Fortino Capital invests in Addactis to accelerate the growth of this specialist in actuarial B2B SaaS software
Brussels, 7 November 2023 - Addactis, the Risktech partner for (re)insurers, headquartered in Brussels, is joining forces with Fortino Capital to accelerate its transition from services to a software company. The ambition is to lead in Europe and scale globally through a wealth of actuarial and regulatory expertise.
The diverse global Addactis team consists of more than 250 employees with over 150 actuaries. Founded 30 years ago in France by brothers Hervé and Pascal Mignery, the company became the leading software partner for (re)insurers.
Addactis provides software and consulting services to more than 250 customers in more than 45 countries in the regulatory and profitability domain: calculating risks and optimal pricing or helping insurers to comply with increasingly complex regulations such as Solvency II and IFRS17. Its SaaS underwriting solution for Healthcare Insurance is the “de facto” market standard in France with a market share of 90%. 2023 Revenues will grow above 32Mio€, including a 30% growth of the SAAS revenue.
Transformation to SaaS
Addactis succesfully initiated the transition to SaaS 5 years ago. Fortino will now support the company’s scale ambition. Within 5 years, Addactis aims to be European champion in SaaS software Solutions for the global insurance industry. To achieve that, Addactis will further capitalize on its actuarial brainpower and excellent customer relationships to build accurate SAAS products that meets future needs of Insurance.
Pascal Mignery, Founder, CEO and Chairman: "With the combination of our expertise in Software, consulting, and data analytics, and a proven knowledge and understanding of insurers challenges grounded by 30 years experiences, we have all ingredients to reach new heights. Fortino Capital's expertise in SaaS solutions, in merger & acquisitions and growth acceleration standards will unlock new market potential, make transformational acquisitions and build the best SaaS solutions. We are confident that with Fortino we will accelerate our path from a multi-local player to the European champion on the global SaaS actuarial software market."
Jeroen Van Godtsenhoven, Partner at Fortino Capital: “Calculating the right risk levels and pricing is in every insurer’s core. None can compete or even survive without strong actuarial capabilities. However, actuarial talent is scarce and regulatory reporting will only increase. Addactis SaaS solutions impact all of these dimensions: better underwriting, higher productivity, and regulatory compliance. We are very enthusiast about this investment.”
Addactis delivers cutting-edge insurance software solutions to clients worldwide. Our technological innovations are designed to align with regulatory requirements and enhance profitability and underwriting proficiency for insurers on a global scale. In the face of profound shifts in the insurance industry, we remain dedicated to partnering with insurers and reinsurers to help them navigate these transformations, safeguarding the fundamental purpose of insurance – to prevent, manage, and mutualize risks. With consistent annual growth of 30% in ARR, a global presence team of 250 employees, including actuaries across Europe, Asia, MEA, Latin America, and the USA, we continue to deliver innovative solutions to over 45 countries worldwide as a RiskTech company. www.addactis.com
About Fortino Capital
Fortino Capital is a European investment company with a focus on high-growth B2B software solutions managing two private equity growth funds and two venture capital funds. With offices in Belgium, the Netherlands and Germany, Fortino backs exceptional and ambitious entrepreneurs in Europe. Fortino Capital’s private equity growth portfolio includes Symbio (DE), VanRoey (BE), BizzMine (BE) MobileXpense (BE), Efficy CRM (BE), Tenzinger (NL), SpeakUp (NL), Cenosco (NL), Maxxton (NL), Stardekk (BE) and Bonitasoft (FR). Fortino's Venture Capital portfolio includes Vertuoza (BE), TechWolf (BE), Timeseer.ai (BE), Zaion (FR), Salonkee (LUX), Sides (DE), D2X (NL), Peers (DE), Reveall (NL) and Kosli (NO) among others.