20 Feb 2020—
AVP is very happy and proud to announce the first exit in the AVP Growth fund
Few weeks after the exit on Modern Message, AVP is very happy and proud to announce the first exit in the AVP Growth fund.
One Inc, a digital payments platform provider for the insurance industry, today announced that in partnership with the management team, the company has been acquired by Great Hill Partners, a leading growth-oriented private equity firm. The acquisition includes a primary investment enabling One Inc to expand engineering, sales, and marketing resources significantly. Financial terms of the transaction were not disclosed.
One Inc is quickly becoming one of the dominant players in insurance payments. Growing at an average rate of 77% year-over-year and processing over $10 billion in transactions for the 100+ customers using the company’s platform, One Inc has experienced rapid growth over the last few years. The One Inc Digital Payments Platform combines inbound and outbound payment capabilities with industry-specific reporting and reconciliation, along with a host of digital communication methods. The entire platform was developed to allow insurance operators to maintain a frictionless payments experience with policyholders, vendors, agents, and service providers. With seamless integration into existing legacy and modern core systems, the One Inc platform helps its customers increase retention and persistency while reducing costs, complexity, and the burdens of compliance and security.
AVP team partnered with One Inc in 2016 when we led a $20M Series B, and subsequently participated in the $15.5M funding round in 2017. One Inc was the first investment done by the AVP team on the Growth strategy.
“We are proud to have been part of One Inc’s success story and are excited for Chris and the One Inc team as they take the next step in the company’s journey. It is an important development for our Growth Fund which demonstrates the quality of our investment strategy of being focused on growth businesses with sustainable unit economics”, commented Alex Scherbakovsky, General Partner at AVP.“