Open GI shareholder looking at sale options – report

Sources told the news outlet that private equity house Montagu has been working with advisers on a strategic review of the business.

Montagu wants to monetise its investments following a revamp of its technology portfolio, according to the report.

Montagu backed a management buyout of the Worcester-headquartered business in 2014.

The same report claims that Acturis is also up for sale this year, although that has been dismissed by sources close to the broking software house.

Open GI declined to comment when approached by Insurance Age. 

Open GI’s financial figures

Open GI could be worth up to 12 times its expected core earnings, according to sources who spoke to Reuters.

The approach for new investors comes at a time when Open GI’s revenue is falling, according to Companies House reports.

Open GI posted a fall in revenue for the third year in a row in its results.

A separate filing at Companies House showed that Transactor Global Solutions had £12.03m of turnover for year to 31 May 2022.

This was ahead of the £11.32m reported in 2021. In 2017, Open GI purchased Transactor in a deal valued at £40m.

Partnerships

One area of potential growth for Open GI is the pay-as-you-go market, which is a way to boost partnerships. The company entered the sector with online motor broker Love Your Miles in 2022.

According to Simon Badley, Open GI’s group CEO, the partnership has been a “collaborative journey” from the outset.

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