NewSpring, Signal Cove back Iris management buyout from Redion

• Iris rebrands as Iris OnWatch to mark its new independence from Redion
• NewSpring Capital and Signal Cove Capital, both growth investors, back the newly independent business
• Existing client contracts and service levels remain unchanged after the deal

NewSpring Capital and Signal Cove Capital are backing a management-led buyout of Iris Powered by Generali from Redion Group, allowing the identity and cyber protection company to operate independently, according to a statement.

Based in Washington DC, Iris is rebranding as Iris OnWatch to reflect its independence and its mission to protect individuals in an increasingly complex digital world.

Iris has more than 20 years of experience in identity protection. The business combines monitoring, alerting, resolution services and insurance-backed protection into a single platform, serving millions of consumers through enterprise clients, employers, financial institutions and insurance providers. Existing programs, client commitments and service levels remain fully in place following the transaction.

Redion, the recently adopted name for the former Generali Care platform encompassing Europ Assistance and Generali Employee Benefits, operates in more than 190 countries with over 12,000 employees and annual business volume of €5.8 billion. The company is headquartered in Paris.

“Iris has built an impressive business with a strong leadership team, a differentiated technology platform and longstanding relationships with leading global organizations,” Michael Avon, managing partner of Signal Cove Capital, said in a statement.

“We believe Iris is exceptionally well positioned to capitalize on growing demand for identity and cyber protection solutions…” said Larry Berran, operating partner at NewSpring Capital.

NewSpring has more than $3.5 billion in assets under management and invests across a spectrum of strategies from growth equity to control buyouts. Signal Cove is a growth equity fund focused on cybersecurity, compliance and data businesses.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.