Equisoft, a Canada-based software provider for insurers, has closed a $125m equity investment funding round.
The fresh funding will add to its global expansion, both organically and through acquisitions, and accelerate the development of its integrated life insurance software platform and wealth products.
New investors Investissement Québec and the government of Québec provided $70m, with the remainder coming from existing investment partners Export Development Canada (EDC) and Fondaction.
Founded in 1994, Equisoft now serves more than 250 financial institutions in 17 countries, including in North and South America, the Caribbean and Europe.
Luis Romero, chief executive officer of Equisoft, commented: “Digital transformation and customer experience projects are no longer optional.
“Equisoft’s mission is to help companies through this process by delivering the most trusted solutions for complex financial services challenges.”
Pierre Fitzgibbon, Québec’s minister for economy, innovation and energy, said: “The digital transformation of Quebec businesses is a key priority for us.
“This investment in Equisoft will accelerate this transformation in the life insurance and wealth management sectors and help businesses increase their efficiency.”
Guillermo Freire, senior vice president of the mid-market group at EDC, added: “EDC is here to propel the international growth of Canadian mid-market companies.
“With EDC’s support, Equisoft has been able to expand into international markets and maintain a successful growth trajectory.”