Moelis Capital Partners has made an investment in Flexible Architecture and Simplified Technology (FAST), a provider of software to life insurance companies.
FAST provides software that is used for life insurance policy administration, new business, underwriting, distribution management and claims processing. FAST was founded by the former leaders of NaviSys, an insurance industry software provider that was sold to Accenture in 2006. FAST is headquartered in Edison, NJ (www.fasttechnology.com).
“FAST has the most innovative core life insurance software platform in the marketplace, and we believe the company is ideally positioned to continue capitalizing on the software modernization trend within the insurance industry,” said Joel Killion, a Partner at Moelis Capital.
Moelis Capital Partners (MCP) was founded in 2007 in connection with the formation of investment bank Moelis & Company. The firm manages $870 million of committed capital and specializes in traditional private equity investments in the middle market. MCP is based in New York (www.moeliscapital.com).
“MCP’s objectives for the business are directly in line with where I want to take FAST,” said Tom Famularo, Chief Executive Officer of FAST. “I believe our customers will be well-served by this relationship, as MCP is a strong capital partner with significant resources and insights that will accelerate our maturity as an organization.”
Celent (www.celent.com), a financial and technology consulting firm owned by Marsh & McLennan, assisted MCP with industry due diligence. “We were pleased to assist MCP in their analysis of the market for policy administration systems,” said Tom Scales, Research Director, Celent, “Insurers are under pressure to respond to the digital age and are being held back by their legacy state. FAST is recognized as one of the technology leaders in the US marketplace, and is well-positioned to capture growth as insurers look to acquire more agile technology solutions.”
Sherman & Company (www.sherman-company.com), a Charlotte-based investment bank that specializes in the insurance industry, was the financial adviser to FAST on the transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-10-15
