Acturis is not for sale, sources reveal

A Reuters report marked Open GI as for sale, with majority shareholder private equity house Montagu looking to monetise its investments after revamping its technology portfolio. 

The article also claimed that Acturis investor Astorg was getting ready to hang up the For Sale sign on its investment.

Acturis is minority-owned by the private equity house, which bought a stake in March 2019.

The sale process may formally kick off in the latter part of 2023, the report suggested.

However, sources close to Acturis dismissed any idea that the business was for sale, telling Insurance Age that it was hard to understand how this speculation had come about.

The Reuters report cited sources claiming that Acturis’ strong earnings and high growth profile means it could sell at a high multiple to earnings.

Revenue

As reported in Insurance Age in July 2022, Acturis grew revenues by 6.7% in 2021 to £111.9m; its 20th consecutive year of revenue growth.

The figures for the year to 30 September 2021 showed a £4.48m increase in operating profit to £37.6m at the technology company.

Profit before tax also rose by £5m to £29.4m in 2021, as profit after tax went up 5.3% year-on-year to £17.6m.

Acturis ownership

Acturis is 75% owned by employees. Astorg took over from Summit Partners, which had been with Acturis since 2010.

Theo Duchen, co-CEO and co-founder of Acturis, following the Astorg deal said: “We are very proud of what we have achieved over the past 18 years since our founding, and we are all excited by what the future now holds.

“Looking ahead, there is a great deal of opportunity for Acturis to grow as the insurance market becomes more digital and connected.”

“We remain focused on helping our customers to navigate the path to becoming highly efficient, digitally enabled organisations, well equipped to take full advantage of technological data and AI advances.”

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