The leading provider of administration software for theconsumer and automotive, industrial warranty PCMI (Policy Claims Management International) announced its first equity investment from Boston-based growth equity firm, Equality Asset Management, and First Analysis. However, the companies have not yet disclosed the financial terms.PCMI offers a modern suite of software solutions for policy administration, claims management, and the financial management of insurance products.
Customers of PCMI including some of the leading original equipment manufacturers , self-administrators, third party administrators and insurers who offer and manage warranties, and other finance and insurance products. Since the beginning, PCMI’s software has been used to manage more than 50 million policies as well as to process more than 23 million claims.”In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry,” said Mark Nagelvoort, President & CEO of PCMI. “Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I’m thrilled we have them as a trusted partner as we enter this exciting new phase of our journey.”
“Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success,” said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. “The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We’re excited to work alongside this experienced team and to support PCMI’s expansion.”