July 24, 2019
Financial Technology and Services
GCA Altium advised RGI, a portfolio company of Corsair Capital, on the acquisition of Novum
GCA Altium acted as exclusive financial advisor to RGI, a portfolio company of Corsair Capital, on the acquisition of Novum. This transaction underpins GCA Altium’s strong expertise and significant transaction experience in the InsurTech space, following the sale of Actineo to Riverside and Finanzen to AllianzX. This marks GCA Altium’s 28th technology-related transaction to date in 2019.
Novum provides innovative standard and customized software solutions for the international insurance industry, according to the quality standard “Made in Germany”. The solution portfolio comprises software platforms for individual applications, e.g. inventory systems, property and performance, fees, collection, fund and loan management. Novum employs more than 150 professionals throughout Europe at six locations in Nuremberg, Cologne, Salzburg, Vienna, Maribor and Zurich.
RGI is one of the largest European software vendors of core systems to the insurance market. The Company provides a comprehensive and modular offering which addresses core insurance processes including policy administration, market management as well as sales and distribution. With a team of 1,000 professionals specialized in IT and insurance, operating from 15 offices in Italy, Ireland, France, the DACH region, the Maghreb region and Luxembourg, RGI has digitized the business of more than 100 Insurers and 300 brokers across different geographies.
Building on RGI’s leading position in the main EMEA markets, this transaction strengthens the Company’s presence in the DACH region and expands its range of cloud-based Policy Administration Systems and archiving services. NOVUM will become the key pillar of RGI’s successful corporate strategy in the DACH region and
RGI will work with NOVUM’s management team to continue its existing product investments and execution plans. RGI is a portfolio company of Corsair Capital, a leading global investor in the financial services industry.
“This deal is precisely aligned with our M&A growth strategy in EMEA. Our approach to non-organic growth is to aggregate highly specialized front end and core system software vendors in the European markets that share our vision and technology. The insurance industry is looking for a global partner with confirmed and recognized competences in the digital transformation journey and NOVUM provides RGI with the capability to expand in core geographies.” stated Vito Rocca, RGI CEO.
Raja Hadji-Touma, Managing Director at Corsair Capital, commented: “This exciting transaction builds on RGI’s recent momentum and provides the Company with a unique opportunity to enhance and expand its leading market position. We look forward to continuing our support of RGI as it enters the next phase of its growth and continues to execute its strategy.”
Sascha Pfeiffer, Managing Director at GCA Altium, said: "We are delighted to have advised our repeat client RGI on this important market entry acquisition in the German insurance software market. RGI and Novum have a strong strategic fit and we are convinced that Novum will support RGI to continue its successful growth track-record in Europe."
The transaction was closed on 24th July 2019.