GREENSBORO, N.C. & RALEIGH, N.C.--(BUSINESS WIRE)--apexanalytix® (“apex”, “The Company”), a leading global supply chain risk management data, software, and services provider, and Certificial, a pioneer in business insurance monitoring technology, today announced a partnership under which apex will offer Certificial’s Certificate of Insurance (“COI”) management services to its clients. As part of the agreement, apex has also made a strategic minority investment in Certificial. Financial terms of the transaction were not disclosed.
Certificial’s patented software uses real-time data to ensure businesses have continuous, compliant insurance coverage in their supply chains. The solution combines certificate issuance and compliance management into a single easy-to-use platform that helps minimize risk, ensure compliance, and reduce costs for every stakeholder in the COI process, including insureds, agents and brokers, and requestors. Certificial’s Smart COI Network is used by over 12,000 insurance agencies, which provide over 90% of commercial business insurance in the US and Canada.
“We are thrilled to support Certificial’s efforts of making insurance coverage more streamlined and efficient for all users,” said Steve Yurko, CEO of apexanalytix. “We look forward to partnering with an organization that shares our goal of giving clients the power and flexibility to meet their business needs through innovative technology and look forward to offering the benefits of Certificial’s Smart COI Network through our platform.”
“We are pleased to welcome apex and bring its InsurancePro service onto the Smart COI Network,” said Rob Blanchette, Co-Founder of Certificial. “Having the support of apex, which has deep experience helping the world’s largest, most successful companies manage supplier and supply chain information, risks and opportunities, will help accelerate our mission of simplifying insurance coverage compliance and enable us to reach even more customers.”
“As with so many supplier and supply chain management challenges, when it comes to insurance coverage, requirements vary widely from company to company, region and supplier type,” said Akhilesh Agarwal, apex’s Chief Operating Officer for Global Procure-to-Pay Solutions. “Existing processes are manual and often unreliable, which can lead to unexpected financial losses and reputational damage. Partnering with Certificial helps mitigate these risks, offering our clients a new level of compliance and confidence in their supply chains.”
This transaction is the latest milestone in the growth of apexanalytix, which received a majority investment from funds managed by KKR, a leading global investment firm, in 2022, joining Carousel Capital which continued as a minority investor.
apex is a pioneer in the supply chain software, data, and analytics markets with data-powered software and services for supplier information, risk and opportunity management, fraud prevention, and overpayment recovery. The Company serves over 250 Fortune 500 and Forbes Global 2000 companies, protecting more than $9 trillion of annual spend across the world’s most complex supply chains. apex’s leading suite of products includes its supplier management platform, apexportal, which fully automates supplier on-boarding, compliant master data management, and continuous monitoring of supplier and supply chain risk, throughout the supplier life cycle.
Certificial is the creator of the Smart COI Network™. This network unites the risk management community across all industries through a Certificate of Insurance (COI) platform, transforming the insurance verification process using real-time data to ensure businesses have continuous, compliant coverage. By combining certificate issuance and compliance management into one simple platform, Certificial eliminates risk, ensures compliance, and reduces costs for every stakeholder in the COI process. Unlike other solution providers, Certificial encompasses the entire process of creating and distributing Smart COIs by enabling agents and insureds to provide third parties with continued access to coverage information, acting as an extension of the system of record to certificate holders. Cofounded by the former Chief Technology Officer of ACORD and backed by top investors, Nationwide, IA Capital, Fin VC, Cameron Ventures, and Cofounders Capital, Certificial is driving the future of digital insurance verification with their Smart COI Network™.