AnaCap, a private equity investor specialising in collaborations with founders and entrepreneurial management teams across services, technology, and software in the European financial sector, has entered into exclusive negotiations to acquire the insurance software provider Cleva from Inetum Group.
This will be AnaCap’s second major investment in 2024, following the acquisition of a majority stake in Yard Reaas, an investment services and property management platform, in April 2024.
Nassim Cherchali, Managing Partner at AnaCap, said: “We are delighted to announce our investment in Cleva. We look forward to partnering with the management team and supporting the company during its next stage of growth.”
Cherchali continued: “We believe that Cleva is well positioned to grow its offering as a leading insurance software provider across Europe but also to expand its business reach into new geographies.”
“We were particularly impressed by the efforts made by the management team over the last 3 years in developing a modern tech stack across both life and non-life solutions and we are very excited to begin the next phase of growth with Cleva.”
Cleva, based in Paris, is a provider of software solutions for life, health, and non-life insurance. The company mainly operates in France and Portugal, serving over 60 insurance carriers and brokers, and employs approximately 550 people in offices located in Paris, Lyon, Porto, and Lisbon.
Before AnaCap’s exclusive negotiations, Cleva was part of Inetum Group, an IT service provider acquired by Bain Capital in 2022.
Led by CEO Rodolphe Peim and an experienced management team in France and Portugal, Cleva will continue to drive growth and development with AnaCap’s support.
Peim commented: “Over the past years, Cleva has been recognised for the quality of our solutions and its ability to carry out large-scale,transformative projects for our clients. This success represents a great source of pride for all Cleva employees. From our first discussions, AnaCap showed a total commitment to pursue and support our growth strategy and thus demonstrated a true alignment with our fundamentals. I am delighted to partner with AnaCap, and we look forward to this new chapter together.”
Cleva is set to benefit from the ongoing trend of outsourcing in the insurance industry, which is increasingly adopting third-party software solutions.
With AnaCap’s expertise in the insurance and software sectors, Cleva plans to accelerate its growth and expand its presence, especially in the Iberian Peninsula.
Steven Gringoire, Investment Director at AnaCap, added: “We are very pleased to announce our latest investment in France and within the insurance sector in which AnaCap demonstrates a truly unique track record across Europe over the past decade.”
“AnaCap’s acquisition of Cleva is yet another example of how we partner with ambitious management teams to support and accelerate their growth ambitions. We look forward to working closely with all the team at Cleva and are very excited for them to join the AnaCap platform,” continued Gringoire.
The transaction is subject to consultation with Inetum Group’s employee representative bodies and standard closing conditions, including antitrust approval, and is expected to be finalised in the second half of 2024. AnaCap received financial advice from Cambon Partners and legal advice from Proskauer Rose LLP.
