eBaoTech, a Shanghai, China-based provider of software solutions to the global insurance industry, closed a $36m growth equity investment.
The round was led by US-based FTV Capital, with participation from Cathay Capital Private Equity.
The company intends to use the proceeds from the investment and the expertise of hte two firms to accelerate growth in both emerging and developed markets, continue to enhance their technology platform, expand partnerships and selectively evaluate acquisitions.
Led by Woody Mo, president and CEO, eBaoTech delivers standards-based insurance software solutions to both property and casualty (P&C) and life insurers. Its suite of product includes sales and distribution, policy administration, claims management and reinsurance modules, and is designed to enable insurers to launch new products and sales channels and run highly automated operations. The company counts over 100 deployments in more than 20 countries with offices in eleven countries across Europe, Asia Pacific and the Americas.
In conjunction with the investment, Mingpo Cai, president of Cathay Capital, joined eBaoTech’ board.