Abry Partners and Hoplon Capital Announce Completion of Concentrix Insurance Solutions Acquisition

Rhea-AI Summary

On July 7, 2021, Abry Partners and Hoplon Capital completed the acquisition of Concentrix Corporation's insurance third-party administration and software platform, now rebranded as illumifin. The company aims to deliver technology-enabled services to the insurance industry, with Phil Ratcliff as the new CEO. This strategic move is expected to enhance illumifin's capabilities in providing innovative solutions for individual and group insurers, leveraging deep industry expertise. Abry Partners expressed confidence in illumifin's management and the significant opportunities within the insurance market.

Positive

• Formation of illumifin as an independent entity.
• Leadership under seasoned CEO Phil Ratcliff.
• Potential for market expansion and innovative service offerings.

Negative

• None.

BOSTON, July 7, 2021 /PRNewswire/ -- Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, announced the completion of their acquisition of Concentrix Corporation's (NASDAQ: CNXC) insurance third-party administration and software platform.

Concurrent with the transaction, the independent stand-alone insurance administration and software services company has been re-branded as illumifin and will be led by newly-appointed Chief Executive Officer Phil Ratcliff, a seasoned insurance industry executive with 30 years of broad based financial services capability, including senior roles in industry, consulting, technology and outsourcing.  illumifin is poised to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. illumifin's deep industry expertise, proven technology and best-in-class administration will combine to create unrivaled value.

"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 Mr. 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."

Commenting for Hoplon, Robert Arsov, Partner, 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."

About Abry Partners 
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements.  Currently, the firm manages over $5 billion of capital across its active funds. For more information on Abry, please visit www.abry.com.

About Hoplon Capital 
Hoplon is a newly formed asset manager pursuing proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

About illumifin 
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future.  Visit www.illumifin.com.

Media Contact : 
Chris Tofalli 
Chris Tofalli Public Relations, LLC 
914-834-4334 

View original content:https://www.prnewswire.com/news-releases/abry-partners-and-hoplon-capital-announce-completion-of-concentrix-insurance-solutions-acquisition-301326392.html

SOURCE Abry Partners

FAQ

What is the purpose of Abry Partners and Hoplon Capital's acquisition of Concentrix Corporation's platform?

The acquisition aims to enhance the insurance services sector by forming illumifin, which will provide innovative, technology-enabled solutions to insurers.

Who is the CEO of illumifin following the acquisition?

Phil Ratcliff is appointed as the CEO of illumifin, bringing over 30 years of experience in the insurance industry.

What strategic advantages does illumifin bring to the insurance market?

Illumifin combines deep industry expertise with advanced technology to deliver exceptional administration and software solutions to insurers.

What impact does the acquisition have on Concentrix Corporation's business?

Concentrix Corporation divested its insurance third-party administration business, allowing it to focus on other core operations.

What are the future prospects for illumifin after the acquisition?

Illumifin is positioned to capitalize on opportunities within the insurance market, leveraging digital technologies to enhance service offerings.