General Atlantic exits ControlExpert to Allianz X

The company will retain its name, branding and product offering following the sale, according to a statement.

General Atlantic bought a majority stake in ControlExpert in May 2017. Jörn Nikolay and Achim Berg joined the company's board of directors. The company said in a statement at the time that it intended to follow a growth strategy based on further digitalisation and professionalisation of the business.

During the investment period, the GP assisted with ControlExpert's international expansion, and the company's sales beyond Germany doubled. The GP also assisted with the development of the company's management and supervisory board.

General Atlantic's latest vehicle General Atlantic Investment Partners 2017 held a final close in March 2018 on its target of £3.3bn.

Company
ControlExpert uses AI-based software to process automotive insurance claims digitally. It has partnerships with 130 insurance providers, car dealerships, repair shops, leasing companies and original equipment manufacturers. The company was present in 14 countries in 2017 and is now active in 17, including several locations in east Asia, South America and Europe.

Based in Langenfeld, ControlExpert was founded in 2002, has 800 employees, and audits 10 million claims per year, according to its website. It reports revenues of $15m, according to Zoominfo.

People
ControlExpert – Nicolas Witte (CEO); Gerhard Witte (managing director).
General Atlantic – Jörn Nikolay (managing director); Achim Berg (operating partner).

Advisers
Equity – GCA Altium (corporate finance).

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