Investment will fuel international expansion and R&D as the company focuses on enabling the digital transformation of life insurance, wealth and asset management firms
Equisoft, a leading global digital solutions provider to the financial industry, is pleased to announce the successful closing of a $125 million equity investment. Of this total investment, $70 million is from new investors Investissement Québec and the government of Québec, with the remainder coming from existing long-time investment partners, Export Development Canada (EDC) and Fondaction.
Equisoft, founded in 1994, is at the forefront of digital transformation for the life insurance industry, and is a leader in wealth and investment management technologies. The new funding will contribute to its global expansion, both organically and through strategic acquisitions. It will also accelerate further development of its integrated life insurance software platform and wealth products to better serve its global customer base.
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“Digital transformation and customer experience projects are no longer optional. Equisoft’s mission is to help companies through this process – at any stage of digital maturity – by delivering the most trusted solutions for complex financial services challenges. Our customer focused approach has enabled us to gain the confidence of some of the largest financial institutions around the world,” said Equisoft CEO, Luis Romero. “We are honored by the trust and funding from our long-time investors and are thrilled to welcome Investissement Québec and the government of Québec as new investment partners. Their focus on domestic and international growth is a great fit with our expansion strategy as we look to further develop our global footprint through continued investment in our people, our products and through international acquisitions.”
For the last ten consecutive years, Equisoft has experienced strong double-digit organic growth and now serves over 250 financial institutions in 17 countries. Over the past five years, the company successfully expanded internationally, becoming a dominant player in LATAM, the Caribbean and Europe, in addition to its already healthy North American presence. The company is continuing to develop its end-to-end life insurance and wealth management platforms, which power digital transformation in leading international companies.
As part of this round of financing, Investissement Québec and the Québec government invested a total of $70 million, including $36 million from Investissement Québec’s own funds and $34 million from the Fonds pour la croissance des entreprises québécoises (FCEQ).
“The digital transformation of Quebec businesses is a key priority for us. This investment in Equisoft will accelerate this transformation in the life insurance and wealth management sectors and help businesses increase their efficiency,” commented Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region.
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“As global financial institutions race to digitally transform themselves to meet high customer expectations and to adapt to market changes, Equisoft has become a world leader. Investissement Québec is proud to support Equisoft’s initiative to accelerate the digital transformation of companies in their industry,” said Guy LeBlanc, President and CEO of Investissement Québec.
“EDC has been partnering with Equisoft for over 14 years, and we have a very strong relationship,” added Guillermo Freire, Senior Vice-President, Mid-Market Group at EDC. “EDC is here to propel the international growth of Canadian mid-market companies. With EDC’s support, Equisoft has been able to expand into international markets and maintain a successful growth trajectory. Together we will make their long-term vision to become a global leader a reality.”
Since its inception in Montreal, Quebec, Equisoft has been focused on both its financial growth and positive economic, social, and environmental impact. “Financial technologies play a leading role in the digital transformation of the financial services and insurance sector. For Fondaction, supporting Equisoft at every stage of its growth since 2008 is also about strengthening Montreal’s Fintech ecosystem and contributing to its international standing,” concluded Geneviève Morin, CEO of Fondaction.
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