Insurtech unicorn bolttech has acquired Polish embedded protection firm Digital Care for an undisclosed amount, while data centre operator Princeton Digital is said to be looking to raise $1 billion in debt.
Insurtech unicorn bolttech acquires Digital Care
Singapore-based insurtech unicorn bolttech announced its acquisition of Digital Care, an embedded protection firm based in Poland, for an undisclosed amount.
Digital Care, which operates across Europe, Asia, and Africa, provides comprehensive embedded services throughout the mobile device lifecycle. The deal will pave the way for bolttech’s expansion into four new markets in EMEA—Poland, Croatia, Lithuania, and South Africa—according to the announcement.
“Digital Care’s strong track record of innovation and customer service, combined with their deep expertise in the embedded protection space, makes them an ideal partner for us as we accelerate our growth in EMEA and globally,” said bolttech Group CEO Rob Schimek.
The acquisition comes as bolttech is reportedly considering an initial public offering (IPO) in the US that could raise $250 million to $300 million. According to a Bloomberg report, the potential share sale could take place as soon as 2024 but the report said the details of the IPO, including size and timing, could change as deliberations are ongoing.
bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products.
The planned IPO follows the insurtech startup’s $50 million funding from investment firm LeapFrog in September. The funding takes bolttech’s total Series B round to $246 million.
In May this year, bolttech announced raising $196 million in a Series B round anchored by Japanese insurance holding company Tokio Marine, at a valuation of $1.6 billion.
Data centre operator Princeton Digital raising $1b debt
Princeton Digital Group, the Singapore-based data centre operator, is reportedly looking to raise up to $1 billion in debt to finance multiple projects.
The fundraising comes as the Warburg-backed company seeks to expand its business, according to a company statement. The news was first reported by Bloomberg on Wednesday.
A company representative said Princeton is constantly assessing its capital needs, including raising equity, based on its momentum and planned growth.
Princeton Digital Group was co-founded in 2017 by Rangu Salgame as a data centre operator in Asia. It currently has 20 data centres across five countries. It serves internet and cloud companies, and financial institutions.
The company last raised $500 million in February in equity funding round led by Mubadala Investment Company, a state investor for the Abu Dhabi government.
In May, the company agreed to acquire a 31-acre plot from JLand Group (JLG), Johor Corporation’s real estate and infrastructure arm.