- Patra recently announced it raised $146 million. These are the details.
Patra recently announced it raised $146 million.
Funding amount: $146 million
Funding round: Growth investment as part of a recapitalization
Investor: FTV Capital
What the funding will be used for: This funding will drive additional growth through market expansion and accelerate the deployment of technologies that drive automation and digitization of policy and administrative services Patra delivers to its clients.
New board members: With this investment, Brad Bernstein, managing partner at FTV Capital, and Mike Vostrizansky, principal at FTV Capital, will join Patra’s board of directors.
What Patra does: Patra has developed a curated offering of technology-enabled process management solutions purpose-built for industry participants across the insurance value chain. And these solutions are delivered through a core team of insurance experts, supported by Patra’s proprietary technology platform PatraOne. As a result, Patra alleviates the burden of administrative and operational tasks, completing them at a lower cost, in a quicker time frame and with greater accuracy.
“We are excited to partner with FTV Capital as we enter our next phase of growth. FTV’s extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets. FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team’s prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward. We look forward to introducing new products and services for our customers, continuing our mission of bringing innovative and value-oriented services to the insurance marketplace.”
— John Simpson, founder and CEO of Patra
“Patra’s service offering has the ability to optimize and integrate technology with human capital, which is critical in today’s increasingly digitized world. 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.”
— Brad Bernstein, managing partner at FTV Capital
“Patra’s reputation as an established leader in the insurance space and track record of uninterrupted historical growth speak for themselves. Patra has experienced 16 consecutive years of revenue, employee and customer growth since its founding in 2005, a direct byproduct of its continually best-in-class service offering and ability to consistently expand relationships with its highly-satisfied customers. Building on the relationship we’ve developed with the Patra management team over nearly five years, we are excited to now partner with this group of industry experts and support them in continuing to deliver market-leading products and support for broker, carrier, wholesaler and MGA clients’ ever-more-complicated needs.”
— Mike Vostrizansky, principal at FTV Capital