US fintech and insurance heavyweight Acrisure has raised $2.1 billion through a new convertible senior preferred stock issuance, elevating the firm’s valuation to $32 billion.
Bain Capital led the investment round, which also featured participation from Apollo Funds, BDT & MSD Partners, Fidelity Management & Research Company, and Gallatin Point Capital, among other investors.
Founded in 2005 as an insurance brokerage, Acrisure has more recently diversified beyond its insurance roots to offer cybersecurity tools, wealth management, real estate services, and payroll and payment processing solutions. The firm claims to employ approximately 19,000 people and serve over 5% of US businesses.
The company recently appointed former Intercontinental Exchange (ICE) executives John Tuttle and Mark Wassersug as president and chief technology officer, respectively.
Acrisure has revealed plans to utilise the cash injection to “refinance a portion of its existing non-convertible preferred stock, pursue strategic accretive M&A, and accelerate its development as a tech-enabled financial services platform”.
This investment builds on Acrisure’s previous $725 million Series B-2 round in May 2022, which valued the company at $23 billion.
Source: https://www.fintechfutures.com/
