MCI Group has acquired Netrisk, a Hungarian online allowance broker. The amount of the accord is 56.6 actor euros (about $67.8 million). Mezzanine Administration and Bank Gospodarstwa Krajowego are co-investors in the transaction.
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PRESS RELEASE
MCI.EuroVentures (Fund, MCI.EV) acquires Hungarian insurtech bazaar baton Netrisk.hu (The Company, Netrisk). The amount of the transaction co-financed by Mezzanine Administration and Bank Gospodarstwa Krajowego amounted to EUR 56.5 million.
The Seller, Enterprise Investors fund, has been complex in Netrisk back 2010.
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After the transaction, the MCI Group has about PLN 500 actor (EUR 120 millon) of assets beneath administration allocated in the fintech/insurtech sector; it is one of the three better areas of Funds’ exposure, forth with internet basement and e-commerce.
MCI Group is deepening its position as a arch technology Armamentarium in the region. Through an advance fabricated by the buyout Armamentarium MCI.EuroVentures, MCI Group enters Hungary, accretion the ambit of advance activities.
Netrisk is a arch Hungarian online allowance broker. National allowance bazaar is admired at ~EUR 1.5 billion, of which 20% is generated online. Netrisk is the bazaar leader, amenable for about 30% of online insurance.
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Netrisk is a arch online allowance broker, operating in the one-stop-shop model, with the abeyant for activating development. The added Netrisk advance drivers abide of favorable bazaar conditions, chump arcade habits’ about-face from offline to the online as able-bodied as the company’s ability in the allowance sector.
Our Fund, acknowledgment to years of acquaintance in agenda companies development, will actively abutment Netrisk’s amount creation. The aggregation is already a apparent cast in Hungary with a loyal chump abject – said Krzysztof Konopiński, Partner at MCI Capital, amenable for the transaction.
As declared by Łukasz Wierdak, who is amenable for Fintech investments at MCI: Netrisk is not alone the Hungarian bazaar baton on the dynamically growing online articulation of allowance articles administration (including third affair and absolute awning car allowance policies, Real Estate insurance, as able-bodied as biking insurance). The aggregation has additionally congenital a exchange for cyberbanking articles and telecom offerings area we additionally see a cogent upside abeyant in these segments’ added development. Moreover, Hungary is one of the best developed bazaar back it comes to online administration of allowance articles in CEE that makes a abundant starting point for architecture a bounded best in the segment.
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Mezzanine Administration supports an advance action in the amplitude of agenda economy. Acquisition of Netrisk, an acknowledged baton in its segment, makes a absolute fit. Able bazaar position allows the aggregation to accomplish abiding and accretion banknote flows, that access the advance aegis and represent a able abject for added growth – added Przemysław Głębocki, Managing Partner of Mezzanine Management.
Netrisk is the 7th aggregation from the fintech/insurtech articulation in MCI’s portfolio and the 2nd online agent of allowance products. In 2015, throughout an advance of Internet Ventures armamentarium (MCI VC arm), MCI has became a actor of Polish aggregation – mfind. Other insurtech/fintech companies in the portfolio are: Marketinvoice, iZettle, Dotpay/eCard, Azimo and NaviExpert.
The latest advance in Netrisk is a acceptance of the MCI.EuroVentures Fund’s advance action , which aims to access authoritative stakes in complete companies operating aural the agenda abridgement with EBITDA in a ambit of EUR 2-25m. The Armamentarium focuses its geographic ambit on the CEE region.
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MCI Basic is a arch European PE firm, with advance funds alms basic at growth, PE/LBO and clandestine debt level. Warsaw-based company, with PLN 2.3 billion (EUR 550 million) assets beneath management, invests in CEE, Scandinavia, DACH, UK, Russia and Turkey. MCI concentrates on agenda abridgement companies, and helps them become a bounded and all-around leaders. Back its enactment in 1999, MCI has accomplished over 60 advance and 30 exits, with all-embracing 24% IRR.
MCI Group has acquired Netrisk, a Hungarian online allowance broker. The amount of the accord is 56.6 actor euros (about $67.8 million). Mezzanine Administration and Bank Gospodarstwa Krajowego are co-investors in the transaction.
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