Fineos, a technology company based in Dublin that develops software designed for use by insurance firms, announced that following the results of the last round of financing, it managed to raise investment funds in the amount of $40 million.
In this case, the capital obligations consist of $35 million, which were fully guaranteed by institutional investors. Another $5 million was provided by Fineos founder and CEO Michael Kelly. So far, these funds are in a certain sense conditional. At the end of this year, at the annual general meeting of shareholders, a decision will be made to approve the use of this money.
Fineos is based in Dublin, but the company is officially registered in Sydney. The de facto firm is Irish. From the point of view of legal affiliation, the company can be described as Australian.
The company intends to use the funds raised to strengthen its balance sheet and provide additional working capital.
Michael Kelly says that investments contribute to strengthening the capital position of the firm. Also, according to him, external funds provide the financial flexibility of the company necessary for the successful implementation of the business growth strategy.
Michael Kelly expressed gratitude to the owners of the firm’s securities for their strong support of Fineos.
The company’s platform combines the capabilities of Fineos AdminSuite, Fineos Engage, and Fineos Insight. The firm develops software for the field of employee benefits, life, and health insurance, and insurance in case of emergencies and unforeseen circumstances. The company was founded in 1993. The firm’s initial product offered insurers a unified view of customers across all channels. In 2020, the company acquired Limelight Health and created a comprehensive quote-to-claim solution.
As we have reported earlier, LuLu Group Raises $2.72 Billion.
