Terms of the deal, done in partnership with ACTINEO, were not disclosed.
Based in Cologne, Germany, ACTINEO bills itself as the leading provider of digitalization, invoice checking and predictive analysis for bodily injury claims for German insurance providers. Those services establish it in the growing “InsurTech” sector, which is an offshoot of the fintech (financial technology) industry built specifically for insurance.
According to Riverside, the company processes and digitalizes more than 120,000 claims annually and develops prediction models for a customer base of more than 50 insurers.
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“Through its market-leading position in Germany and its tech-enabled and data-driven business model, ACTINEO has the potential to become the central hub for bodily injury claims and develop into a key InsurTech platform for all major insurance providers,” said Riverside partner Michael Weber in a statement.
The deal is further evidence of Riverside’s commitment to the sectors for software, tech-enabled and data-driven business models. The firm reports it’s invested in more than 25 companies along those lines.
Riverside is a global private equity firm co-headquartered in Cleveland that invests in growing businesses valued at up to $400 million.