Investcorp, a leading global provider and manager of alternative investment products, has acquired CloudCare, an Italy-based leading tech-enabled platform active in the energy, telecommunications and insurance markets. The terms of the transaction were not disclosed.
Established in 2011, CloudCare is a leading tech-enabled platform that operates as a channel partner and digital broker, connecting consumers and service providers through both its own proprietary online platform and clients’ web platforms.
Comparasemplice, CloudCare’s website, is a leading online platform for consumers in Italy to compare prices for energy, telecommunications, motor insurance and personal finance products. Over the past three years, CloudCare achieved average annual revenue growth of over 40 percent.
CloudCare is a digital innovator with long-standing relationships with the leading energy, telecommunications and insurance operators in the Italian market. The investment by Investcorp signals significant market opportunities associated with process digitalization and the rise in the importance of digital distribution channels. CloudCare’s founder and CEO, Andrea Conte, will continue to lead the company, having retained a meaningful stake in CloudCare alongside Investcorp.
“We are delighted to be partnering with Andrea Conte and CloudCare as the Company moves into its next phase of growth. CloudCare has built a unique technology infrastructure and expertise which has enabled the business to become a reliable and value-add digital partner for its corporate clients seeking to enhance their digital customer acquisition strategy.”
Mr. Andrea Conte, founder and CEO of CloudCare, added, “As we consider our vision for the future, we are excited and optimistic for the support and breadth of experience Investcorp will bring in the next phase of our evolution. Our business has experienced exceptional growth over the past several years, and with Investcorp’s history of supporting fast-growing and innovative companies, we are confident we can accelerate growth within and beyond our target core markets, reinforcing our market position in the energy and telco markets, and broadening the products and services we are able to offer also to the insurance and financial markets.”