SkyKnight Capital has made an investment in Patra, a provider of technology-enabled solutions for the insurance industry. No financial terms were disclosed.
EL DORADO HILLS, Calif., Aug. 4, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, received a strategic investment from SkyKnight Capital (“SkyKnight”), a San Francisco based private equity firm, and other investors.
The SkyKnight investment, which closed in late 2019, will help support Patra as it continues its rapid growth, arising from the market’s increasing need for technology-enabled services that bring efficiencies to insurance processing and workflows. The investment in Patra is a continuation of investments in the insurance sector for SkyKnight, where they recently led an investment in StarStone U.S., a specialty property & casualty carrier.
“Patra’s technology-enabled solutions bring efficiency, accuracy and standardization to a comprehensive set of processes across the insurance value chain. The company’s offerings are at the forefront of industry trends towards digitalization and automation,” said Claude Burton, Partner at SkyKnight. “Patra’s rapidly growing customer base includes many of the leading insurance brokers, wholesalers, MGAs and carriers, all of which value the opportunity to both improve service and increase profitability. We are excited to partner with Patra’s management as the company executes on its next stage of growth.”
“We are thrilled to have a strategic relationship with an experienced partner in SkyKnight,” said John Simpson, CEO and Founder of Patra. “SkyKnight has a tremendous track record of supporting innovative insurance companies like ours, and together we can accelerate our growth and deepen our service and technology-based value proposition for clients. We believe the market will continue to see a shift towards insurance innovation that blends the best of highly talented insurance professionals and technology.”
The strategic investment builds on the momentum of an exceptional 2019 for Patra. The company saw a rapidly growing list of new clients and posted double-digit year-over-year growth. Patra was listed as one of the 2019 Top Insurance Workplaces by the Insurance Business America and was an INC 5000 Fastest-Growing Private Company recipient.
Patra is a leading provider of technology-enabled solutions to the insurance industry. Patra’s team of global experts allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology; supporting insurance organizations as they sell, deliver, and manage policies and customers. For more information, visit patracorp.com or follow us @Patracorp on Twitter and LinkedIn.
About SkyKnight Capital
Founded in 2015, SkyKnight manages over $1 billion in private equity capital on behalf of institutional family offices and leading foundations and endowments. SkyKnight makes long-term investments into high-quality businesses in acyclical growth sectors alongside exceptional management teams.