Singaporean InsurTech Bolttech has purchased European business-to-business-to-consumer fellow InsurTech I-surance for an undisclosed fee.
According to Bolttech, the transaction is part of its ambitious international strategy and comes at the heels of its record-breaking $180m Series A funding round which gave the company its unicorn status.
Following the acquisition of I-surance, Bolttech now has expanded its presence from 14 to 26 markets across Asia, Europe and North America.
I-surance’s business model includes partnering with a range of companies – such as telecommunications providers, retailers and manufacturers – to provide protection products to their customer base.
Bolttech CEO Rob Schimek said, “We are excited to welcome the i-surance team to the bolttech family. We have an aligned vision to connect people with more ways to protect the things they value, and we will build upon bolttech and i-surance’s strong foundations in Europe to accelerate our growth across the region. I look forward to seeing the powerful combination of our people, product and digital capabilities deliver even more value for our business partners and customers.”
I-surance founder Jens Schädler added, “As the market leader in several European countries for mobile device protection and hearing insurance, we’re delighted to be joining such an ambitious and innovative business as bolttech,” said Schädler. As part of the bolttech family we are now able to provide our partners with global solutions.”
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