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sms.law assisted the French digital insurance platform +Simple in expanding its activities to Austria by advising on the purchase of a portfolio of insurance brokerages from Austrian ALT + PARTNER GmbH, through one of its subsidiaries, German Carl Rieck GmbH.

+SIMPLE was founded in 2015 and is the first insurtech digital insurance platform to digitize and industrialize the entire insurance value chain for self-employed professionals and SMEs. It simplifies the underwriting of business insurance by providing its customers with a one-stop-shop solution, supported by its partnerships with major clients and local brokers. Due to this innovative solution, +SIMPLE most recently attracted a total growth financing of € 90 million, led by KKR’s Next Generation Technology Growth Fund II. +SIMPLE currently covers 500 professions through 29 adapted solutions and serves more than 100,000 customers.

Apart from a full scope due diligence in respect of the target company/assets and the legal advice on the structuring and implementation of this transaction, sms.law advised on all relevant aspects of the pre-and post-closing phase, including the LOI, contracts regarding temporary post-closing advisory services by ALT + PARTNER GmbH’s shareholders/managing directors and the establishment of an Austrian branch.

sms.law partner Philipp Gamauf who led the transaction headed the team advising +SIMPLE, with sms.law associate Matthias Gangl primarily providing support; Stephan Schmalzl (partner), Sarah Lurf (attorney-at-law), Stefan Burischek (attorney-at-law) and Stefan Knotzer (associate) each provided valuable support in certain corporate, employment and data protection law related questions.

It is our pleasure to congratulate +SIMPLE on its latest acquisition and wish them continued success with their innovative platform.