MARCH 14 2024
Strategic investment will support One Inc’s mission to digitalize and modernize the insurance industry
Nordic Capital, one of the most active and experienced investors in Technology & Payments globally, today announced that it will join Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, as an investor in One Inc (the “Company”), a digital payments platform specializing in modernizing the insurance industry in North America. Great Hill Partners invested in One Inc in 2020 and will retain an equal stake to Nordic Capital alongside a significant continuing investment from the Company’s current management team.
Founded in 2012, One Inc’s mission is to help insurance companies digitalize and modernize payments through cutting-edge technology that places customers at the center of every transaction. From premium payments to claims disbursement, One Inc strives to ensure a frictionless experience, merging all payment flows into one comprehensive platform. One Inc Digital Payments Platform is designed to integrate with modern and legacy insurance core systems, engaging policyholders through the channels they use most while securely processing payments through those same channels. Today, the Company has close to 500 employees, handles annual payments of USD 70 billion, and has one of the largest networks in the industry with over 700,000 vendors. One Inc proudly serves over 240 customers in the insurance industry, including Amica Insurance, MAPFRE, SageSure, Tower Hill Insurance, Wawanesa Insurance, and others.
The insurance industry faces a landscape defined by digital transformation, economic shifts, and environmental disruption, prompting it to innovate and optimize. One Inc’s payment network is well-positioned to accelerate and drive transformation, currently demonstrating over 65% year-over-year revenue growth.
Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies and is set to leverage its deep sub-sector and operational knowledge to create value and boost One Inc’s ambitious plans. Nordic Capital also has a long history of investing in partnerships with owners, founders, and management. It has made 30 technology investments in companies with an aggregate enterprise value of over EUR 24 billion. It made its first investment in Payments 20 years ago and has since partnered with several innovative payment companies, including Point International, Bambora, Trustly, and PayWithMyBank. In addition, Nordic Capital has invested in a variety of financial services businesses – including insurance carriers – for many years, bringing an extensive network of industrial advisors and an in-house operations team. This transaction represents Nordic Capital’s third investment in an innovative software company in North America in the last couple of months.
Fredrik Näslund, Partner and Head of Technology & Payments, and Mohit Agnihotri, Partner, Nordic Capital Advisors, said: “Nordic Capital is a longtime admirer of One Inc, which has stood out for solving the unique and complex challenges of digital payments in the insurance industry. Through its innovative solutions, the Company is transforming and simplifying payments for the entire insurance ecosystem benefitting carriers, consumers, and vendors alike. The management team, together with Great Hill Partners, has achieved impressive results. Nordic Capital is thrilled to be joining them for the next leg of the Company’s growth journey and utilizing our combined deep sector experience, extensive network, and active owner approach to fuel One Inc’s ambitious growth plans even further.”
Matt Vettel and Nick Cayer, Managing Directors at Great Hill Partners, said: “One Inc has been at the forefront of helping to shape the future of the insurance industry through digitalization and transformative products that seek to make the payment process as seamless as possible. Led by a seasoned and talented management team, the Company has consistently demonstrated its ability to innovate for customers. Since our initial investment in One Inc, the business has rapidly grown volume processed by 13x and is still early in market adoption, so we continue to have strong conviction in its potential to further scale. We welcome Nordic Capital to the investor group and look forward to combining our expertise with their deep industry experience to support the Company’s continued growth.”
Ian Drysdale, CEO of One Inc, said: “We have built an amazing business in collaboration with our insurer clients by putting them at the center of everything we do. We continue to see exponential growth and excellent customer loyalty, underscoring the strength of our model and industry-leading payments network of more than 700,000 vendors. The sector experience and resources that Nordic Capital and Great Hill bring to this partnership will fuel additional product innovation and drive new opportunities for growth as we continue to provide solutions that improve efficiency and boost revenue for today’s insurers.”
In addition to One Inc, Great Hill’s current portfolio of financial technology and payment companies includes NMI, Paytronix, Vanco and VersaPay. Prior financial technology and payment investments include Accelerated Payment Technologies, AffiniPay, BillMatrix, Chrome River, Confirmation.com, Custom House, MineralTree and Vigo.
Terms of the transaction were not disclosed, and the investment is subject to customary regulatory approvals.
Raymond James, J.P. Morgan and TD Cowen are serving as financial advisors and Goodwin Procter LLP as legal advisor to One Inc. William Blair is serving as financial advisor and Kirkland & Ellis as legal advisor to Nordic Capital.
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications and rapid digital claim payments, even for more complex insurance use cases. As one of the fastest-growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
About Nordic Capital
Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested over EUR 25 billion in more than 145 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.
“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors.”
About Great Hill Partners
Founded in 1998, Great Hill Partners is a private equity firm targeting investments in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. With offices in Boston and London, Great Hill has raised over $12 billion of commitments and invested in more than 95 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has been recognized for its industry leadership, being ranked #4 in the 2023 HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking on March 6, 2024, which evaluated fund performance of 632 leading private equity firms between 2010-2019[1]. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.
Media contacts:
Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com
US media contact - Brunswick Group
NordicCapital@brunswickgroup.com
Great Hill Partners
FGS Global
greathill@fgsglobal.com
+1 212 687-8080
One Inc
Ana Pallas
Stanton Public Relations & Marketing
apallas@stantonprm.com
+1 415 867-6262
[1] Great Hill Partners did not submit a nomination to be considered for this list nor did it pay to be selected to/included on the list.
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