Abry Partners and Hoplon Capital have acquired Concentrix Corporation’s insurance third-party administration and software platform. No financial terms were disclosed. In conjunction with the transaction, the Concentrix insurance platform has been rebranded as illumifin.
BOSTON, July 7, 2021 – Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, announced the completion of their acquisition of Concentrix Corporation’s (NASDAQ: CNXC) insurance third-party administration and software platform.
Concurrent with the transaction, the independent stand-alone insurance administration and software services company has been re-branded as illumifin and will be led by newly-appointed Chief Executive Officer Phil Ratcliff, a seasoned insurance industry executive with 30 years of broad based financial services capability, including senior roles in industry, consulting, technology and outsourcing. illumifin is poised to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. illumifin’s deep industry expertise, proven technology and best-in-class administration will combine to create unrivaled value.
“We are very excited to reach today’s milestone and are thrilled to welcome the talented insurance and software professionals of CIS to illumifin,” said Mr. Ratcliff. “We see tremendous opportunities in the insurance market and believe that illumifin’s insight, capability and guidance will help to deliver a brighter future for our customers.”
Brent Stone, Partner at Abry Partners, said, “This investment falls directly within our strategy of partnering with high caliber management teams in the insurance services sector and we are thrilled to announce the formation of illumifin, an independent company.”
Commenting for Hoplon, Robert Arsov, Partner, said, “This exciting new partnership with Abry and illumifin’s management team begins a new chapter for the company as an independent organization with the technology and leadership to help it achieve its full potential. We share in the vision for the business to utilize digital technologies to accelerate and improve the overall service offerings and benefits to the insurance industry.”
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. For more information on Abry, please visit www.abry.com.
About Hoplon Capital
Hoplon is a newly formed asset manager pursuing proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there’s a brighter future. Visit www.illumifin.com.