Patra secures $146 million investment from FTV Capital
Patra Corporation announced a $146 million growth investment as part of a recapitalization from FTV Capital , a sector-focused growth equity firm and an investor in Embroker and ManyPets – to name two.
Founded in 2005, Patra provides outsourcing services to address the aging insurance workforce.
“We are excited to partner with FTV Capital as we enter our next phase of growth. FTV’s extensive knowledge of the insurance ecosystem and strong network of global relationships within the broader financial services space will complement our existing capabilities and help us drive additional value for our customers to further penetrate our target markets. FTV has proven itself to be a foremost leader in tech-enabled services with recent investments such as Lean Solutions Group, LogicSource and DataArt. Additionally, the FTV team’s prior experience partnering with leading platforms like EXL, Globant and others provides a unique vantage from which to support our success going forward. We look forward to introducing new products and services for our customers, continuing our mission of bringing innovative and value-oriented services to the insurance marketplace.” – John Simpson, founder and CEO of Patra.
“Patra’s service offering has the ability to optimize and integrate technology with human capital, which is critical in today’s increasingly digitized world. Led by a seasoned management team, Patra’s 5,000-plus network of global insurance specialists supports rapid scale while maintaining the quality and precision needed in the complex, highly-nuanced insurance ecosystem. Patra provides a turn-key offering that allows brokers, wholesalers, carriers and MGAs to reduce operating costs, increase productivity, seamlessly integrate acquisitions and allocate necessary resources to secure and retain new business.” – Brad Bernstein, managing partner at FTV Capital.
Bottom Line: Patra is used by over 235 customers .