SEATTLE, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, announced today the signing of a definitive agreement to acquire Royal Blue s.r.o, the parent company of PetExpert, a veterinary-centric pet insurance provider with tens of thousands of policies and operations in the Czech Republic and Slovakia.
There are an estimated 1,300 veterinary hospitals in the Czech Republic and Slovakia and over 95% of these have connectivity to the PetExpert platform.
PetExpert marks Trupanion’s second European acquisition, adding a well-established, fast-growing company in support of 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 together our like-minded businesses, allowing us to collectively work to eliminate the financially burdensome reimbursement model in Europe and enable pet owners and veterinarians to focus on quality of care over financial considerations,” said Simon Wheeler, EVP of International at Trupanion. “PetExpert swiftly broadens our European footprint into the Czech Republic and Slovakia, and we expect Belgium and Poland to follow in the coming months.”
“We are thrilled to be joining the Trupanion team,” said Derek Cummins, CEO & co-Founder with Jan Moravec, co-Founder & CTO of PetExpert. “We share the same entrepreneurial culture and passion to help as many pet parents as possible provide the very best veterinary medical care for their pets. At the helm of PetExpert, Jan and I look forward to accelerating Trupanion’s expansion across Europe and beyond.”
“We are excited to welcome PetExpert to Trupanion and work together to advance our international expansion initiatives, a key part of our 60-month plan,” said Margi Tooth, President of Trupanion. “We believe that Continental Europe’s underpenetrated market holds great opportunity for our high-coverage Trupanion product, with its unique support for pet parents and the veterinary community alike, 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 anticipate a material financial impact to its 2022 financial results as a result of this acquisition.
About Trupanion Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 800,000 pets enrolled. For over 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 payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.
About PetExpert Founded in 2018, PetExpert is the leader in the online pet insurance market in the Czech Republic and, since 2020, has provided pet insurance in Slovakia. PetExpert provides insurance to tens of thousands of clients in the Czech Republic and Slovakia. More information is available at www.petexpert.cz and https://www.facebook.com/PetExpertCZ |
