Asia Digest: PAG, Gaw Capital among Global Switch bidders; CoverGo raises $15m

Asia Digest: PAG, Gaw Capital among Global Switch bidders; CoverGo raises $15m

George Majdalani (L) Middle East Director of CoverGo, Rakan Abunayyan (C) Partner at Noira Capital, Tomas Holub (R) CEO of CoverGo/PRNEWSWIRE

Asian buyout forms PAG and Gaw Capital are among the bidders finalised UK-based data centre company Global Switch Holdings. Separately, insurance SaaS platform CoverGo has raised $15 million in Series A funding round.

KKR, EQT in race for Global Switch

Private equity firms including EQT and are among bidders shortlisted to buy data centre company Global Switch Holdings Ltd., Bloomberg reported, quoting people familiar with the matter.

Gaw Capital Partners, PAG, and Stonepeak Partners have also been selected to participate in the next round of bidding for the London-based company, the report said. Suitors could start conducting due diligence in the coming weeks ahead of a deadline for binding offers, it said.

Founded in 1998, Global Switch owns and operates 13 data centres in Europe and the Asia-Pacific spanning about 428,000 square meters, according to its website. It reported 251.4 million pounds ($297 million) in Ebitda for 2021, a 5.8% increase from the previous year, according to its annual report.

Noira Capital backs CoverGo

Global no-code insurance SaaS platform CoverGo has raised a $15-million Series A funding round, with Middle-East insurance fund Noria Capital joining as one of the strategic investors.

CoverGo will use the funding for its Middle-East expansion plans, which will be led by newly appointed Regional Director George Majdalani. George is a senior executive with over 17 years in digital insurance transformation and health insurance innovation.

“The strategic investment from Noria Capital will further accelerate CoverGo’s growth in the Middle-East and provide relationships with key partners and insurance companies in the region.”said Tomas Holub, Founder & CEO of CoverGo.

The company has been adopted by a growing number of P&C, health and life insurance companies, and emerging insurtech companies across the globe to build and launch all types of insurance products within days, develop omni-channel distribution, and digitise policy admin and claims, it said in a press release.

CoverGo’s clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance, and many others.

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