FTV Capital leads financing to support continued robust growth due to strong customer demand worldwide for eBaoTech’s state-of-the-art insurance platform
eBaoTech, a leading provider of software solutions to the global insurance industry, today announced that it had closed a $36 million growth equity investment led by US-based FTV Capital, a growth equity firm that invests in innovative, high growth companies. Cathay Capital Private Equity, a cross-border provider of growth capital to Europe- and China-based companies, co-invested in the financing.
eBaoTech delivers standards-based insurance software solutions to both property and casualty (P&C) and life insurers. Its end-to-end suite of product offerings—including sales and distribution, policy administration, claims management and reinsurance modules—is highly flexible and configurable, enabling insurers to speedily launch new insurance products and sales channels and run highly automated operations. With over 100 deployments for leading insurers in more than 20 countries, the company has an exceptional track record of delivering successful results across its global footprint. Many leading blue chip multinational and regional carriers have adopted eBaoTech’s state-of-the-art platform to drive their business growth and reduce operational expenses.
“Carriers are actively seeking to modernize core systems to counteract the rising total cost of ownership of inflexible legacy platforms,” said Christopher Tan, FTV principal and new eBaoTech board member. “Growth opportunities are also being driven by higher demand for insurance products in emerging markets and increased distribution through Internet and mobile channels. eBaoTech has repeatedly proven to be the solution of choice for blue chip insurers seeking to expand to new markets or through new distribution platforms, as well to replace antiquated systems.”
“We welcome the opportunity to partner with FTV Capital and Cathay Capital, and are highly enthusiastic about this strong endorsement of eBaoTech from two successful international growth equity investors,” said Woody Mo, president and CEO of eBaoTech. “Both FTV and Cathay have extensive domain expertise and strong industry networks, especially in the US and Europe. We have built a solid leading position in emerging market countries and are making strong inroads into developed markets. Partnering with FTV Capital and Cathay Capital will help us accelerate growth in both emerging and developed markets, as we continue to enhance our technology platform, expand partnerships and selectively evaluate acquisitions.”
“We are highly impressed with the seasoned leadership team at eBaoTech, and we look forward to partnering with the company as it continues to successfully meet the needs of insurance carriers worldwide,” said Mingpo Cai, president of Cathay Capital and new eBaoTech board member.