Cover Genius, a New York-based insurtech for embedded protection, acquired US-based embedded warranty provider Clyde Technologies.
The amount of the deal was not disclosed.
With the acquisition, Cover Genius will expand its offerings. The assets acquired will assist the continued expansion into the medium-sized e-commerce segment. The deal enhances the company’s mission to protect all the customers of the world’s largest digital companies and aligns with their growth strategy, which most recently included the successful acquisition and integration of Booking Protect, a provider of refund protection for live entertainment events, which is forecasted to grow 80% in 2023.
Clyde’s merchant partners include household brands such as Skullcandy, Movado, Dyson, Shark Ninja, Rugs.com, Tuft and Needle, Lull Mattress and others.
Led by CEO Angus McDonald, Cover Genius is an insurtech company for embedded protection. Through XCover, its distribution platform for any insurance or other type of protection, the company protects customers of digital companies including Booking Holdings, owner of Priceline and Booking.com, Intuit, Hopper, Ryanair, Turkish Airlines, Descartes ShipRush, Zip and SeatGeek. It is also available at Amazon, Flipkart, eBay, Wayfair and SE Asia’s largest company, Shopee.
FinSMEs
15/03/2023