Waterfall and Atalaya invests in insurtech and warranty services firm OnPoint

• The fund will also provide growth capital for OnPoint to further accelerate mobile and warranty product innovation and to further enhance its insurance technology platform Service Avenger
• The existing management team at Guardian, led by Jed Rovin, will remain with the company under OnPoint’s ownership
• Capstone Partners served as financial advisor to OnPoint

Waterfall Asset Management and Atalaya Capital Management have invested in OnPoint Warranty Solutions, an insurtech, mobile solutions and warranty services company. No financial terms were disclosed.

The investment from Waterfall and Atalaya supports OnPoint’s acquisition of Guardian Protection Products, Inc. The fund will also provide growth capital for OnPoint to further accelerate mobile and warranty product innovation, and to further enhance its insurance technology platform: Service Avenger.

The existing management team at Guardian, led by Jed Rovin, will remain with the company under OnPoint’s ownership.

“We are thrilled to be partnering with Chris and Rob to support OnPoint’s long-term growth strategy,” said Gene Weil, a managing director of Waterfall, in a statement. “We believe OnPoint’s product sophistication, client-first approach to technology and service, and the addition of Guardian, will continue to help differentiate the company in the marketplace.”

Mayer Brown LLP served as legal counsel to Waterfall. Orrick, Herrington & Sutcliffe served as legal counsel to Atalaya. Bevilacqua PLLC served as legal counsel to OnPoint while Capstone Partners served as financial advisor. Calfee, Halter & Griswold LLP served as legal counsel and Houlihan Lokey served as financial advisor to Guardian.

Founded in 2006, Atalaya is headquartered in New York City and has more than $9.7 billion in assets under management and has deployed over $14 billion across 500 investments.

As of December 1, 2022, Waterfall had approximately $11.2 billion in assets under management.