FINEOS Corporation Holdings plc (ASX:FCL), a leading provider of group and individual core systems for life, accident and health insurance, today announced the commencement of trading on the Australian Securities Exchange (ASX) via an initial public offering (IPO). The total number of securities (CHESS Depository Interests or "CDIs") on offer was 84.4 million at a price of A$2.50 per CDI. Total gross proceeds from the offer amounted to A$211 million.
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FINEOS lists on the Australian Securities Exchange (Photo: Business Wire)
FINEOS intends to use the net proceeds from the IPO to invest further in R&D to grow the FINEOS product footprint and develop new business lines, to invest in additional sales, marketing and client account management capabilities and to pay down existing debt and shareholders selling down.
Key areas of growth strategy for FINEOS include:
Increase our product penetration and introduce new products within the existing client base;
Maintain technology leadership and continued product innovation of the entire FINEOS Platform;
- sales, marketing and product delivery capabilities globally;
- strategic partnerships with delivery partners and complementary product partners;
- and increase penetration in adjacent insurance vertical markets.
Macquarie Capital (Australia) Limited and Moelis Australia Advisory Pty Ltd are jointly managing and underwriting the Offer.
About FINEOS Corporation Limited
FINEOS is a leading provider of core systems for life, accident and health insurance carriers globally with 6 of the 10 largest group life and health carriers in the US as well as 6 of the 10 largest life and health carriers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive carriers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides customers full end to end core administration for group, voluntary and individual across life, accident and health. The FINEOS Platform includes the FINEOS AdminSuite core product suite as well as add-on products, FINEOS Engage to support digital engagement and FINEOS Insight for analytics and reporting.
For more information, visit www.FINEOS.com.
+ 353 1 639 9700