Eldridge-backed Zinnia is acquiring digital insurance marketplace Policygenius

• KKR was a lead backer in Policygenius and will remain an investor in the combined company
• Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia while Latham & Watkins LLP served as legal counsel to Policygenius
• Policygenius was founded in 2014

Zinnia, which is backed by Eldridge, is acquiring New York City and Durham, North Carolina-based Policygenius, a digital insurance marketplace. No financial terms were disclosed.

KKR was a lead backer in Policygenius and will remain an investor in the combined company.

Teaneck, New Jersey-based Zinnia is a life and annuity insurance technology and digital services company.

“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, end-to-end insurance offering,” said Jake Heller, a partner at KKR and newly appointed Zinnia board member, in a statement. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and these talented teams in their next chapter of growth.”

Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia while Latham & Watkins LLP served as legal counsel to Policygenius.

Zinnia has over $173.7 billion in assets under administration across 40 plus clients.

Policygenius was founded in 2014.