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(Image source: Acrisure website.)
Acrisure, a global financial technology and insurance services firm based in Grand Rapids, Michigan, has entered into a definitive agreement to raise $2.1 billion through the issuance of new convertible senior preferred stock. The funding round is led by Bain Capital and values Acrisure at $32 billion.
Greg Williams, Co-Founder, CEO and President, Acrisure.
The company states that proceeds will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic acquisitions, and further develop its integrated platform serving small and midsize businesses.
“This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality,” says Greg Williams, Chairman, CEO and Co-founder, Acrisure. “Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity.”
Other investors include Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of additional backers. No existing investors exited the transaction. BDT & MSD remains Acrisure’s largest minority shareholder through affiliated funds.
Cristian Jitianu, Partner, Bain Capital.
“Greg and his talented leadership team have built an impressive business that is clearly differentiated by its combination of entrepreneurial DNA, cutting-edge technology capabilities and deep industry expertise,” says Cristian Jitianu, Partner, Bain Capital. Jitianu will join Acrisure’s board of directors. “We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy.”
M&A and Organic Growth
Acrisure reports that it will continue expanding its portfolio through targeted M&A and ongoing integration of operations. The company also aims to drive organic growth across its product lines, which include insurance, real estate services, cybersecurity, payroll, payments, and retirement solutions.
The company’s valuation reflects a nearly 40 percent increase since its last institutional capital raise three years ago. In preparation for future growth, Acrisure recently appointed Mark Wassersug as CTO and Shawn Pelsinger as Chief Administrative Officer.
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