Osborne Clarke has advised Hamburg-based digital platform operator GMBC on its acquisition by French insurtech +Simple. +Simple has acquired 100% of GMBC's share capital, with GMBC co-founders Martin Brumberg and Sergey Grazhdankin remaining on GMBC's management board and becoming shareholders in +Simple.
GMBC acts as a digital underwriter or Managing General Agent (MGA) for insurers and reinsurers and holds the link between other underwriters and the risk carriers as the “Master MGA”. Founded in 2013, the company has since evolved into a successful IT platform with fully automated data, reporting, accounting and cash flow processes between MGAs, insurers and reinsurers. GMBC operates across the European Economic Area and offers its platform through 10 MGAs, working with various insurers and all major reinsurers in a total of 8 countries.
Founded in 2015, +Simple provides self-employed individuals and SMEs with a digital insurance distribution platform designed to simplify the process of taking out commercial insurance. As a one-stop shop, +Simple now operates in France, Germany, Austria, Italy and Spain, covering 500 professions with 29 tailored solutions. The company employs over 150 people and serves more than 100,000 customers.
With the strategically important merger, +Simple will be able to offer its risk carriers a full-fledged MGA management service, including technical and financial accounting, reporting, cash management and compliance.
“A combination of +Simple and GMBC is a rare match. Together we can benefit from multiple immediate synergies and unlock abundant potential for further scalability and growth. We are very pleased to join forces with +Simple’s team as we share the same culture of innovation and delivering top-class product to our clients”, says Sergey Grazhdankin, Co-Founder and Managing Partner of GMBC.
The German Osborne Clarke team, which advised GMBC under the leadership of Dr Fabian Christoph, consisted of Alexandra Nautsch (both Corporate / M&A), Adrian Schneider, Anne Leßner (both IT), Dr Jens Wrede (Tax), Dr Sebastian Hack, Catharina Schulte-Wintrop, Susanne Schricker (all Antitrust) and Dr Sebastian Lilje (Employment).
From Osborne Clarke France, Catherine Olive, Cyrille d'Amécourt and Florent Gurlie advised on the transaction.
Kay Ossenbrügge and Darius Zenouzi from LEC Partner also assisted with the project.
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