Moelis Capital Partners (“MCP”) today announced its investment in Flexible Architecture and Simplified Technology, LLC (“FAST”), a leading provider of core software solutions to the life insurance industry. Terms of the investment were not disclosed.
Headquartered in Edison, NJ, FAST provides the first truly component-based software solution for life insurers. The company’s capabilities include policy administration, new business, underwriting, distribution management and claims processing.
Tom Famularo, Chief Executive Officer of FAST, said, “MCP’s objectives for the business are directly in line with where I want to take FAST. I believe our customers will be well-served by this relationship, as MCP is a strong capital partner with significant resources and insights that will accelerate our maturity as an organization. We remain focused on our vision of providing transformative technology that enables true innovation for life and annuity companies.”
John Gorman, Chief Operating Officer of FAST, added, “The entire FAST team is excited about entering a new chapter. Our team has great confidence in the business and we believe FAST is now even better-positioned to have an enduring positive impact on the life insurance industry.”
Joel Killion, a Partner at MCP, said, “We are very excited to be FAST’s partner and to help management execute on numerous exciting growth initiatives. With the most innovative core life insurance software platform in the marketplace, we believe the company is ideally positioned to continue capitalizing on the software modernization trend within the insurance industry.”
Mr. Killion and other MCP representatives, including Managing Partner Kurt Larsen and Operating Partner Ned Stringham, will join the company’s board of directors alongside FAST executives Mr. Famularo, Mr. Gorman and Mike Roe, an investor in and long-time strategic adviser to the company.
Sherman & Company LLC served as FAST’s financial adviser on the transaction and Chiesa Shahinian & Giantomasi PC provided legal advice to the company. Lowenstein Sandler LLP acted as legal counsel to MCP, while Celent assisted with industry due diligence.
“We were pleased to assist Moelis Capital Partners in their analysis of the market for policy administration systems,” said Tom Scales, Research Director, Celent, “Insurers are under pressure to respond to the digital age and are being held back by their legacy state. FAST is recognized as one of the technology leaders in the US marketplace, and is well-positioned to capture growth as insurers look to acquire more agile technology solutions.”
About Moelis Capital Partners
Moelis Capital Partners LLC, a subsidiary of Moelis Asset Management LP, is a middle market private equity firm founded in 2007. MCP manages approximately $870 million of committed private equity capital and specializes in traditional private equity investments. For more information, please visit www.moeliscapital.com.
About FAST
FAST, which stands for “Flexible Architecture, Simplified Technology”, is a privately-held company located in Edison, NJ founded by the former leaders of NaviSys. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. For more information, please visit www.fasttechnology.com.