(Image source: Pixabay.)
OneShield Software (Marlborough, Mass.) a provider of core software solutions to property/casualty insurers has announced a growth investment from a private investor group led by Bain Capital Credit, LP (Boston) and Pacific Lake Partners (Boston/San Mateo, Calif.). The growth funding will be used to accelerate OneShield’s expansion within the property/casualty insurance software market, according to a statement from the vendor. The amount and financial terms of the investment were not disclosed.
Founded in 1999, OneShield’s product portfolio includes SaaS and stand-alone cloud-based enterprise-class policy management, billing, claims, rating, business intelligence, and smart analytics software solutions to property/casualty insurers of all sizes.
“OneShield has made significant progress toward our strategic objectives in recent years,” comments Glenn Anschutz, who served as CEO of OneShield for 20 years before recently taking on the role of Chairman and Chief Strategy Officer. “We’ve built a comprehensive product portfolio and increased our partnerships with many leading P&C insurance carriers, all while focusing on investing and strengthening our delivery capabilities. This carefully executed growth strategy resulted in nearly tripling our recurring revenue over the past three years. Partnering with Bain Capital Credit and Pacific Lake will help us further accelerate this strategy while continuing to maintain the highest levels of customer service.”
“We are excited to partner with OneShield on its next phase of growth, especially as the digital transformation of the P&C insurance software market accelerates and as the Company builds upon its deep roots in the industry,” comments David Healey, VP, Bain Capital Credit. “OneShield continues to grow its innovative platform through organic growth and recent new business wins, including several startup insurers, which represent a particularly strong niche for the OneShield team. We believe the Company is well-positioned for future success.”
New Executive Appointments
In conjunction with the investment and to support the company’s continued growth, OneShield also announced new appointments to its executive leadership team. Cameron Parker has assumed the role of CEO, succeeding Anschutz, while Brandon Parker has been named President and COO.
“Brandon and I are thrilled to be joining the OneShield family at such an exciting time in the Company’s growth journey,” comments Cameron. “In addition to its impressive and growing list of clients and partners, OneShield provides insurance companies with deep industry knowledge as well as proven software and delivery capabilities they can depend on for their core technology transformations. We look forward to working with Glenn and the investor group as we continue to build on OneShield’s proven track record of helping clients transform their businesses for the future.”