Insurance software company EIS secured a $100 million investment from private equity firm TPG, money designed to help it accelerate product development across multiple product lines. A geographic expansion is also in the works.
TPG is conducting the investment out of its TPG Tech Adjacencies (TTAD), which is focused on flexible capital products and services for the technology industry. Additional terms of the transaction were not disclosed.
“We are excited to partner with TPG as we continue to bring our best-in-class, cloud-native suite of technology [products and services] to insurers across the globe,” Alec Miloslavsky, Founder and CEO of EIS, said in prepared remarks. “The investment will help us to continue to meet growing client demand as insurers transition from outdated ‘modern legacy’ systems toward a platform that provides the flexibility, speed, openness, and security that today’s highly competitive market requires.”
EIS was founded in 2008 and is based in San Francisco. The company’s signature product is the EIS Suite, which is designed to be an open, flexible platform of core systems and digital products/services that help insurers accelerate and scale their innovation. EIS also claims the platform helps insurers launch products faster, produce new revenue channels and improve the customer experience.
The cloud-based platform includes thousands of open application programming interfaces, or APIs, that are designed to help insurers in all lines of business freely connect to, or serve as a hub for, a large amount of InsurTech and emerging technologies. EIS serves clients across North America, Europe, and Asia and the platform-agnostic EIS Suite can be deployed on AWS, Microsoft Azure, and Google Cloud, the company said.
Some of TPG’s investments in the insurance space have included insurance technology company Vertafore, and CCC Information Services, an SaaS provider to the automotive, insurance, and collision repair industries. The firm has been an active investor in technology since its inception, with current and past software investments including C3 AI, Kaseya, McAfee, Planview, ThycoticCentrify, WellSky, Wind River, and Zscaler, according to the deal announcement.
GCA acted as financial advisor to EIS on the transaction. William Blair acted as financial advisor to TPG, and Kirkland & Ellis served as legal counsel.
Source: EIS