Open GI recorded revenue of £60 million for the financial year ending May 31, 2025, down from £61.7 million, as the insurtech continued investing in software services amid ownership transition and intensifying competition in UK broker technology.
The Worcester-based provider serves around 500 intermediaries and accounts for roughly a third of UK insurance transactions across commercial and specialist personal lines, connecting brokers with close to 100 partners through its policy administration systems.
CEO Simon Badley (pictured above) said the year marked the start of a period of change. A capital injection had enabled Open GI to focus on technology improvements, he noted.
Revenue was "only slightly lower than in 2024, indicating stability, with the longer-term picture pointing to positive growth", Badley added.
Open GI increased R&D spend to £9.3 million, up from £9.1 million – roughly 15.5% of revenue. It added nine brokers and MGAs to its systems and brought 50 new insurer and third-party products to market.
The results are the insurtech firm's first full-year figures under Ares Management, which completed its acquisition of Open GI from Montagu Private Equity in late 2024.
The relationship predates the deal – in 2014, Ares co-provided a £187 million debt package alongside GE Capital to fund Montagu's original buyout that year.
Montagu had explored a sale in 2018 but pivoted the business towards a software-as-a-service model instead, Reuters reported at the time. The firm re-engaged with buyers in 2023, with Reuters noting the insurtech could fetch up to 12 times expected core earnings of over £30 million.
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An Open GI spokesperson said when the deal closed that the company would "continue executing its organic growth strategy" with Ares' backing. Company filings show Ares managed over $525 billion in assets globally as of December 2024.
The figures place Open GI as the UK's second-largest broker software services provider by revenue, though well behind market leader Acturis, which reported revenues of £165.5 million for the year ended September 2024 – nearly three times Open GI's figure. Acturis states it processes over £18.5 billion in premium annually.
The landscape shifted in mid-2025 when Applied Systems confirmed it would withdraw its Epic platform from the UK. Applied CEO Taylor Rhodes acknowledged the firm had "struggled to deliver a fully featured product" against entrenched rivals.
The exit leaves Open GI and Acturis as the two principal software services providers of broker management systems, with SSP Worldwide – owned by Volaris Group since 2020 – in a complementary segment.
Badley said the company was now positioned for growth. Open GI had "a singularity of view and appetite to invest from our partners", he added.
