Boston-based Century Capital Management has just injected an undisclosed amount of capital into Seattle-based business services company Torrent Technologies out of its Century Focused Fund II private equity fund.
Torrent Technologies, Inc. (Torrent) announced today that Century Focused Fund II, a private equity fund sponsored and managed by Century Capital Management, LLC, completed an investment in Torrent. Torrent plans to use the additional capital to support their rapid growth and to recapitalize early investors in the company.
Torrent is a technology leveraged business services company that provides back office policy and claims processing services to private insurance carriers that participate in National Flood Insurance Program (NFIP). Torrent’s flagship product, TorrentFlood®, has set a new standard in an industry wrought with antiquated technology and dated back office servicing solutions. Torrent delivers the industry’s only 100% web based and real time processing platform.
Century Capital provides growth capital to companies in the financial services industry. Century has a track record of partnering with management teams to build businesses that deliver innovative client solutions and superior investment returns. Century Capital has a deep understanding of the unique nuances of the NFIP and firmly believes that Torrent has the right leadership team, product and company culture to be the industry leader.
Announcing the investment, Century Capital Management’s Partner Charles L. Kline said, “The flood market demands a high level of service and versatility in administrative platforms and the Torrent team, with their deep NFIP expertise and leading technology, is well positioned to become the market leader. They have built a company that is tirelessly dedicated to customer satisfaction, FEMA compliance and ease of use for the agents. We are very excited to be part of the Torrent team.”
“Century has taken the time to understand not only why Torrent is poised to become the leading solution provider to our industry, but that they strongly support the core values and culture we’ve built here at Torrent,” said Travis Pine, Torrent’s founder, CEO and Chairman. Pine, along with Theresa ‘TJ’ Johnston, founded Torrent in early 2005. “I am looking forward to what this partnership will bring, both financially as well as strategically as we work together to further our vision of Torrent. We are all excited about this next chapter in Torrent’s story.” Torrent is the only new service provider with a sole focus on flood processing to enter this high barrier-to-entry market in nearly 20 years. They are the NFIP’s fastest growing flood service provider signing over 20 new insurance carriers since launching TorrentFlood® to market in early 2007.
As part of this transaction, Century will hold a minority stake in Torrent, keeping founders, Pine and Johnston, at the helm while leveraging the deep industry expertise and relationships of Century. The capital will be used to support Torrent’s rapid growth and commitment to being the industry’s leading innovator in technology and solutions for insurance carriers participating in the NFIP.
About Century Capital Management, LLC
Century Capital Management, LLC is both an institutional and private equity investment manager located in Boston. The Private Equity Team has specialized knowledge to invest growth and buyout capital in privately-held, selected middle-market financial services firms. The team pursues both majority and minority investments in rapidly growing, profitable businesses and is considered a knowledgeable and value-added partner. For information, visit www.centurycap.com/private_equity/.
About Torrent Technologies, Inc.
Torrent Technologies is a business services company that leverages contemporary technology to more effectively administer flood insurance policies and claims through the National Flood Insurance Program. Torrent was founded in February 2005 and has offices in Seattle, Washington, Kalispell, Montana and New Carrollton, Maryland. For more information, please visit http://www.torrentcorp.com.