Zurich – Servion, a company backed by the Asian Everstone Group, has acquired the Zurich-based startup Innoveo AG. Innoveo offers a technology platform to help insurers digitalize.

Servion helps businesses digitalize and is backed by the investment company Everstone Group, which is primarily active in India and Southeast Asia.

Now, Servion has acquired the InsurTech startup Innoveo AG, the company announced in a statement.

With Innoveo Skye, Inneveo offers a solution to help non-technical insurers digitalize their processes.

Servion, which intends the acquisition to strengthen its portfolio of digital products, sees great potential in the InsurTech market, explaining that over 31 per cent of insurance customers globally use InsurTech solutions.

Innoveo was founded in Zurich in 2007 and has subsidiaries in Hong Kong and Budapest. Nick Stefanie, co-founder and CEO of Innoveo, described the acquisition as an “extraordinary turning point in our company’s history” that will “enable us to scale and play an important role in the global InsurTech market”.

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