Netrisk.hu sold for EUR 56 mln
Hungarian online insurance broker Netrisk was sold in late December by Polish Enterprise Fund VI (PEF VI), a private equity fund managed by Enterprise Investors. The value of the transaction was put at EUR 56.5 million.
Enterprise Investors announced on December 29 the sale of netrisk.hu to MCI.EuroVentures, a private equity/buy-out sub-fund of the MCI Capital Group, a PE firm listed on the Warsaw Stock Exchange, according to a press release published on the EI website.
PEF VI acquired Netrisk.hu in 2010 for EUR 23 mln from the company founder and financial investors. At the time of the investment, Netrisk.hu was distributing almost exclusively compulsory Motor Third Party Liability (MTPL) auto insurance policies.
After EI brought in a new management team, Netrisk.hu started growing significantly as an online independent insurance market place in all non-life insurance products including MTPL, CASCO, home, property and travel insurance policies.
Today, in addition to maintaining its top market position as the leading online insurance broker, Netrisk.hu is also one of the largest online marketplaces for retail banking products, and the largest company offering online comparisons of telecom/cable, internet and TV packages in Hungary.
In 2016 the company generated EUR 8.8 mln in revenues, and for 2017 it is expected to have grown this amount by 23%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.