The funding attracted by insuretech company EIS will also be invested in Latvia
EIS, a core and digital platform provider for insurers, announced a growth investment of more than $100 million. It is headquartered in San Francisco, but one of its largest delivery centers is located in Latvia. The investment will also be used for the development of the Riga office, which includes the creation of 100 new jobs for such specialists as software testers, programmers, business analysts, etc.
Founded in 2008, EIS is an insurance software company that enables leading insurers to innovate and operate in faster, more secure, and agile ways. The EIS SuiteTM is an open, flexible platform of core systems and digital solutions that liberate insurers to accelerate and scale innovation, launch products faster, deliver new revenue channels, and create powerful customer experiences. With thousands of open APIs, the EIS platform gives insurers across all lines of business the freedom to connect to – or serve as a hub for – a vast ecosystem of insuretech and emerging technologies.
EIS serves clients across North America, Europe, and Asia. The company has 1,200 employees, of which more than 100 work in the office of EIS Group Latvia in Riga.
The investment was made by a global alternative asset firm TPG. The new funding will be used to continue to accelerate product development across the spectrum of risk, health, and wealth, and support geographic expansion.
“We are excited to partner with TPG as we continue to bring our best-in-class, cloud-native suite of technology solutions to insurers across the globe,” said Alec Miloslavsky, Founder and CEO of EIS. “The team at TPG is aligned with our ambitious growth strategy and their longstanding track record, industry relationships, and deep expertise make them an ideal partner for EIS as we propel our business forward. The investment will help us to continue to meet growing client demand as insurers transition from outdated ‘modern legacy’ systems toward a platform that provides the flexibility, speed, openness, and security that today’s highly competitive market requires.”