Insurtech company EIS Group seeks a buyer

EIS Group, the company formerly known as Exigen Insurance Solutions, is up for sale, three sources said.

GCA is advising on the process, the people said. EIS provides a SaaS-based insurance platform for property/casualty and benefits insurers. The platform offers quoting, policy administration, billing and claims services. EIS is believed to produce revenue north of $100 million, a source, not part of the three, said.

EIS was originally known as Exigen Insurance Solutions. The San Francisco company rebranded in 2014 as EIS Group. The company raised $72 million in funding, Crunchbase said. Exigen Group, a provider of business process solutions, invested $10 million in Exigen Insurance Solutions in 2008. CSAA Insurance Group provided $15 million in debt to EIS in 2016, PitchBook said.

The EIS auction is in the second round, another person, part of the three, said. Middle market buyout shops, like Aquiline Capital Partners, with a focus on financial services/insurtech, would be potential buyers of EIS, a different source said.

EIS competes against Guidewire Software, which also provides technology to insurers. The much bigger Guidewire went public in 2012 at $12 a share after raising more than $25 million in VC funding, PitchBook said. Guidewire’s stock changed hands at $103.64 in afternoon trading Monday. The company has an $8.48 billion market cap.

Aquiline declined comment. EIS and GCA could not immediately be reached for comment.

Action Item: For more information, contact Alec Miloslavksy, CEO of EIS, by emailing him here.