Abry Partners, a Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets have signed a definitive agreement to purchase Concentrix Insurance Solutions, an insurance third-party administration operations and software platform of Concentrix Corp., a global provider of customer experience solutions and technology. This will create a new company which will operate as a standalone business.
“We continue to be focused on driving exceptional CX and Technology solutions that provide higher value outcomes for our clients and their customers,” said Chris Caldwell, president and CEO of Concentrix. “This sale will allow us to invest further resources and energy in the growth of our core end-to-end CX capabilities.”
Brent Stone, partner at Abry Partners, said, “This new investment falls directly within our strategy of partnering with high caliber management teams in the insurance services sector and we are thrilled to support this corporate carveout as we begin the process of positioning CIS as an independent company. We share management’s vision to continue the company’s growth both organically and through strategic acquisitions and look forward to our new partnership. We expect to announce additional details when we complete the transaction later this month.”
Robert Arsov, Partner at Hoplon Capital, said, “We are excited to join forces with Abry in this new partnership with the CIS business to help lead its next phase of growth as an independent company. We are investing in a strong technology business and see significant potential to leverage its digital platform and drive further market expansion.”