Insuranceciooutlook

Patra Secures Strategic Investment from SkyKnight Capital

By Insurance CIO Outlook | Thursday, August 13, 2020

The strategic investment round built on the momentum experienced by Patra in 2019, when the company saw a rapid growth in new clients and boasted a double-digit year over year growth.

FREMONT, CA: Patra, a technology-enabled solutions provider for the insurance industry, received a strategic investment from SkyKnight Capital, a San Francisco-based private equity firm, and other investors. The deal amount remains undisclosed. Patra will leverage the investment to continue business expansion and improve business reach. The investment round by SkyKnight, closed in late 2019, will support Patra's rapid growth, emerging out of the market's increasing need for technology-enabled services that bring efficiencies to insurance processing and workflows. This investment marks a series of continuous investments in the insurance sector for SkyKnight Capital. The company was also the lead investor in a specialty property & casualty carrier, StarStone U.S.

"Patra's technology-enabled solutions bring efficiency, accuracy and standardization to a comprehensive set of processes across the insurance value chain. The company's offerings are at the forefront of industry trends towards digitalization and automation," said Claude Burton, Partner at SkyKnight. "Patra's rapidly growing customer base includes many of the leading insurance brokers, wholesalers, MGAs and carriers, all of which value the opportunity to both improve service and increase profitability. We are excited to partner with Patra's management as the company executes on its next stage of growth."

The strategic investment round built on the momentum experienced by Patra in 2019, when the company saw a rapid growth in new clients and boasted a double-digit year over year growth. The company was listed as one of the 2019 Top Insurance Workplaces by Insurance Business America. It was also an INC, 5000 Fastest-Growing Private Company recipient.

"We are thrilled to have a strategic relationship with an experienced partner in SkyKnight," said John Simpson, CEO, and Founder of Patra. "SkyKnight has a tremendous track record of supporting innovative insurance companies like ours, and together we can accelerate our growth and deepen our service and technology-based value proposition for clients. We believe the market will continue to see a shift towards insurance innovation that blends the best of highly talented insurance professionals and technology."

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