Lemonade sells Metromile’s Enterprise Business Solutions platform to EIS
Following our report from last week, Lemonade is officially announcing the sale of Metromile’s Enterprise Business Solutions to EIS Group, a provider of digital insurance solutions.
The all-cash transaction was completed following the close of Lemonade’s acquisition of Metromile last week. Lemonade isn’t disclosing the financial terms of the deal, but based on information obtained by Coverager, EIS is paying somewhere between $3-$6 million. In Q1 2022, Metromile’s enterprise software revenue was $1.2 million, compared to $1 million in the prior-year period.
EBS was Metromile’s SaaS claims automation and fraud detection platform which it licensed to different insurance companies.
Originally, Shai Wininger tweeted his excitement about getting this unit as part of the Metromile acquisition, however, Lemonade decided to not absorb the business. Leadership then changed their mind and decided to welcome the enterprise unit, but pushback from Metromile Enterprise clients led Lemonade to explore a sale.