|By Business Wire||
|February 5, 2013 05:00 AM EST||
eBaoTech, a leading provider of software solutions to the global insurance industry, today announced that it had closed a $36 million growth equity investment led by US-based FTV Capital, a growth equity firm that invests in innovative, high growth companies. Cathay Capital Private Equity, a cross-border provider of growth capital to Europe- and China-based companies, co-invested in the financing.
eBaoTech delivers standards-based insurance software solutions to both property and casualty (P&C) and life insurers. Its end-to-end suite of product offerings—including sales and distribution, policy administration, claims management and reinsurance modules—is highly flexible and configurable, enabling insurers to speedily launch new insurance products and sales channels and run highly automated operations. With over 100 deployments for leading insurers in more than 20 countries, the company has an exceptional track record of delivering successful results across its global footprint. Many leading blue chip multinational and regional carriers have adopted eBaoTech’s state-of-the-art platform to drive their business growth and reduce operational expenses.
“Carriers are actively seeking to modernize core systems to counteract the rising total cost of ownership of inflexible legacy platforms,” said Christopher Tan, FTV principal and new eBaoTech board member. “Growth opportunities are also being driven by higher demand for insurance products in emerging markets and increased distribution through Internet and mobile channels. eBaoTech has repeatedly proven to be the solution of choice for blue chip insurers seeking to expand to new markets or through new distribution platforms, as well to replace antiquated systems.”
“We welcome the opportunity to partner with FTV Capital and Cathay Capital, and are highly enthusiastic about this strong endorsement of eBaoTech from two successful international growth equity investors,” said Woody Mo, president and CEO of eBaoTech. “Both FTV and Cathay have extensive domain expertise and strong industry networks, especially in the US and Europe. We have built a solid leading position in emerging market countries and are making strong inroads into developed markets. Partnering with FTV Capital and Cathay Capital will help us accelerate growth in both emerging and developed markets, as we continue to enhance our technology platform, expand partnerships and selectively evaluate acquisitions.”
“We are highly impressed with the seasoned leadership team at eBaoTech, and we look forward to partnering with the company as it continues to successfully meet the needs of insurance carriers worldwide,” said Mingpo Cai, president of Cathay Capital and new eBaoTech board member.
eBaoTech delivers standards-based, highly configurable insurance software solutions to both property and casualty (P&C) and life insurers. Its software products enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in eleven countries across Europe, Asia Pacific and the Americas, and deployments in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit www.ebaotech.com.
About FTV Capital
FTV Capital is a growth equity firm with over $1 billion under management that invests in high-growth companies offering a range of innovative solutions in four sectors: business services, financial services, payments/transaction processing and technology. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 76 portfolio companies across three funds, and has offices in San Francisco and New York. For more information, visit www.ftvcapital.com.
About Cathay Capital Private Equity
Cathay Capital Private Equity, founded by Mingpo Cai and Edouard Moinet in 2006, is the first French-Chinese private equity firm focused on Europe-China growth capital approved by the AMF, the French Securities Association. Limited partners of Cathay Capital I & II include European and Chinese institutional investors and private individuals. Cathay Capital aims to support international growth and be a long term partner for mid-sized Western companies faced with a booming Asian economy, as well for an increasing number of Chinese companies seeking worldwide reach.