Bounce Life Limited has reached an agreement to sell their advisory business and insurtech platform to Cream Financial Solutions for an undisclosed seven-figure sum.
The deal includes Bounce image and branding, the company's referral and sales process, their intellectual property assets, a 30,000+ client base, and codes to Bounce's referral marketing algorithms
The existing Bounce senior advisory and management team will now be employed by Cream Financial Solutions and will continue to work out of the existing Bounce Manchester UK office.
The current Bounce sales and management team and their referral network are all set to be retained by the new owners.
Founder and CEO Ashley Reading, who will remain on as a consultant to the Cream board, said:
“I’m so proud that Bounce has been that splash of colour in a typically grey industry. I’ve absolutely loved the journey of building the company from the ground up. We have become one of the nation’s most admired insurance brokerages and referral marketing networks. We have helped tens of thousands of clients get better protected, with sums assured in excess of £3bn."
"It’s a tremendous success story. However, I couldn’t have done it without the support of an incredible team at head office in Bromley and the sales team based in Manchester, plus the network of thousands of amazing Bouncers all around the UK, who I thank with all my heart.”
Founded in 2016, Bounce Life has grown into one of the most respected life and health insurance brokers in the UK. More than 5,000 work-from-home “Bouncers" have been recruited in that period. The team aims to increase the awareness of life and health insurance needs to their friends, family and social media audiences.
Bounce Life has been ranked in the Top 100 best UK startups over the past five years. Last year the company was recognised as the best life and health insurance company at the SME Finance Awards.
The company is built on a highly sophisticated tech platform that Bounce Life owns and developed.
CEO and co-founder Ashley Reading, 51, has disrupted the insurance market with a highly innovative referral-marketing model. He has decided that after five hugely enjoyable years at Bounce, the time had finally come to move on to new ventures. After much deliberation with his board and shareholders he agreed to accept an offer that they “could not refuse”. He added:
“What’s exciting is that there’s still so much that I know is going to be achieved under the Bounce and Cream brands. I’m confident that the business will rise to even greater heights under the new ownership of Simon Smith at Cream. I’ve known Simon for many years, he’s one of the industry’s most respected and hardest working guys. I know our clients are going to continue to be extremely well looked after for many years to come. I genuinely couldn’t be more pleased, and I know that our mission to make the UK happier, healthier and better-protected will be carried on with great determination by Simon and his incredible team”.
"As an insurtech business, this is a great added-value acquisition for Cream, who have aspirations to take the front-end lead generation model and grow it by scale.
I am remaining on as a consultant to the Cream board, adding value and creative input wherever possible. I'll also still be actively involved in driving Bounce Network, behind the scenes. I have already started working on my next ‘business-disrupter’ platform. Once again, it is going to be a business centred around making a massive difference to people’s lives and, as always, having plenty of fun along the way.”