent’s founder, chief executive and chairman.
As part of this transaction, Century will hold a minority stake in Torrent, keeping founders, Pine and Theresa ‘TJ’ Johnston, at the helm.
