General Atlantic said May 15 it is investing in ControlExpert. Financial terms weren’t announced. ControlExpert, of Germany, is a service provider to the car insurance industry.
Langenfeld (Germany)/ Munich (Germany)/ New York (U.S.), May 15th, 2017 – ControlExpert, a leading service provider to the car insurance industry, today announced a strategic partnership with General Atlantic, a leading global growth equity firm. General Atlantic provides capital and strategic support to growth companies by combining sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide.
Founded in 2002, ControlExpert provides services that streamline various elements of the claims management process by using a combination of software, data analytics, and human expertise to assess the magnitude of damages and the associated repair expenses. The company facilitates the communication among all participants in the claims settlement process, including insurance companies, car repair shops, car owners, OEMs, and leasing and fleet management companies, and enables a more cost- and time-efficient processing of claim expenses. ControlExpert supports its customers internationally and is already present in 13 other countries.
“We have created an innovative offering that continues to revolutionize the car insurance ecosystem,” said Gerhard Witte, founder and Managing Director at ControlExpert. “We look forward to partnering with General Atlantic as we expand the business into new markets and strengthen our technology platform. I am certain that ControlExpert will benefit from General Atlantic’s expertise with other high growth businesses.”
“ControlExpert is a high quality business with an outstanding reputation in the car insurance industry and is a technology and innovation leader,” said Jörn Nikolay, Managing Director and Head of Germany at General Atlantic. “We believe that with our industry resources and expertise as well as our global franchise, we can empower ControlExpert to become a global strategic partner to the car insurance ecosystem.”
“Together with General Atlantic, we will further advance the business through continued digitization and professionalization of our products and services,” said Kai Siersleben, Managing Director at ControlExpert.
“We believe that the combination of proprietary technology, artificial intelligence, big data and human expertise gives ControlExpert a significant competitive advantage,” added Achim Berg, Operating Partner at General Atlantic. “We have been impressed by the success of ControlExpert thus far and look forward to leveraging our expertise to elevate the brand globally.”
In its next phase of growth, ControlExpert will focus on further enhancing its technology platform to offer top-notch innovation to its customers and continue to concentrate on fulfilling its mission to provide the highest quality products and services in the industry. “We are delighted to take the next evolutionary step in digitalization with such a professional technology partner” said Nicolas Witte, Managing Director at ControlExpert. “We look forward to working with General Atlantic to continue to drive innovation in the car insurance industry globally.”
In conjunction with General Atlantic’s investment, Jörn Nikolay and Achim Berg will join ControlExpert’s Board of Directors. All other management structures will remain the same.
ControlExpert is a full-service provider to the automotive industry based in Langenfeld, Germany. ControlExpert develops multifaceted products and services for insurance companies, fleet operators, leasing firms, repair shops, car dealerships, automotive manufacturers, and motor vehicle experts. Its ambition is to link up all the parties involved in the claims and maintenance process and establish an electronic, data-supported communication standard based on structured data. The digital pioneer in automation ensures fast, digitized processes and a high degree of transparency.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector-specific expertise, long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. General Atlantic has more than 100 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, and Singapore. http://www.generalatlantic.com/