Private equity company Nordic Capital has announced a strategic investment in One Inc, a digital payments platform for the North American insurance sector.
Great Hill Partners, an investor in One Inc since 2020, will retain a stake equal to that of Nordic Capital, alongside continuing investment from One Inc’s management team.
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Established in 2012, One Inc is engaged in assisting insurance companies in modernising their payment systems.
The company’s platform offers a seamless experience by consolidating all payment flows and integrating with both modern and legacy core systems.
With a workforce of nearly 500, One Inc processes annual payments of $70bn and caters to more than 240 insurance industry clients.
Nordic Capital plans to utilise its expertise to enhance One Inc’s growth and product innovation.
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By GlobalDataOne Inc CEO Ian Drysdale said: “The sector experience and resources that Nordic Capital and Great Hill bring to this partnership will fuel additional product innovation and drive new opportunities for growth as we continue to provide solutions that improve efficiency and boost revenue for today’s insurers.”
For One Inc, financial advisory services are being provided by Raymond James, JP Morgan and TD Cowen, with legal advice from Goodwin Procter.
Nordic Capital is receiving financial advice from William Blair and legal guidance from Kirkland & Ellis.
Nordic Capital Advisors partner Mohit Agnihotri and technology & payments partner and head Fredrik Näslund said in a joint statement: “Nordic Capital is a longtime admirer of One Inc, which has stood out for solving the unique and complex challenges of digital payments in the insurance industry.
“Through its innovative solutions, the Company is transforming and simplifying payments for the entire insurance ecosystem benefitting carriers, consumers, and vendors alike.
“Nordic Capital is thrilled to be joining them for the next leg of the Company’s growth journey and utilising our combined deep sector experience, extensive network, and active owner approach to fuel One Inc’s ambitious growth plans even further.”
In 2021, One Inc collaborated with Mastercard to disburse insurance claims to individuals, families and businesses in nearly real time.
