Accelerant, an InsurTech platform operating a data-driven risk exchange for the specialty insurance market, is set to be acquired by Thoma Bravo in an all-cash transaction with an enterprise value of more than $4bn.
The deal puts a significant specialty insurance technology platform into private ownership. Accelerant operates the Accelerant Risk Exchange, connecting specialty insurance underwriters with risk capital providers through analytics, real-time data and underwriting insights. Its platform is designed to support premium performance and scalable capital deployment across insurance market cycles.
Under the terms of the agreement, holders of Accelerant’s Class A and Class B shares will receive $20.25 in cash per share. The offer represents a 49% premium to the company’s closing share price on 12 August 2026. If certain insurance regulatory approvals delay completion, shareholders will receive a ticking fee accruing at 6% per annum for a specified period.
The transaction is expected to close in the first half of 2027, subject to shareholder approval and required regulatory clearances. Entities affiliated with Altamont Capital Partners, which hold shares representing approximately 82% of Accelerant’s voting rights, have agreed to vote in favour of the transaction. Thoma Bravo has also provided an equity commitment to fund the acquisition, meaning the deal is not subject to a financing condition.
Accelerant’s independent Special Committee unanimously recommended the transaction, which was subsequently approved unanimously by the company’s Board of Directors. Once completed, Accelerant will become privately held and its common shares will no longer trade on the New York Stock Exchange.
Altamont Capital Partners, Accelerant’s largest investor, and the company’s founders intend to retain equity alongside Thoma Bravo. The terms of that ownership structure will be finalised before closing.
Thoma Bravo manages more than $172bn in assets as of 31 March 2026 and has acquired or invested in approximately 590 companies over more than two decades. Altamont, founded in 2010, focuses on lower-middle-market businesses across financial services, industrials and business services and currently manages more than $4bn in capital.
The transaction is supported by a number of financial and legal advisers. Morgan Stanley is acting as exclusive financial adviser to Accelerant’s Board, while Houlihan Lokey is advising the Special Committee. BMO Capital Markets and Wells Fargo are serving as financial advisers to Thoma Bravo.
Thoma Bravo principal Matt LoSardo said, “Accelerant has built something rare in specialty insurance. Its risk exchange connects underwriters with risk capital and gives both sides the data to price risk better than either could alone. We look forward to partnering with Jeff and the team to invest behind the technology, data and capital capacity to support Accelerant’s next phase of growth.”
Accelerant chairman and CEO Jeff Radke also commented “Accelerant has been building the preeminent specialty insurance marketplace since our founding in 2018. Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data fueled platform to be the rails on which specialty insurance runs.”
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