IMAS acted as the exclusive financial adviser to Neos Ventures Ltd on the sale of a majority stake to Aviva plc.
Launched in 2016, Neos is the UK’s first smart home insurance provider to help consumers monitor, protect and insure their homes with connected devices. The company combines smart home technology, 24/7 monitoring and assistance coupled with a comprehensive home insurance policy which can all be managed through an app. Neos provides homeowners with smart sensors enabling them to quickly detect water leaks, smoke or intruders and actively protects their home from anywhere in the world on their smartphone. Its differentiated offering has reduced risk and claims costs whilst also increasing customer engagement and retention demonstrated by its strong growth and investment to date.
The business operates both as an MGA and as a white-label proprietary IoT insurance platform and policy admin system with in-house tech support. Its insurance policies are distributed online through its quote and buy platform on both a B2B and B2C basis.
IMAS’s role involved exploring a range of strategic options for the business to support its ambitious growth plans including global expansion. With its market-leading proposition and unique IoT insurance technology, Neos attracted strong investment interest globally from the UK, Europe, North America and Asia before concluding the sale to Aviva. Our role running the process drew on our strong FinTech and insurance network as well as including financial modelling, preparation of marketing materials, valuation advice as well as negotiating term sheets.
Matt Poll, CEO of Neos, said:
“I am delighted that Aviva has chosen to make a further significant investment in Neos. It is a great reflection on how far we have come in creating value for our customers. I know Aviva shares our excitement about the future for our technology and innovative proposition in the insurance market and what Neos can go on to achieve.”