NEW YORK–(Company WIRE)–Aug 2, 2021–
Lightyear Money LLC (“Lightyear”) nowadays announced that an expense fund affiliated with Lightyear has done the sale of Datalot Inc. (“Datalot”) to Centerfield. Launched in 2009, Datalot is a digital distribution platform for the insurance plan industry. An expenditure fund affiliated with Lightyear acquired the small business in 2017, in partnership with founder and CEO Josh Reznick. Monetary conditions of the transaction ended up not disclosed.
The Datalot platform serves a lot more than 40 main insurance plan carriers and thousands of brokers, throughout a array of insurance coverage merchandise which include auto, home, lifestyle, and health and fitness. Datalot’s actual-time marketplace allows carriers to employ really customized and exact concentrating on to enhance client range, pricing, and underwriting. The platform seamlessly moves consumers among electronic and telephone channels and delivers tens of millions of certified customers to clients’ most well-liked income workflow, this sort of as warm cellular phone transfers to brokers, dwell net periods to digital quoting engines, or complete plan gross sales concluded by Datalot’s personal certified agents.
Mark F. Vassallo, Taking care of Partner of Lightyear, said, “We are really happy with the successful end result of our possession stake in Datalot. Performing with Josh and the total Datalot team about the last few decades has led to solid progress, drastically strengthening functionality with fantastic income and EBITDA growth. We would like them ongoing good results.”
“The insurance coverage business is a $2.1 trillion market going through substantial shift toward immediate-to-client electronic distribution. We identified Datalot by way of our theme-centered expenditure system as nicely positioned in the early innings of the electronic adoption,” claimed Michal Petrzela, Taking care of Director of Lightyear.
“The full Datalot workforce did an outstanding career executing on the approach we laid out with Lightyear in 2017, and Lightyear was a good partner in assisting us not just sustain but accelerate advancement. We are really psyched about our new partnership with Centerfield as we align on powerful development prospects and initiatives for Datalot’s upcoming chapter,” explained Mr. Reznick.
Canaccord Genuity is acting as financial advisor and Davis Polk and Wardwell LLP as lawful advisor to Datalot.
About Lightyear Funds LLC
Launched in 2000, Lightyear Funds is a financial products and services-focused non-public fairness organization dependent in New York. By way of its affiliated non-public fairness funds, Lightyear makes largely command investments in North The united states-primarily based, center-current market corporations throughout the money providers spectrum, which include asset and prosperity management, banking, brokerage, health care economic companies, insurance, payments and processing, and professional and purchaser finance. The agency brings focus and willpower to its expense method, as well as running, transaction and strategic management knowledge, together with sizeable contacts and means beyond money. For a lot more information and facts, be sure to stop by www.lycap.com.
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Make contact with: Elliot Sloane
Key word: UNITED STATES NORTH America NEW YORK
Business Keyword: Professional Expert services Insurance FINANCE
Source: Lightyear Cash LLC
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PUB: 08/02/2021 09:00 AM/DISC: 08/02/2021 09:02 AM
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