Montagu agrees to sell Open GI to minority shareholder Ares
Ares Management is set to acquire Open GI, with the deal signed on 9 August 2024, Insurance Age can exclusively reveal.
The agreement, which was confirmed in Companies House filings for both Open GI Limited and its parent OM Bidco Limited last week, brings to an end long-time speculation about the future of the insurance technology company.
In March 2023, sources told Reuters that Open GI’s owner Montagu had been targeting the sale of the business. The private equity house backed a management buyout of the Worcester-headquartered business in 2014.
An Open GI spokesperson told Insurance Age: “Open GI and Ares
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