Trupanion, Inc. (NASDAQ:TRUP) announced the acquisition of Smart Paws GmbH (“Smart Paws”), a rapidly-growing pet insurance provider with operations in Germany and Switzerland, on August 31.
Co-founded by veterinary and insurance professionals, Smart Paws specializes exclusively in pet insurance and offers products developed by veterinarians and tailored to the needs of animals and their owners. Smart Paws’ team of pet-loving professionals has developed strong relationships with hospitals and veterinarians in Germany and Switzerland and continues to expand that relationship footprint.
With the acquisition of Smart Paws, Trupanion builds on its international footprint, a key tenet of its 60-month plan.
“Continental Europe is a highly attractive opportunity for Trupanion, offering high per capita spending and relatively low levels of pet insurance penetration. Through the acquisition of Smart Paws, we look forward to expanding our footprint in other key European countries,” said Simon Wheeler, EVP of International at Trupanion. “In addition to being strategically positioned geographically in the European Union, the Smart Paws team brings expertise within the region’s veterinary industry, which will be integral to building our presence in that market.”
The Smart Paws team will continue to manage and administer all of their products and membership policies and will be a part of Trupanion’s international organization led by Simon Wheeler.
The Company does not expect any material financial impact to its 2022 financial results as a result of the acquisition. The financial terms of the transaction were not disclosed.
