(Image source: OneShield homepage.)
OneShield Software (Marlborough, Mass.), a provider of core software solutions to property/casualty insurance companies, has announced a new round of growth investment led by Pacific Lake Partners (Boston/San Mateo, Calif.) with participation from existing investors, including Bain Capital Credit, Maven Equity Partners, WSC & Company, and Peterson Partners.
OneShield reports that in 2021, the company grew its annual recurring revenue by over 50 percent, closing 11 new license deals and bringing its client total to 38. The vendor says it was its best year on record, fueled by the addition of new clients and the expansion of relationships with existing clients. The new funding will accelerate investments in product innovation for both of OneShield’s core platforms, OneShield Enterprise and OneShield Market Solutions, to benefit both existing and new clients, according to a vendor statement.
“P&C insurers and MGAs have never faced a more compelling set of growth opportunities,” comments Cameron Parker, CEO, OneShield. “Agility and data management are now the primary bases of competition in many insurance market segments, and OneShield exists to help our customers succeed in these objectives. With this new funding, our team is laser-focused on product enhancements that will help our customers adapt to evolving customer expectations, launch new insurance products quickly, and leverage data for better decision making.”
Founded in 1999, OneShield offers SaaS and standalone cloud-based enterprise-class policy management, billing, claims, rating, business intelligence, and “smart” analytics software solutions for property/casualty insurers and MGAs of all sizes.
Next Phase of Growth
“In just over a year since our partnership began, OneShield has impressively expanded its existing relationships with leading P&C insurers, added several new customers, and further accelerated recurring revenue growth,” Kevin Oxendine, Partner, Pacific Lake. “We believe that OneShield has a long runway of opportunity, and we are excited to support this next phase of the company’s growth.”