CVC today announced that CVC Capital Partners Fund VIII has agreed to acquire RGI (the "Company"), a leading independent provider of software solutions to the European insurance industry, from Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services market. Terms of the transaction were not disclosed.
RGI provides insurers with a comprehensive and modular offering that addresses the entire insurance value chain, covering processes such as policy administration, claims, analytics, market management, reporting and sales, and distribution. RGI provides a wide range of cloud- software solutions serving Property & Casualty and Life insurance clients across Europe, with leadership positions in Italy, France, and Germany. The Company has an international, blue-chip customer portfolio covering insurance and corporate clients of all tiers, including six of the top ten European insurers.
Under Corsair's ownership, RGI has realised significant organic and inorganic growth – including substantial progress in its shift to a SaaS-based offering as well as the 2019 acquisitions of Novum and Unimatica and the 2021 acquisition of Flexperto – evolving from a strong national player to a pan-European leader. CVC will support RGI's management team in its future growth plans, which include further consolidating the fragmented insurance software industry and investing in the Company's product offering and transition to a cloud-based platform.
"RGI is an outstanding company with an industry-leading technology platform and strong sector position. We are excited to be part of the Company's journey going forward," said Leif Lindbäck, Partner and Head of European TMT at CVC. "Having followed RGI for several years, we have been impressed by the growth that Cécile and her management team have achieved, transforming the Company into a pan-European insurance software leader."
Giorgio De Palma, Partner at CVC Italy, added: "RGI is well-placed for further expansion, our vision for the future of the Company is fully aligned with the management team and we look forward to partnering with them to accelerate RGI's growth and fully capture the significant market opportunity in Europe."
Cécile André Leruste, RGI Group CEO, commented, "CVC has a wealth of experience and an impressive track record helping companies accelerate their growth. We're delighted to have found another team whose values are aligned with our own and who are committed to our future as a leader in the digitisation of the European insurance market. On behalf of everyone at RGI, we'd like to thank Corsair for their invaluable guidance and support as we transformed our business under their stewardship."
Raja Hadji-Touma and Edward Wertheim, Partner and Managing Director at Corsair, respectively, said, "This transaction is a reflection of RGI's successful execution of its strategy to become a pan-European leader in insurance software, and the meaningful traction the Company has made in transitioning to a SaaS-based operating model with a comprehensive, industry-leading offering. We are grateful for our successful partnership with RGI and the many dedicated colleagues who have helped build an outstanding business that provides a full range of best-in-class and mission-critical solutions across the entire insurance value chain. We are confident the Company is in good hands and has a bright future with CVC."