Summit Partners announced that UK Acturis has acquired Copenhagen based Nordic Insurance Software. NIC specializes in insurance for the travel industry, and according to computerworld the sum was around half a billion kroner, around € 65 million.
This leaves the three founders of the company, Claus Tophøj, Erik Skaarup and Anders Højgaard in a good position, closing the deal worth millions of Euro for each one of them, Computerworld writes. They will also continue to be significant shareholders in the new enlarged group and will continue to have a major ongoing involvement.
“We have a window of three to five years before outright competitors will emerge. We want to use the time well.” Claus Tophøj is reported saying.
NIS has currently 25 employees in Copenhagen and the company has in recent years enjoyed good growth, reaching a surplus of € 1.5 million.
“We are extremely pleased to join the Acturis Group and we feel that the combination of NIS and Acturis can have a significant impact on the insurance-software landscape. Together we have a significant pool of talented colleagues and an exciting portfolio.” Claus Tophøj says.
NIS has it’s background in the travel insurance field. The founders designed one of the first interactive travel insurance application, which gained considerable market share in the Scandinavian countries – Denmark, Norway, Sweden and Finland. NIS now has installations in over 30 countries across the globe.
The NIS application is now considered the market leading platform in the travel & assistance, expatriate and health insurance markets and NIS’s growth reflects this, with a reported compound revenue growth rate of some 59% per annum over the last three years. Its is now active in over 30 countries across the globe, and it’s customers include big corporations such as Zurich, Munich RE, Gouda, Global Excel and the Canadian Automobile Association.