Powering Insurance Through People and Technology: Our Investment in Patra
We’re excited to announce our $146 million investment in Patra, a leading provider of technology-enabled services for the insurance industry. Building on 17 years of consecutive revenue growth since the company’s founding in 2005, our investment will help Patra Corporation expand its service offering and add new capabilities within process automation through its proprietary technology platform.
Given our vast network in financial services and numerous investments across the insurance industry, we spend a great deal of time engaging with various industry participants to understand their key pain points. Over the last several years, we at FTV have consistently heard that players across the insurance value chain are overburdened by a multitude of highly manual and time-intensive operational processes, most of which are quite nuanced and specific to the insurance industry. These widespread inefficiencies have only been further exacerbated by recent talent-related headwinds – a quickly aging insurance workforce, high employee turnover and newfound struggles to recruit and retain talent in operational roles.
This is where Patra comes in. Purpose-built around the workflows of insurance brokers, wholesalers carriers and MGAs, Patra’s expansive offering successfully combines technology, automation and human capital to streamline historically manual processes, thereby alleviating administrative and operational burdens and allowing Patra’s customers to focus time and resources on their core competencies as they support and scale alongside their end-clients.
Given the clear value proposition, it’s not surprising that Patra has now grown revenue and customer count every single year since its founding, appearing as one of Inc. 5000’s “Fastest Growing Companies of the Year” each of the last six years. This incredible track record of uninterrupted growth is a direct byproduct of the company’s best-in-class service offering and investment in its proprietary technology platform – PatraOne(SM), which provides automation and operational efficiencies that support the work of the company’s 5,000+ insurance specialists worldwide.
With nearly 250 customers spanning 650 offices across the United States and Canada, Patra’s customers represent nearly 70 percent of the Business Insurance “Top 25 Agencies” and the largest wholesalers in the United States, who process over 40 percent of wholesale premiums. Its customer’s continued satisfaction is reflected in Patra’s net revenue retention metrics, which consistently exceed 125 percent annually.
As we got to know the Patra management team over the last handful of years, we were thoroughly impressed by the strategic vision of both CEO John Simpson and the broader executive leadership team, as well as their collective commitment to incrementally addressing the above market opportunity. It has proven clear the team has thoughtfully built a unique, scalable platform, which has established Patra as an industry leader that’s addressing a massive market opportunity and exhibits an enviable growth trajectory.
Over the course of our nearly 25-year history, FTV has partnered with a number of leading companies across the technology-enabled services space, including names like EXL, Globant, Lean Solutions Group, CloudFactory, LogicSource, Inc. and DataArt, among others. We couldn’t be more honored and excited to add Patra to this and the rest of our growing portfolio family, and we look forward to leveraging our domain expertise and strategic network of industry relationships to help support and power the company’s next stage of growth.
Congratulations and welcome to the FTV family, Patra and team!