Miguel Cordon · · 1 min readCover Genius acquires US-based extended warranty provider
Angus MacDonald and Chris Bayley, founders of Cover Genius / Photo credit: Cover Genius
Cover Genius, an Australian insurtech company, has acquired Clyde Technologies, a US-based embedded warranty provider. The details of the transaction were not disclosed.
With this acquisition, Cover Genius aims to expand into the medium-sized ecommerce segment. This move also aligns with the firm’s growth strategy, which also includes its recent purchase of Booking Protect, a refund protection startup.
Clyde Technologies offers extended warranty services baked into other companies’ platforms. Its plans cover wear and tear as well as accidental damage, among others. The company’s merchant partners include brands such as Skullcandy, Movado, and Dyson. Cover Genius expects no impact on servicing and sales for Clyde’s partners.
Founded in 2014, Cover Genius is known for its global distribution platform XCover, which provides insurance or other types of protection to customers of large digital companies. The firm’s clients include Booking Holdings, Ola, and Intuit. Its products are also available on platforms such as MakeMyTrip, Amazon, Flipkart, and Shopee.
See also: The rise of enigmatic insurtech unicorn Bolttech
Besides Australia, Cover Genius has offices in locations including North America, the UK, Singapore, India, and New Zealand.
Editing by Dhania Putri Sarahtika
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