OneShield Software, a Marlborough. MA-based provider of core software solutions to property and casualty insurance companies, raised $50M in Follow-On funding.
The round was led by Pacific Lake Partners with participation from existing investors, including Bain Capital Credit, Maven Equity Partners, WSC & Company, and Peterson Partners.
The company intends to use the funds to accelerate investments in product innovation, for both of OneShield’s core platforms, OneShield Enterprise and OneShield Market Solutions, and talent acquisition.
Founded in 1999 and led by Cameron Parker, CEO, OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, its standalone, subscription, and As-a-Service products portfolio includes enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, the company has 70+ products in production across P&C and specialty insurance markets.
In 2021, OneShield grew its annual recurring revenue by over 50%, closing 11 new license deals and bringing its client total to 38. to benefit both existing and new clients.
FinSMEs
28/01/2022