Trupanion has entered into an agreement to acquire PetExpert’s parent company, Royal Blue s.r.o.
Pet insurance provider Trupanion has entered into an agreement to acquire Royal Blue sro, parent company of PetExpert. The acquisition will be his second acquisition in Europe for Trupanion, after that of Smart Paws.
Veterinary-focused PetExpert operates in the Czech Republic and Slovakia, providing pet insurance to tens of thousands of policies. According to Trupanion, there are an estimated 1,300 veterinary hospitals in these countries, of which more than 95% are connected to his PetExpert platform.
“By bringing together like-minded businesses, we are working together to eliminate financially burdensome reimbursement models in Europe and enable pet owners and veterinarians to focus on quality of care rather than financial concerns. I am pleased to be able to do Torpanion’s International, the organization’s news release.
PetExpert co-founders CEO Derek Cummins and CTO Jan Moravec said they are thrilled to be joining Trupanion. “We share the same entrepreneurial spirit and passion to help as many pet parents as possible provide the best veterinary care for their pets. We look forward to accelerating Torpanion’s expansion in Europe and beyond.
The acquisition of PetExpert expands Trupanion’s European footprint to the Czech Republic and Slovakia, but Wheeler said he expects to expand to Belgium and Poland in the coming months. No further details were provided.
According to Margi Tooth, president of Trupanion, the company’s efforts to expand internationally are a key part of its 60-month plan. “Continental Europe’s underserved market positions itself as the product of choice for our high-coverage Torpanion products that uniquely support pet parents and the veterinary community alike,” Tooth said in a release. We believe there is a great opportunity.
The deal with Royal Blue sro and PetExpert is expected to close in the fourth quarter of 2022, and no additional terms were disclosed. Torpanion does not expect the acquisition to have a material financial impact on his 2022 financial results.