BDA Advises Innoveo on Sale to Tinubu

Innoveo, a no-code enterprise software company known for its flexible platform and deep insurance expertise, has been acquired by Tinubu, a top provider of enterprise software solutions for the global specialty insurance industry. The acquisition, backed by Long Arc Capital, a New York-based investment firm, was facilitated by BDA Partners, who served as the exclusive financial advisor to Innoveo and its shareholders in the transaction.

This deal will enhance Tinubu’s capability to cater to a wider variety of specialty lines, such as Surety, Trade Credit, Accident & Health, Marine, Aviation, Transport, Cybersecurity, and Energy. By combining Tinubu’s versatile end-to-end platforms with Innoveo’s no-code capabilities, the expanded group will offer unparalleled flexibility, speed, and innovation to specialty insurance providers worldwide.

Vinod Kachroo, CEO of Innoveo, expressed excitement about joining Tinubu, which will accelerate their mission of assisting specialty line insurers in growing and transforming their operations. The collaboration will provide access to broader capabilities, a global client base, and deep expertise, creating synergies that will bring new value to both existing and future customers.

Manoj Balwani, a Partner at BDA Partners, commended Innoveo and its shareholders on the strategic InsurTech transaction, emphasizing the strong alignment between Innoveo’s offerings and Tinubu’s focus on specialty insurance. BDA Partners, along with strategic investor William Blair, is well-positioned to advise leading software and InsurTech companies as software adoption accelerates in the US market.

Jyotin Gagrani, Managing Director at BDA Partners, highlighted the unique platform built by Innoveo tailored to the specialty insurance industry’s needs. The transaction exemplifies BDA Partners’ expertise in advising clients in Software and SaaS businesses and their ability to connect with global strategic and private equity investors.

The acquisition marks BDA’s 12th transaction in the US-India corridor and symbolizes the beginning of a highly synergistic journey for both Innoveo and Tinubu. The BDA team played a pivotal role in managing the complex transaction process, showcasing their professionalism and InsurTech expertise.

Innoveo provides core insurance solutions like underwriting workbench, raters, policy administration, and claims, powered by its no-code cloud platform. Tinubu, on the other hand, is a prominent provider of enterprise software solutions for the global specialty insurance industry, offering end-to-end solutions across the insurance value chain.

BDA Partners, a global investment banking advisor for Asia, brings 30 years of experience advising on cross-border M&A, capital raising, and financial restructuring. With a presence in New York, London, and seven Asian offices, BDA Partners has deep expertise in various sectors, including Technology, Consumer & Retail, Health, and Sustainability.

US securities transactions are handled by BDA Partners’ affiliate, BDA Advisors Inc., while the UK operations are authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) for conducting regulated activities for professional investors.