Novidea acquires automated document generation startup Docomotion

Novidea Insurance Software Solution, a developer of a cloud-based, data-driven insurance management platform, has announced the acquisition of Docomotion, an automated document generation insurtech.

This move aligns with Novidea’s strategy to strengthen its position in the Insurtech industry.

Adding Docomotion’s capabilities will enhance Novidea’s platform with automated forms processing, design, management, and e-signatures.

Docomotion’s customers will gain access to a broader product suite, a focus on product development, an improved customer experience, and global professional expertise.

Novidea acquires automated document generation startup Docomotion

This acquisition aims to accelerate innovation and provide exceptional value to Novidea’s clients.

Docomotion is an innovator in automated document management, a crucial technology for document-heavy industries. Its cloud-based technology creates significant synergies between our companies

Roi Agababa, CEO of Novidea

“We are excited to welcome Docomotion’s team and look forward to driving successful digital transformations for our customers,” said Roi Agababa.

Digital transformation remains a major challenge in the insurance sector. Novidea’s platform helps customers improve operational efficiency, enhance business resilience, stay competitive, and deliver better customer experiences.

Docomotion’s solution reduces the administrative burden of processing complex documents.

Novidea has grown significantly in recent years, driven by the global trend to modernize insurance customer experiences. We share a vision for the evolution of document generation

Oren Leshem, CEO and Founder of Docomotion

“Together, we can expand our capabilities and deliver greater value to our customers. Docomotion will continue serving its customers across various sectors, now with broader resources and assets,” said Oren Leshem, CEO and Founder of Docomotion

Novidea was represented by Yael Shimon-Many, partner at Pearl Cohen law firm. Docomotion was represented by Oded Levy, partner at Arnon, Tadmor-Levy.

Insurtech Novidea has raised $50 mn in its latest round of funding led by Battery Ventures.

Funding from Battery Ventures represents new investment in Novidea and was supplemented by Cross Creek, another first-time investor in the insurtech.

Novidea’s pre-existing investors, Israel Growth Partners, KT Squared and JAL Ventures also provided funding in the latest round.

While businesses globally adjust to dealing with a pronounced increase in risk—driven by geopolitical, economic and other events—the insurance industry has generally been underserved by technology relative to other sectors.

Peter Sonner   by Peter Sonner