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MCI.EuroVentures invested in Netrisk in 2017. The non-life insurance market in Hungary is estimated at USD 1.8 billion, of which the online channel accounts for more than 20%, which is significantly more than other countries in the region, including Poland. As a whole, the CEE region lags Western Europe significantly in digital insurance distribution, providing an opportunity for further market development in this region, in line with the strong trend of broader digitalization of the economy.<\/p>\n
The MCI team has successfully built Netrisk\u2019s asset value over the past two years. One of the most important elements of this effort was the acquisition of the #2 player in Hungarian online insurance, Biztositas.hu (English \u2013 Insurance.com), in December 2019, which added 30% to group revenue and had positive influence on EBITDA. Additionally, online sales conversion metrics were improved, the offline partnership segment was developed, and the human resources structure was strengthened, significantly increasing employment in preparation for further regional expansion of the company.<\/p>\n
TA Associates is a leading global growth private equity firm. The firm has made investments in several companies in CEE, including AVG Technologies, a Czech cyber security company, and W.A.G. payment solutions, a Czech provider of payment solutions for freight carriers in Europe and Turkey.<\/p>\n
In addition to continued domestic growth, MCI and TA Associates believe that Netrisk has the\nopportunity to become a regional digital leader, providing nearly 100 million consumers in CEE with better access to a modern insurance product management platform.<\/p>\n
L\u00e1szl\u00f3 Sebesty\u00e9n, President of the Management Board of Netrisk: We are very proud of Netrisk\u2019s growth and position in the market to date. The interest of such a prestigious, global private equity firm as TA Associates proves that the development path chosen together with MCI was the right one. We have worked hard to offer our customers the best available solutions and insurance products, but even more effort lies ahead. I hope that our experience and the knowledge of our partners will enable us to scale significantly in the future.<\/em><\/p>\n Maxime Cancre, Senior Vice President at TA Associates: The CEE region is a very interesting area where we believe that we can implement TA\u2019s strategy of investing in growing technology companies. We believe that Netrisk is a unique asset in the region, with a high-quality and predictable business model, strengthened by a well-established market position and a very strong and experienced management team. Together with MCI, which has extensive digital private equity experience in this part of Europe, we will work to support Netrisk\u2019s local growth in Hungary and will explore ways to build Netrisk into a regional leader in the distribution of insurance products, both online and offline.<\/em><\/p>\n Krzysztof Konopi\u0144ski, MCI Partner: MCI is looking forward to continuing our active involvement with Netrisk and working closely with TA Associates to significantly increase the scale of Netrisk's operations. We believe that TA is the right partner to help realize the goal of building Netrisk into a true regional leader.<\/em><\/p>\n For MCI, this is another successful transaction related to the online financial market. Previous investments were made in iZettle (sale to PayPal) and Dotpay\/eCard (sale to Nets, portfolio company of Hellman & Friedman and Advent International). The MCI.EuroVentures fund intends to continue investing in, among others, the fintech\/insurtech sector in EU-CEE countries, and is ready to invest in two to three investments in mature technology companies in 2020.<\/p>\n Netrisk, founded in 1994, is the leading independent online insurance brokerage company in Hungary. In 2001, it became the first Hungarian company offering a platform for comparing and distributing insurance products via the internet. Today, Netrisk distributes several types of non-life insurance products, including MTPL, casco, home and travel insurance policies. At the end of 2019, Netrisk acquired one of its largest competitors, Biztositas.hu.<\/p>\n The company has also developed new business lines. Netrisk has operated bankkalkulator.hu, a marketplace for retail banking products, since 2013. It launched telenet.hu for online comparison of telecom, internet and TV packages in 2016, and also has had a platform for classified advertisements of used cars (netriskauto.hu) since 2018.<\/p>\n MCI is one of the largest technology investment funds in the region of Central and Eastern Europe,\ndedicated to digital private equity. MCI funds manage PLN 2.3 billion (EUR 550 million), investing\ncapital in the areas of: pure-technology companies (disruptors), companies undergoing digital\ntransformation and IT infrastructure. In over 20 years of history, the funds have carried out more than\n100 investments and 60 exits. MCI aims at building regional digital champions. The Fund was involved\nin, among others, Mall.cz (e-commerce, Czech Republic), WP.pl (digital media, Poland), Invia (e-travel,\nCEE), Dotpay\/eCard (fintech, Poland) and iZettle (fintech, global). More information about MCI can be\nfound at www.mci.eu. www.mci.eu<\/a><\/p>\nAbout Netrisk<\/strong><\/span><\/h4>\n
About MCI<\/span><\/strong><\/h4>\n
About TA Associates<\/strong><\/span><\/h4>\n