Patra Corporation, a US-based technology-enabled services company for the insurance industry, has secured $146m investment from fintech-focused growth equity firm FTV Capital.
The funding will be used by Patra for market expansion and accelerate the implementation of technologies to drive automation and digitisation of policy and administrative services.
Patra will also use the money to expand its customer reach and capabilities as well as fast-track efficiencies across insurance value chain
Patra founder and CEO John Simpson said: “FTV’s extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets.
“FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team’s prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward.
With the investment, FTV Capital managing partner Brad Bernstein and FTV Capital principal Mike Vostrizansky will join Patra’s board of directors.
Patra’a technology-enabled process management solutions are purpose-built for customers across the insurance value chain.
FTV Capital managing partner Brad Bernstein said: “Patra’s service offering has the ability to optimise and integrate technology with human capital, which is critical in today’s increasingly digitised world.
“Patra provides a turn-key offering that allows brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate necessary resources to secure and retain new business.”
Founded in 2005, Patra has more than 235 customers. It has 650 offices across the US and Canada.