Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS. EBS was Metromile’s SaaS claims automation and fraud detection platform which it licensed to large insurance carriers.
The all-cash transaction was completed following the close of Lemonade’s acquisition of Metromile last week. Terms of the deal were not disclosed. Keefe, Bruyette & Woods, a Stifel Company, acted as financial advisor in connection to the transaction.