Abry Partners, a Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, has completed of their acquisition of Concentrix Corp. insurance third-party administration and software platform.
Concurrent with the transaction, the independent stand-alone insurance administration and software services companyhas been re-branded as Illumifin and will be led by newly-appointed chief executive officer Phil Ratcliff.
“We are very excited to reach today’s milestone and are thrilled to welcome the talented insurance and software professionals of CIS to illumifin,” said Ratcliff. “We see tremendous opportunities in the insurance market and believe that illumifin’s insight, capability and guidance will help to deliver a brighter future for our customers.”
Brent Stone, partner at Abry Partners, said, “This investment falls directly within our strategy of partnering with high caliber management teams in the insurance services sector and we are thrilled to announce the formation of illumifin, an independent company.”
Robert Arsov, partner at Hoplon, said, “This exciting new partnership with Abry and illumifin’s management team begins a new chapter for the company as an independent organization with the technology and leadership to help it achieve its full potential. We share in the vision for the business to utilize digital technologies to accelerate and improve the overall service offerings and benefits to the insurance industry.”