Patra Secures $146M Growth Capital Investment from FTV Capital to Accelerate Efficiency Across the Insurance Value Chain

Building on 16 Consecutive Years of Revenue Growth, Investment Will Expand Patra’s Customer Reach and Capabilities While Streamlining Insurance Processes and Automation

EL DORADO HILLS, CA., September 13, 2022 /PRNewswire/ — Patra Corporationa leading technology services company for the insurance industry, today announced a $146 million growth investment in a recapitalization of FTV Capital, an industry-focused growth capital firm with nearly 25 years of experience investing in technology services. This funding will drive further growth through market expansion and accelerate the deployment of technologies that drive the automation and digitization of policy and administrative services that Patra provides to its clients.

This will drive market expansion and accelerate the automation and digitalization of political and administrative services.

Patra’s solutions have been designed to address the major structural challenges faced by $60 billion insurance industry in United States today. The aging insurance workforce has led to a talent crisis as companies grapple with increased turnover and higher recruitment and replacement costs. Additionally, an ongoing wave of industry consolidation continues to fuel the need for flexible front-, middle-, and back-office solutions to streamline processes and position platforms at scale. Faced with these and other challenges, brokers, carriers and other market participants are increasingly turning to partners who offer efficient technology services and help automate key processes to drive future growth.

Patra has developed a curated offering of process management technology solutions specifically designed for industry players across the insurance value chain. These solutions are delivered by a core team of insurance experts, backed by Patra’s proprietary technology platform – PatraOne(MS). As a result, Patra eases the burden of administrative and operational tasks, accomplishing them at lower cost, in a faster time frame and with greater precision.

“We are delighted to partner with FTV Capital as we enter our next phase of growth,” said John Simpson, founder and CEO of Patra. “FTV’s in-depth knowledge of the insurance ecosystem and its strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our clients to penetrate our target markets FTV has proven to be a leading leader in technology services with recent investments such as Lean Solutions Group, LogicSource and DataArt In addition, the FTV team’s previous experience in partnering with leading platforms like EXL, Globant and others offer a unique advantage from which to support our success in the future.Looking forward to launching new products and services for our customers, furthering our mission to bring innovative services and focused on value to the insurance market.”

“Patra’s service offering has the ability to leverage and integrate technology with human capital, which is critical in today’s increasingly digitalized world,” said Brad Bernstein, Managing Partner at FTV Capital. “Led by a seasoned management team, Patra’s network of more than 5,000 global insurance specialists supports rapid scale while maintaining the quality and accuracy needed in the complex and highly nuanced insurance ecosystem. . Patra provides a turnkey offering that enables brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate the resources needed to secure and retain new business. »

Founded in 2005, Patra Technology Services sets the insurance industry standard for quality, efficiency and value. With over 235 clients in 650 offices across United States and Canada, Patra has been recognized as one of the “Fastest Growing Companies of the Year” by Inc. 5000 for six consecutive years. Patra’s customers represent 68% of the “top 25 agencies” in commercial insurance and the largest wholesalers of United States that handle more than 40% of the wholesale volume.

“Patra’s reputation as an established leader in the insurance industry and its history of uninterrupted historic growth speaks for itself,” added Mike Vostrizanski, Director at FTV Capital. “Patra has experienced 16 consecutive years of revenue, employee and customer growth since its inception in 2005, a direct by-product of its consistently best-in-class service offering and its ability to constantly expand relationships with its very satisfied customers.Building on the relationship we have developed with the Patra management team over nearly five years, we are delighted to now partner with this group of industry experts and help them continue to provide market-leading products and to support brokers, carriers, wholesalers and MGA customers -more complicated needs.”

With this investment, Brad Bernsteinmanaging partner at FTV Capital, and Mike Vostrizanskidirector of FTV Capital, will join the board of directors of Patra. Willkie Farr and Gallagher served as legal advisors, and RSM served as accounting and tax advisors, with Olivier Wyman and Lincoln International serving as market advisors to FTV for this investment. Lord Locke served as legal counsel and Waller Helms Securities as financial advisor to Patra.

About Patras

Patra is a leading provider of technology services to the insurance industry. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance companies in the sale, delivery and management of policies and customers through our PatraOne platform. Patra’s global team of process executives in geopolitically stable and democratic countries that protect data, enable agencies, MGAs, wholesalers and carriers to capture the Patra advantage – profitable growth and organizational value. Patra is also a founding member of the Alliance InsurConneXtionsrepresenting leaders in insurance technology, brokerage, wholesale and specialty insurance, representing more than $50 billion in insurance premiums. For more information, visit patracorp.com or follow us @Patracorp on Twitter and LinkedIn.

About FTV Capital

FTV Capital is a sector-focused growth capital investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technologies and services, financial services, and payment and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also offers companies access to its worldwide network of partners®, a group of the world’s leading companies and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 130 portfolio companies including Docupace, EBANX, Embroker, Lean Solutions Group, LoanPro, LogicSource, Many Pets, PlateIQ, Solid and ReliaQuest, and has successfully/partially exited companies, including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com and follow the company on LinkedIn.

Media contacts:

Guillaume Wagner
patras
650-279-0325
[email protected]

Josh Hess
Prosek Partners on behalf of FTV Capital
[email protected]
646-818-9291

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SOURCEPatra Corporation

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