Digital insurance company Lemonade has announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS.
EBS was Metromile’s software-as-a-service (SaaS) claims automation and fraud detection platform which it licensed to large insurance carriers.
The transaction was completed following the close of Lemonade’s acquisition of Metromile last week.
Terms of the deal were not disclosed. Keefe, Bruyette & Woods, a Stifel Company, acted as financial advisor in connection to the transaction.
Under the terms of Lemonade’s acquisition of Metromile, shareholders of Metromile received 7.3m Lemonade shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto insurance.
The firm also noted that most Metromile employees will transition to roles at Lemonade.
