At-Bay L-R Ayelet Kutner, Tara Budan, Rotem Iram, Roman Itskovich, Bert Saidoff and Joe schirerr, courtesy
At-Bay, an Israeli startup and a unicorn that insures organizations against cyber threats, is expanding. The company bought out Relay, a technology solutions provider enabling the digital transformation of commercial insurance placements. The purchase price was not disclosed.
At-Bay has plenty of cash on hand for the acquisition. In July 2021, the At-Bay raised $185 million in a Series D, and added another $20 million to that a few months later.
Founded in 2016 by CEO Rotem Iram and Chief Risk Officer Roman Itskovich. At-Bay currently employs 120 workers, 50 of whom work in the company’s research and development facility in Israel. The rest are in New York, San Francisco, and Atlanta.
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Founded in 2019, Relay has built a broker-friendly and dynamic digital placement solution for multiple specialty commercial lines, with a focus on cyber. Annual recurring premiums transacted on the Relay platform grew 7x over the past six months, with cyber submissions growing 10x in the past year.
“Brokers are hungry for better service and streamlined workflows from their partners, which technology can transform. Far too often, they are held back by outdated processes and systems,” said Rotem Iram, co-founder and CEO of At-Bay. “Relay has built an innovative digital marketplace, tailored to the needs of brokers. By enabling it to focus all its efforts on serving brokers and their key partners, we believe it will deliver maximum benefit to the ecosystem and create the go-to marketplace for brokers in SMB specialty insurance.”
“Thanks to their collaborative and innovative approach to solving business risk, we see At-Bay as spearheading the successful development of a true multicarrier platform,” said Greg Boutin, co-founder and CEO of Relay. “We immediately felt a strong connection with their team, with both of our companies holding a deep respect for the industry, while fiercely driving it into the future.”
At-Bay’s annual recurring gross written premium (ARGWP) surpassed $360 million in 2022, and the company has raised $292 million from investors including Lightspeed Venture Partners, Khosla Ventures, M12, Acrew Capital, Icon Ventures, ION Crossover Partners, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer.
