Scaleup investor Frog Capital has taken a ‘significant’ stake in insurance software solutions provider Genasys.
The Genasys management team will retain operational control following the £12.25 million investment.
Genasys’ SaaS platform provides policy administration and claims solutions for insurance business across the full spectrum of the industry via more than 350 pre-configured products.
It says it is helping customers bring about innovation and quickly deliver new products to their consumer base.
“Our platform and ecosystem have been widely adopted by forward-thinking insurance businesses who have bought into the need for agile, quick to change technology,” said Genasys joint CEO André Symes.
“It’s a mindset that is gathering pace across the insurance industry – personal and commercial lines, in the London market space and beyond. The potential for our business growth is enormous as we have built a proposition that has a track record of delivering solutions for those insurance companies at the early stages of their digital journeys as well as those who are a long way down the path.
“Our decision to partner with the team at Frog to help accelerate the next phase of our growth is based purely on the strength of the relationship that we have built with them. They have bought into our model of building sustainable growth and are genuine in their desire to add real value to our business.
“We love their ‘rolled-up sleeves’ approach with their operating partners and Scale-Up Methodology and believe that we have found exactly the right partner to help us as we scale-up our business.”
A key element of the scaleup programme will be the expansion of the Genasys centre of technology excellence to ensure it is geared to support the business as it grows its global footprint.
“The company has already created an industry leading modular state-of-the-art platform that is gaining increasing momentum in a transforming ecosystem,” said Jens Düing, senior partner at Frog Capital.
“The platform allows its customers a much faster time to market. We look forward to supporting André and Craig in the expansion of the business.”