“Magenta don’t bring an ownership mentality to the table. They backed me, my team, and supported wherever they could.”
Gary Burke, Founding Entrepreneur
Date Invested: October 2010
Date Realised: February 2014
Deal Team: Chase Emson
iPrism was founded in 2006 by Gary Burke iPrism as an underwriting agency writing SME corporate and HNW individual policies. Central to the iprism business model was a purpose-built proprietary IT platform that connected SME brokers to a panel of 15 underwriters in real-time, offering them a web-based price comparison engine across a range of 12 broad product lines. Brokers were also able to offer this price comparison directly to their customers through a white-label website offering.
After evaluating iprism and the team, Magenta invested in October 2010, backing Gary Burke to deliver significant value from the platform that he and his team had built. In February 2014, Magenta successfully sold its stake in iprism to Bowmark Capital.
Gary Burke remains a member of the Magenta Partners Entrepreneurs Club, assisting with insights into the insurance industry and the evaluation of any insurance opportunities.