Majesco TL
Follow Us
ITA MEMBERSHIP

CORE SYSTEMS

CORE SYSTEMS

Moelis Invests in Flexible Architecture and Simplified Technology

Staff Writer | September 11, 2015

​Moelis Capital Partners (MCP) announces its investment in Flexible Architecture and Simplified Technology (FAST), a provider of core software solutions to the life insurance industry. Terms of the investment were not disclosed.

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.

“MCP’s objectives for the business are directly in line with where I want to take FAST,” says Tom Famularo, CEO of 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, COO of FAST, adds, “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, 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 Famularo, Gorman, and Mike Roe, an investor and long-time strategic adviser to the company.

“We are very excited to be FAST’s partner and to help management execute on numerous exciting growth initiatives,” says Killion. “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.”

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,” says 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 U.S. marketplace, and is well-positioned to capture growth as insurers look to acquire more agile technology solutions.”


Featured articles

Majesco MR

Majesco RH

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

ITA LIVE 2019

The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.

ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.

Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News