Insurtech company Vast Visibility has sold a strategic stake in the business to European private equity firm HgCapital.
Vast Visibility chairman Max Carruthers said the investment is “another significant step forward” for the business following the appointment of Jon Morrell in September as the new CEO.
Morell said: “The investment will further enhance the business’ capability to deliver not only the core aggregation journeys that it has been commended for but also an exciting suite of innovative digital solutions including data enrichment, analytics, fraud detection and advertising platforms to the wider market.”
“Vast Visibility will continue to drive technology-led efficiency within the insurance sector, improving both user experience and insurer operations,” he added.
Founded in 2006, Vast Visibility offers custom-engineered software and aggregation platforms to the online price comparison marketplace.
The Liverpool-based firm provides the technology which underpins insurance quote aggregators on behalf of major brands in the financial services industry, including The Bike Insurer, The Van Insurer, mustard.co.uk
, Asda, Autotrader, Admiral
The latest investment in Vast Visibility forms part of a platform of UK general insurance investing which was initiated by HgCapital through the acquisition of A-Plan
Insurance in 2015.
A major fintech investor, HgCapital owns Sequel Business Solutions, Intelliflo and Relay Software. All companies serve the European insurance and asset management market.
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