Life and health insurance firm Bounce Life has sold its InsurTech platform and advisory business for an undisclosed seven-figure sum.
Wolverhampton-based Cream Financial Solutions is acquiring the Bromley-headquartered company’s branding, referral and sales process, intellectual property assets, a 30,000+ client base and codes to Bounce’s referral marketing algorithms.
The existing Bounce senior advisory and management team will now be employed by Cream Financial Solutions and will continue to work out of the existing Bounce Manchester office.
The current Bounce sales and management team, and its referral network, will be retained by the new owners.
Founder and CEO Ashley Reading, who will stay on as a consultant to the Cream board, said: “I’m so proud that Bounce has been that splash of colour in a typically grey industry.
“I’ve absolutely loved the journey of building the company from the ground up. We have become one of the nation’s most admired insurance brokerages and referral marketing networks.
“We have helped tens of thousands of clients get better protected, with sums assured in excess of £3 billion.”
Founded in 2016, Bounce Life employs more than 5,000 work-from-home ‘Bouncers’.
“It’s a tremendous success story. However, I couldn’t have done it without the support of an incredible team at head office in Bromley and the sales team based in Manchester, plus the network of thousands of amazing Bouncers all around the UK, who I thank with all my heart,” added Reading.
The 51-year-old said after five years at Bounce he had decided to accept an offer the board and shareholders “could not refuse”.
“What’s exciting is that there’s still so much that I know is going to be achieved under the Bounce and Cream brands. I’m confident that the business will rise to even greater heights under the new ownership of Simon Smith at Cream,” he explained.
“I am remaining on as a consultant to the Cream board, adding value and creative input wherever possible.”
He said he had already started on a new “business-disrupter platform”.
“Once again, it is going to be a business centred around making a massive difference to people’s lives and, as always, having plenty of fun along the way,” he added.