Relay - Hg

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Year invested

2017

Country

UK

Website

relay.ie


Relay is a leading provider of software to insurance brokers, underwriters and insurers in the Republic of Ireland.

Relay was founded in 1985 and has since grown to become one of the leading software providers to the insurance industry in the Republic of Ireland. Relay’s highly capable and successful management team will continue to lead the business and guide the development of its technology solutions. With a skilled staff of 70 based in its offices in Belfast and Dublin, Relay provides the leading technology solution to insurance brokers: a seamless front and back office solution which, supported by Relay’s excellent customer service, provides its broker customers with the tools that they need to manage a successful insurance business. Additionally, the company also provides software solutions to many of the largest insurance and underwriting firms operating in the Republic of Ireland.

During Hg’s ownership period, Relay delivered 14% revenue CAGR (FYE January 2014 – 2017F), driven by new customer wins and an expansion into complementary adjacent customer segments such as Commercial Insurance and Wealth Management. Hg supported the business’ management team on a number of initiatives including investing in new product offerings, improving operational capabilities and delivering accretive bolt-on M&A. The company has also grown from 71 to 92 employees in the same time period.

In August 2016, Hg announced that it had sold Relay Software to Applied Systems, the leading global provider of cloud-based insurance broker management software. This resulted in an investment multiple of 2.1x and a gross IRR of 39%.

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