The Riverside Company, a global private investor focused on the smaller end of the middle market, has signed a definitive agreement to sell its investment in ACTINEO to leading global data analytics provider, Verisk (Nasdaq:VRSK). ACTINEO is the German market leader for the digitization and medical assessment of bodily injury claims. The group operates in Germany, Austria, France, Spain and Italy and provides holistic data management and software-based solutions to support insurance companies in managing the entire bodily injury claims process. Riverside invested in ACTINEO in mid-2019.
ACTINEO processes and digitalizes bodily injury claims and develops prediction models for a customer base of more than 80 insurance companies. Customers benefit from increased transparency, control and better risk management. The sale includes ACTINEO’s share of the joint venture subsidiary ANTEVIS, which specializes in innovative digital services for the medical codification and assessment of bodily injury claims in the field of medical malpractice liability.
“ACTINEO is a regional market leader in a rapidly growing specialist market sector, making the company a highly attractive asset for a strategic buyer like Verisk,” said Senior Partner Dr. Michael Weber, who led the deal team for Riverside Europe. “ACTINEO’s business is based on long-term and deep client relationships with insurance firms and during the period of our investment, we have seen the talented management team continue to cement and add to these relationships across Europe.”
“ACTINEO has been performing extremely well because of its innovative technology portfolio and expertise in bodily injury claims. Due to the strong alignment in technology, deep domain expertise and business plans, this acquisition made perfect sense,” said ACTINEO CEO Olav Skowronnek. “We look forward to working with our new Verisk colleagues to continue to expand our solutions to customers across Europe.”
During Riverside’s investment, ACTINEO built out its technology platform and capabilities to significantly extend the range of services and claim processing support it is able to offer to clients. Through the launch of ANTEVIS, the company also expanded its business into the French, Spanish and Italian markets, further strengthening its positioning as the leading European InsurTech platform in the market for bodily injury claims.
Managing Partner of Riverside Europe Karsten Langer commented, “The sale of ACTINEO to Verisk represents the third exit from Riverside Europe Fund V, delivering another high IRR investment for our LPs. I am proud of our team’s ability to identify and partner with unique businesses, supporting their growth and development.”
Working with Dr. Michael Weber on this transaction for Riverside were Principal Tillmann Immisch and Senior Associate Simon Behnken.
This transaction is subject to customary closing conditions, including regulatory approvals.
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