Capital is increasingly being directed towards FinTech and InsurTech, and the number of M&A deals related to these sectors is growing all the time. We take a look at current investment activity in IT consulting for FinTech and InsurTech.
QVC acquires Corlider Correduría de Seguros
Quadrifoglio Venture Capital (QVC) has acquired Corlider Insurance BrokersCorlider is a family brokerage based in Madrid with offices in Cordoba and Lucena. Corlider was founded by Eugenio de Portugal Ortega in 1991 and is run by his children Erlan and Ainoa. Currently, the brokerage has a turnover of around €14M and €1.3M in commissions, with a distribution between life and non-life of 80%/20%.
QVC acquired Grupo Mayo last year in order to support its expansion process, as well as several insurance portfolios in Almeria, Ejido and Madrid. The purchase of Corlider allows the Madrid-based holding company to consolidate a turnover of €56M in premiums and €5.8M in commissions.
Alongside this operation, QVC plans to carry out several acquisitions new investments throughout 2018, 2019 and 2020 to reach the €50M of investment announced for the first phase.
IT consultancy Oesía buys Keyhelp
Oesía Groupa Spanish company providing specialised technology consulting services, has acquired all of the software, trademarks and intellectual property rights associated with the business of Keyhelp.
Headquartered in Madrid and with more than 20 years of experience, Keyhelp is a consulting and technology company applied to the insurance and financial sector. The transaction, the amount of which has not been made public, aims to boost Oesía's activity in the insurtech, banking and consumer finance sectors, and also involves the integration of Keyhelp's workforce into the group.
Grupo Oesía posted €141M in revenues last year (up 181p1T) and €16M in EBITDA, and has a workforce of almost 3,000 employees. Its 2017-2021 strategic plan, of which the acquisition of Keyhelp forms part, envisages that the group will achieve strong growth in that period, almost tripling turnover and thus exceeding €400M in revenues, €56M in EBITDA and 4,500 employees in 2021.
GFT Technologies acquires Mecemsa to grow in Spain
GFT Technologiesa technology consultancy firm specialising in the financial services sector, has acquired the Alicante-based company Mecanización de Empresas (Mecemsa). The company, dedicated to the development of IT solutions for the real estate sector, has 75 employees and generated a turnover of €4.2M in 2016.
The transaction, the price of which has not been disclosed, will allow the GFT group to continue to grow in Spain, where it has a workforce of 2,160 professionals, and to expand its services to real estate companies managed by financial institutions.
GFT now has six offices in Spain: San Cugat in Barcelona, Lleida, Madrid, Valencia, Zaragoza and Alicante, and is based in 11 countries, with 3,200 permanent employees and 1,200 freelance IT consultants. The Frankfurt-based consultancy expects to close 2017 with €450M turnover.
Unnax closes €1.5M round from Swanlaab
Unnaxthe BaaS (Banking as a Service) technology platform that provides a wide range of applications to connect banks and businesses quickly, cheaply and securely, has just closed a €1.5M investment round to undertake its growth and international expansion plans.
This second round was led by Swanlaab Venture Factorythe Spanish-Israeli fund manager with offices in Madrid and Tel-Aviv, through its seventh investment fund Swanlaab Giza Innvierte I FCR. Keyword Venture Capital and the telecommunications group CSQ, among others, also participated in the round.
In its first year of commercialisation, Unnax is working with 40 customers with recurring services and a volume of more than 100,000 transactions per month. The company has a staff of 16 employees and plans to add 8 more, mainly in the areas of marketing, sales and technical support and integration. Unnax's objective for the next 18 months is to deploy its operations in four European countries: France, Italy, Poland and the Netherlands.
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