International legal practice Osborne Clarke has advised private equity firm Tenzing on its investment in VIPR.
VIPR was created after brothers Bob and Rick Brown noticed that insurance industry reports, which contain key policy information, varied hugely in quality. Increasing regulation was forcing greater discipline and scrutiny across the market, and the brothers saw an opportunity. They believed that through standardising and validating the information contained in these reports, they could provide a critical service for their clients, which include insurers, brokers and managing general agents (the local operators who underwrite contracts on insurers’ behalf). VIPR’s products help these industry players to capture cost savings, improve data analysis and, ultimately, increase profitability.
Eleven years on, VIPR has grown from three to over 40 employees, and its market-leading insurance software continues to address ever-growing compliance and regulatory burdens. The business has delivered steady and consistent growth, with revenues growing at over 30% over the last twelve months.
The Osborne Clarke team which advised Tenzing was led by Partner Tim Hewens and included Associate Director Pippa Byrne, Senior Associate Rob Pook, and Associates Hannah Rossi, Alex Littlefield and Charles Sunley. Partner David Nisbet, Senior Associate Luolan Dong and Associate Emily Clarke provided tax advice. Associate Lara Flynn provided employment advice with Senior Associate Laura Hanley providing banking advice.
Paul Templar, CEO at VIPR, commented: “VIPR is already well established as an expert provider of niche insurance software within the London market. We are thrilled that Tenzing has recognised our leading position. Their investment and partnership will assist us in continuing to grow our UK presence and expanding our international footprint.”
Osborne Clarke has a strong presence and is considered a go-to practice in the UK private equity market. The team work closely with leading private equity institutions, global businesses, fast-growth start-ups and market challengers, advising across all areas including equity and debt fundraising, M&A, IPOs and JVs.