Trupanion, Inc. (NASDAQ:TRUP), the leading provider of medical insurance for cats and dogs, announced today the signing of a definitive agreement to acquire Royal Blue s.r.o, the parent company of PetExpert, a veterinary-centric pet insurance provider with tens of thousands of policies and operations in the Czech Republic and Slovakia.
There are an estimated 1,300 veterinary hospitals in the Czech Republic and Slovakia and over 95% of these have connectivity to the PetExpert platform.
PetExpert marks Trupanion’s second European acquisition, adding a well-established, fast-growing company in support of its global expansion plans. Trupanion expects additional synergies from its recently completed acquisition of Smart Paws, including its existing relationships with the veterinary community.
“We are excited to bring together our like-minded businesses, allowing us to collectively work to eliminate the financially burdensome reimbursement model in Europe and enable pet owners and veterinarians to focus on quality of care over financial considerations,” said Simon Wheeler, EVP of International at Trupanion. “PetExpert swiftly broadens our European footprint into the Czech Republic and Slovakia, and we expect Belgium and Poland to follow in the coming months.”
“We are thrilled to be joining the Trupanion team,” said Derek Cummins, CEO & co-Founder with Jan Moravec, co-Founder & CTO of PetExpert. “We share the same entrepreneurial culture and passion to help as many pet parents as possible provide the very best veterinary medical care for their pets. At the helm of PetExpert, Jan and I look forward to accelerating Trupanion’s expansion across Europe and beyond.”
“We are excited to welcome PetExpert to Trupanion and work together to advance our international expansion initiatives, a key part of our 60-month plan,” said Margi Tooth, President of Trupanion. “We believe that Continental Europe’s underpenetrated market holds great opportunity for our high-coverage Trupanion product, with its unique support for pet parents and the veterinary community alike, to distinguish itself as the product of choice.”
The transaction is expected to close in the fourth quarter of 2022 and no additional terms were disclosed. Trupanion does not anticipate a material financial impact to its 2022 financial results as a result of this acquisition.
