Private equity firm OpenGate Capital has acquired a majority stake in InRule Technology, a decision management platform.
The size of the deal was not disclosed.
InRule provides software to enterprises and government customers to improve decision making. Its end-to-end platform is leveraged by numerous use cases including insurance eligibility, mortgage qualification, risk rating and fraud reduction, regulatory compliance, healthcare claims processing, and CPQ calculations.
Financial institutions make use of InRule’s technology to support a range of processes from product eligibility and loan origination through to compliance and fraud and money-laundering detection.
Insurance firms use the platform to support underwriters, boost claims management, automate document generation, and streamline quoting, among other tasks.
Following the close of the deal, the company will continue to be led by co-founder and CEO Rik Chomko, and co-founder and CTO Loren Goodman.
OpenGate Capital founder and CEO Andrew Nikou said, “InRule is an exciting investment for OpenGate when we consider the vital nature of decision automation in today’s increasingly complex world.
“InRule’s unique ability to process complex logic and vast amounts of data is critical at a time when governance, compliance and digital transformation are vital to any organization’s success. OpenGate’s investment in InRule is a tremendous point of pride and we welcome the business into our portfolio.”
Copyright © 2019 FinTech Global