Insurance fund invests in Russian software company
The EMF New Europe Insurance Fund (NEIF), which invests in insurance related sectors of non-EU Eastern Europe, has invested in Virtu Systems, a Russian insurance software company specialising in front-end/distribution solutions for the insurance industry.
The Virtu founders will remain with the company, whilst NEIF becomes Virtu’s largest shareholder.
Virtu was founded in 2008 by a group of Russian IT entrepreneurs and is focused on providing online communications and data exchanges between insurers and their distribution channels.
The investment will allow Virtu to expand its team and create a new product range, with the aim of eventually entering international markets.
“We are excited to be able to support a vibrant and dynamic Russian company such as Virtu. We see the IT sphere in the Russian insurance sector as a high growth segment which will enable the industry to improve its efficiency and reporting transparency which will ultimately translate into higher profitability,” said Peter Lovas, CEO of EMF Capital Partners.
Ivan Ivanov, CEO of Virtu, added: “This investment by NEIF is an important milestone in the development of Virtu and will allow the company to invest in development staff and new products and to improve the services we offer to our clients”.
NEIF is advised by EMF Capital Partners, a UK based private equity firm dedicated exclusively to financial institutions in emerging markets.
