One Inc, a US-based insurance payments and claims monitoring platform backed by insurers Axa, American Family and Massachusetts Mutual Life Insurance, was acquired by mid-market private equity firm Great Hill Partners yesterday in a recapitalisation deal.
Axa subsidiary Axa Venture Partners and fellow existing investor Centana Growth Partners both exited through the deal, according to Barrons, which reported that One’s management and two unnamed existing investors will retain stakes in the company.
Founded in 2005, One offers a software platform that enables insurance firms to quickly process customer claims using their preferred payment methods, while monitoring for fraud. Matt Vettel and Nick Cayer from Great Hill will both join its board of directors.
One closed a $16.7m series A round in 2014 led by venture capital firm H&Q Asia Pacific and backed by Camp One Ventures and AGI Partners.
Axa Venture Partners, then called Axa Strategic Ventures, led a $20m series B round for the company in 2016 that included MassMutual Ventures, the corporate venturing arm of MassMutual, and H&Q Asia Pacific.
Both corporates returned the following year to provide $15.5m for One alongside American Family subsidiary American Family Ventures, which led the round, and Centana Growth Partners.