Acrisure Secures $2.1 Billion in Funding from Bain Capital: A Major Leap for FinTech Innovation
Acrisure, a leading global FinTech company specializing in tech-driven financial services, has successfully raised $2.1 billion through the issuance of convertible senior preferred stock. This significant funding round was spearheaded by Bain Capital, alongside notable contributions from Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and several other investors. Notably, this round did not include any secondary sales, ensuring existing shareholders retain their stakes in the company, with BDT & MSD continuing as Acrisure’s largest minority shareholder.
Company Overview and Evolution
Originally established as an insurance brokerage, Acrisure has transformed into a comprehensive financial services platform that integrates artificial intelligence with industry expertise. The company now offers a diverse range of services, including:
- Insurance
- Reinsurance
- Cybersecurity
- Real estate services
- Payroll and benefits
- Wealth management solutions
Acrisure currently operates in 23 countries and employs a workforce exceeding 19,000 individuals.
Investment Utilization and Strategic Goals
The funds raised will be strategically utilized for:
- Refinancing portions of its non-convertible preferred stock
- Pursuing strategic acquisitions
- Driving platform expansion and accelerating organic growth
- Integrating its existing portfolio of over 900 acquisitions
Strengthening Leadership
In alignment with its expansion plans, Acrisure has bolstered its executive team by appointing Mark Wassersug as Chief Technology Officer and Shawn Pelsinger as Chief Administrative Officer. Wassersug previously held the position of COO at Intercontinental Exchange, while Pelsinger brought experience from a senior role at Palantir Technologies.
Leadership Insights
Acrisure’s CEO, Greg Williams, commented on the funding round, stating, “This transaction marks a pivotal milestone, validating our vision for Acrisure’s expansive platform. Our transition from an insurance brokerage to a technology-empowered global financial services provider has unlocked tremendous opportunities.”
Bain Capital partner Cristian Jitianu, who will join Acrisure’s board, expressed enthusiasm about their partnership, highlighting the company’s unique blend of entrepreneurial spirit, advanced technology capabilities, and extensive industry knowledge.
Valuation and Future Growth
This investment round has increased Acrisure’s valuation to $32 billion, reflecting a nearly 40% increase since its last institutional capital raise three years ago. The firm is poised for continued growth as it focuses on delivering tailored insurance and business solutions to its clients.
For more information on Acrisure’s financial services and updates, visit their official website. Additionally, explore related topics in financial technology at Investopedia.
