KKR and Elliott Management have sold their stakes in Mitchell International, a technology provider for property and casualty claims and collision repair companies.
Private equity firm Stone Point Capital has bought the shares for an undisclosed amount.
California-headquartered Mitchell supports companies with their claims management and collision repair tasks. It builds technology solutions to accelerate handling, repair processes and pharmacy transactions. ?The company combines data, advanced analytics, and decision tools with expertise to help these processes, with Mitchell processing tens of millions of electronic transactions each month, according to the company.
Insurance companies can use the solutions to improve their claims management for auto physical damage claims, auto casualty claims and workers compensation.
With this new funding, Mitchell hopes to continue its strategic direction, grow across its current business segments and develop new solutions.
KKR head of technology, media & telecom investment team Herald Chen said, ?We are proud of the partnership we had with Mitchell leadership team and the growth we have been a part of since our initial investment in 2013.
?Together, we expanded Mitchell market focus through organic investment in, and acquisition capital for, cloud estimatics, parts, diagnostics, specialty bill review, utilization review, pharmacy and other areas of focus for our key customers.p>
Last year, KKR led the $25m Series C funding round into data and analytics company Jitterbit to support with its international expansion across the EMEA and APAC regions. The company provides an API solution that enables companies to exploit data from any source.
Earlier in the month, Stone Point Capital completed the $190m recapitalisation of Situs Holdings. The company is an end-to-end business solution and integrated technology developer for financial services.
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