FTV Capital, a sector-focused growth equity firm, has made a $146 million growth investment as part of a recapitalization of Patra Corp., a provider of technology services for the insurance industry focused on optimizing the application of people and technology.
The company aims to use the funding to drive additional growth through market expansion and technologies that drive automation and digitization of policy and administrative services Patra delivers to its clients. Brad Bernstein, managing partner at FTV Capital, and Mike Vostrizansky, principal at FTV Capital, will join Patra’s board of directors.
“Patra’s service offering has the ability to optimize and integrate technology with human capital, which is critical in today’s increasingly digitized world,” says Bernstein. “Led by a seasoned management team, Patra’s 5,000-plus network of global insurance specialists supports rapid scale while maintaining the quality and precision needed in the complex, highly-nuanced insurance ecosystem. Patra provides a turn-key offering that allows brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate necessary resources to secure and retain new business.”
Willkie Farr and Gallagher served as legal advisors, and RSM served as accounting and tax advisors, with Oliver Wyman and Lincoln International serving as market advisors to FTV for this investment. Locke Lord served as legal advisors and Waller Helms Securities as financial advisor for Patra.