UK
Ireland
ReSolve Completes Sale of HUG HUB Digital Platform
ReSolve completed a sale of certain assets of HUG HUB Limited, primarily its award-winning insurtech Digital Platform, to Open GI Limited.
HUG HUB was incorporated in 2013 and provides a fully customisable cloud native insurance platform for insurers, brokers and managing general agents (MGAs). The platform also provides a fully self-service option to quote, buy and purchase any kind of insurance product.
HUG HUB launched its first proof of concept solution in 2017 and development and fund-raising continued as new customers were acquired over the following two years. By 2019, the Company had agreed a deal with a venture capital firm. However, the onset of the COVID pandemic and lockdowns in early 2020 meant the deal could not be finalised.
The Company continued to develop new solutions, including the Extranet HUB, a user-friendly web-based quotation engine which launched successfully in 2023 and has since won multiple awards. However, whilst revenue generating, the user base did not reach critical mass quickly enough and revenue did not cover costs.
ReSolve was introduced to the Company in early March 2024 and formally engaged on 12 March 2024 to undertake an Accelerated Mergers and Acquisitions (AMA) process seeking an equity investment or a sale of the business and/or assets. The most beneficial offer for all parties was from Open GI for HUG HUB’s core intellectual property, including the Digital Platform.
On 3 April 2024, the Company was placed into Administration and the sale to Open GI completed immediately following the appointment. Four employees have transferred with the sale. This sale did not include Extranet HUB.
We are pleased to have found a purchaser for HUG HUB’s core intellectual property. The Digital Platform is a potentially game-changing tool for the insurance industry and we are delighted that it will have the opportunity to continue to grow under new ownership.
We are pleased to have found a purchaser for HUG HUB’s core intellectual property. The Digital Platform is a potentially game-changing tool for the insurance industry and we are delighted that it will have the opportunity to continue to grow under new ownership.
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.