SEATTLE, November 21, 2022 (GLOBE NEWSWIRE) — TrupanionInc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, today announced that it has signed a definitive agreement to acquire Royal blue sro, the parent company of PetExpert, a veterinarian-focused pet insurance provider with tens of thousands of policies and operations worldwide. Czech Republic and Slovakia.
There are approximately 1,300 veterinary hospitals in the Czech Republic and Slovakia and more than 95% of them are connected to the PetExpert platform.
PetExpert marks Trupanion’s second European acquisition, adding a well-established, fast-growing business to support its global expansion plans. Trupanion expects additional synergies from its recently completed acquisition of Smart Paws, including its existing relationships with the veterinary community.
“We are excited to bring our like-minded businesses together, allowing us to work collectively to eliminate the financially burdensome reimbursement model in Europe and allow pet owners and veterinarians to focus on quality of care rather than financial considerations,” said Simon WheelerInternational EVP at Trupanion. “PetExpert is rapidly expanding our European footprint in the Czech Republic and Slovakiaand we wait Belgium and Poland to follow in the coming months. »
“We are delighted to join the Trupanion team,” said Derek CumminsCEO and co-founder with John Moravec, co-founder and CTO of PetExpert. “We share the same corporate culture and passion to help as many pet parents as possible provide the best veterinary medical care to their pets. Leading PetExpert, Jan and I look forward to accelerating Trupanion’s expansion across Europe and beyond.”
“We are delighted to welcome PetExpert to Trupanion and work together to advance our international expansion initiatives, a key part of our 60-month plan,” said Tooth MargiPresident of Trupanion. “We believe the under-penetrated continental European market offers great opportunities for our high coverage Trupanion product, with its unique support for pet parents and the veterinary community, to distinguish itself as the product of choice.
The transaction is expected to close in the fourth quarter of 2022 and no additional terms were disclosed. Trupanion does not foresee any significant financial impact on its 2022 financial results following this acquisition.
Trupanion is a leader in medical insurance for cats and dogs across United States, Canada, Europe, Porto Rico and Australia with over 800,000 registered pets. For more than two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payments for the life of their pets. Thanks to its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is based in Seattle, WA. Trupanion policies are issued, in United Statesby its wholly owned insurance entity American Pet Insurance Company and in Canadaby Omega General Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, visit trupanion.com.
About Pet Expert
Founded in 2018, PetExpert is the market leader in online pet insurance in the Czech Republic and, since 2020, has provided pet insurance in Slovakia. PetExpert provides insurance to tens of thousands of customers worldwide. Czech Republic and Slovakia. More information is available at www.petexpert.cz and https://www.facebook.com/PetExpertCZ
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding, among other things, expectations, plans, prospects and financial results of Trupanion, including, but not limited to, its expectations regarding its ability to continue to increase enrollment and revenue, and otherwise execute its business plan. These forward-looking statements are based on the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. . All forward-looking statements made in this press release are based on information available to Trupanion on the date hereof, and Trupanion has no obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause actual results to differ materially from those expressed or implied by such forward-looking statements: the closing of the transaction with PetExpert; our ability to integrate and coordinate PetExpert’s resources and capabilities with ours; the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to continue to grow our membership base and revenues; the accuracy of assumptions used to determine appropriate member acquisition expenditures; the severity and frequency of complaints; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expenses exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing changes in response to changes in actual or estimated claims costs; the effectiveness and legal or regulatory compliance of our Partner Territory model and our Territory Partners, veterinarians and other third parties to recommend medical plan subscriptions to prospective members; the ability to retain the existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those recommending members to us with laws and regulations that apply to our business, including the sale of a medical plan for pets; the ability to maintain the security of our data; fluctuations in the Canadian dollar exchange rate; the ability to protect our proprietary information and that of our members; the ability to maintain our culture and our team; the ability to maintain the required amount of capital at risk; our ability to implement and maintain effective controls, including over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to pursue key contractual relationships with third parties; third-party claims, including litigation and regulatory actions; the ability to recognize the benefits of investments in new solutions and enhancements to Trupanion’s technology platform and website; and our ability to retain key personnel.
For a detailed discussion of these and other warnings, please refer to the risk factors discussed in the documents filed with the Security and Exchange Commission (SEC), including, but not limited to, Trupanion’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and all reports subsequently filed on Forms 10-Q and 8-K. All The documents are available through the SEC’s Electronic Data Analysis and Retrieval System at https://www.sec.gov/ or the Investor Relations section of Trupanion’s website at https ://investors.trupanion.com/.
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