TA-ASSOCIATES
20.5.2020 08:02:07 CEST | Business Wire | Press release
Benson Oak Capital today announced that its private equity arm and co-investors have sold 100% of their stake in Klikpojisteni.cz, a.s. (“Klik”) to a company majority owned by TA Associates, a leading global growth private equity firm, and minority owned by MCI EuroVentures, a technology investment fund.
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Klik operates a leading online insurance brokerage in the Czech Republic and Slovakia under domain names Klik.cz and Klik.sk, with offices in Prague, Usti nad Labem and Bratislava. It offers clients the ability to transparently compare prices for non-life and life insurance products, including MTPL, CASCO, home, travel and term life insurance. The company will continue to operate as a wholly-owned subsidiary under the Klik brand and under the leadership of its original founder Andrew Fuchs and management team, including Aleš Rothbarth and Lukaš Pikal, as it continues to innovate and provide high value to both insurers and policy-holders. The buyer of Klik also owns Netrisk, which operates Netrisk.hu and Biztositas.hu, two leading Hungarian online insurance brokerages. Klik.cz and Klik.sk will thus become key components of Central European Online Insurance Brokerage Group alongside netrisk.hu and Biztositas.hu.
Benson Oak and other investors funded Klik from its inception in 2011, and supported the company with multiple rounds of investment. Major Klik shareholders will become minority shareholders in the combined group, a sign of their continued commitment and belief in the team and the market.
Andrew Fuchs, Founder, CEO and Chairman of the board of Klik.cz and Klik.sk, said: “Klik has achieved a great deal since it was founded nine years ago, delivering impressive sales growth while consistently being the most innovative player in its local markets. I believe that the investment of a global private equity firm, such as TA Associates via Netrisk, is proof of the strength of our business and its continued importance in the Czech and Slovak insurance markets. Through the combination of our efforts and in partnership with a regional leader like Netrisk, I believe that we will be able to grow significantly in the coming years.”
Gabriel Eichler, the founder of Benson Oak, said: “We are very proud of what Klik has achieved, and pleased to have assisted in its evolution from a start-up to a leading brand in the burgeoning online insurance market in the region, employing over 120 people in the Czech Republic and Slovakia. Klik will have the opportunity to grow further and provide increasing value to its customers in partnership with Netrisk and under the leadership of TA Associates, one of the global leaders in growth private equity.”
Maxime Cancre, Senior Vice President at TA Associates, said: “We believe the combination of Klik and Netrisk creates a leading online insurance brokerage platform across three countries in the Central and Eastern European region, in line with TA’s strategy when we invested in Netrisk in January 2020. We are excited to bring Andrew Fuchs, the Klik team and the business into the Netrisk group.”
CORPIN served as financial advisers and Weinhold as legal advisers to the Sellers on the transaction.
About Klik.cz / Klik.sk
Klik.cz, founded in 2011, has become a leading online insurance brokerage company in the Czech Republic. In 2018, it entered Slovakia with Klik.sk. It offers clients the ability to transparently compare the prices for non-life insurance and life insurance products, including MTPL, CASCO, home, travel and term life insurance. Sites are www.klik.cz and www.klik.cz .
About Netrisk
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. In December 2019, Netrisk acquired one of its largest competitors, Biztositas.hu. More information can be found at netrisk.hu and Biztositas.hu.
About Benson Oak
Founded in 1991 by Mr. Gabriel Eichler, Benson Oak is the oldest investment banking boutique in the Czech and Slovak markets, advising clients on debt-raising and M&A transactions worth more than €6 billion. Benson Oak Capital has been investing in venture capital and private equity since 2001, with the mission to support entrepreneurs in building transformative businesses by funding deals as a lead investor and providing significant value-add. Investments include AVG Technologies, the first Central European company to IPO on the NYSE (in 2012), and Promo.com, a global leader in video marketing tools for SMBs. Its latest affiliated fund - Benson Oak Ventures - has an office in Tel Aviv and invests in early stage technology companies focused on B2C and SMB Tech on a global basis. More information can be found at www.bensonoakventures.com .
About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. It has previously made investments in several companies in the Czech Republic, including AVG Technologies, a Czech cyber security company that TA invested in alongside Benson Oak; and W.A.G. payment solutions, a Czech provider of payment solutions for freight carriers in Europe and Turkey. More information about TA Associates can be found at www.ta.com .
About MCI
MCI is one of the largest technology investment funds in the region of Central and Eastern Europe, dedicated to digital private equity. MCI funds manage PLN 2.3 billion (EUR 550 million), investing capital in the areas of: pure-technology companies (disruptors), companies undergoing digital transformation and IT infrastructure. In over 20 years of history, the funds have carried out more than 100 investments and 60 exits. MCI aims at building regional digital champions. The Fund was involved in, among others, Mall.cz (e-commerce, Czech Republic), WP.pl (digital media, Poland), Invia (e-travel, CEE), Dotpay/eCard (fintech, Poland) and iZettle (fintech, global). More information about MCI can be found at www.mci.eu .
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