OneShield Software Receives $50M Follow-On Investment to Accelerate Continued Growth
As OneShield continues to experience rapid growth, this round of funding will accelerate investments in product innovation and high-quality talent acquisition.
MARLBOROUGH, Mass., Jan. 27, 2022 /CNW/ -- OneShield Software (www.OneShield.com), a leading provider of core software solutions to property and casualty insurance companies, today announced a new round of growth investment led by Pacific Lake Partners with participation from existing investors, including Bain Capital Credit, Maven Equity Partners, WSC & Company, and Peterson Partners.
In 2021, OneShield grew its annual recurring revenue by over 50%, closing 11 new license deals and bringing its client total to 38. It was OneShield's best year on record, fueled by the addition of new clients and the expansion of relationships with existing clients. The new funding will accelerate investments in product innovation for both of OneShield's core platforms, OneShield Enterprise and OneShield Market Solutions, to benefit both existing and new clients.
Cameron Parker, CEO at OneShield, said, "P&C insurers and MGAs have never faced a more compelling set of growth opportunities. Agility and data management are now the primary bases of competition in many insurance market segments, and OneShield exists to help our customers succeed in these objectives. With this new funding, our team is laser-focused on product enhancements that will help our customers adapt to evolving customer expectations, launch new insurance products quickly, and leverage data for better decision making."
Founded in 1999, OneShield offers SaaS and standalone cloud-based enterprise-class policy management, billing, claims, rating, business intelligence, and smart analytics software solutions for P&C insurers and MGAs of all sizes.
Kevin Oxendine, a Partner at Pacific Lake, said, "In just over a year since our partnership began, OneShield has impressively expanded its existing relationships with leading P&C insurers, added several new customers, and further accelerated recurring revenue growth. We believe that OneShield has a long runway of opportunity, and we are excited to support this next phase of the company's growth."
About OneShield Software
OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our standalone, subscription, and As-a-Service products portfolio includes enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 70+ products in production across P&C and specialty insurance markets.
For more details, visit www.oneshield.com.
About Pacific Lake Partners
Pacific Lake is the most experienced and largest investor dedicated to partnering with search fund entrepreneurs and helping them succeed. Pacific Lake partners with talented entrepreneurs to find and acquire a great company and then galvanize growth and value creation. As a long-term partner for the entire search fund journey, Pacific Lake's sole purpose is to help entrepreneurs buy a great business and succeed as a CEO. Pacific Lake offers best-in-class support for entrepreneurs, including searcher workshops and a range of post-acquisition initiatives conducted by our Value Creation Team.
For more details, visit www.pacificlake.com.
Media Contacts:
For OneShield Software
Anne Marie Connell
774-348-1020 or 973-771-8791
[email protected]
For Pacific Lake Partners
Ann Fritsch
617-658-3024
[email protected]
SOURCE OneShield Software
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