Validus IVC Ltd, a Norwich, UK-based specialist in claims management and counter fraud software services for the motor insurance industry, received a £12m investment.
Private equity firm LDC backed Validus’ existing management team, which is led by CEO Mike Srokowski in the buy-out of the company. In conjunction with the investment, LDC’s Paul Figgins will join the board as a Non-Executive Director.
The deal will provide the capital required to support the growth of Validus and also enable five founding shareholders to fully exit the business.
Employing about 150 people, Validus provides UK insurance customers with a suite of software products that enable the efficient assessment and processing of motor insurance claims for its blue-chip customer base.
The company also operates a specialized service that helps to identify high risk or fraudulent motor claims that it then manages on behalf of its clients on a fully outsourced basis.