Iris Powered by Generali (a Redion Company) Announces Management-Led Buyout and Accompanying Rebrand

Transaction and Transition to New Iris OnWatch Branding Position the Company for Next Phase of Growth as an Independent Identity and Cyber Technology Platform

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Washington, D.C. - August 31, 2026 - Iris® Powered by Generali ("Iris"), a leading provider of identity protection and cyber risk solutions, today announced the completion of a management-led buyout from Redion Group, allowing the company to operate as an independent business. Iris is transitioning to a new brand name, Iris OnWatch, reflecting its independence and mission to proactively protect individuals in an increasingly complex digital world.

"This is a milestone moment for Iris," said Paige Schaffer, CEO of Iris. "Completing this management-led buyout allows us to chart a course that will enable our business to capitalize on the future of this rapidly growing industry. We will continue putting our employees, our clients, and their customers at the center of everything we do since partnerships are a core part of our DNA. All while continuing to provide a flexible, innovative platform with the high touch, empathetic and knowledgeable customer service needed to help victims out of difficult and stressful situations."

Iris OnWatch will continue to deliver its full suite of identity and cyber protection services to millions of individuals through its enterprise and financial institution clients. Existing programs, client commitments, and service levels remain fully in place.

"This transition reflects a natural evolution of our respective strategies," said Olivier Carn Chief Strategy and Corporate Development Officer - Redion Group "Iris has grown into a successful technology-driven business with its own distinct opportunities for growth and innovation. We are proud of what the Iris team has built and look forward to continuing our longstanding partnership as both organizations focus on their respective strengths."

With more than 20 years of experience in identity protection, Iris is among the pioneers of the B2B2C identity protection market. Today, Iris delivers identity and cyber protection through a technology platform that combines flexible enrollment experiences, configurable protection capabilities, intelligence and analytics, and award-winning customer support. Iris currently serves millions of consumers through longstanding relationships with leading organizations across financial services, insurance, telecommunications, employee benefits, and other industries.

"What differentiates Iris is the flexibility and intelligence of our platform," said Erik Nienaber, Chief Operating Officer of Iris. "Clients can choose how their customers enroll, the protection features they offer and how the experience integrates into their ecosystem. We help clients understand what's working for their customers, and because they are connected to our platform, they can easily add new features as their needs evolve. As AI reshapes the threat landscape, we're leveraging it to enhance our protection."

The transaction is supported by strategic investment partners NewSpring Capital and Signal Cove Capital, experienced growth investors with a strong track record of partnering with management teams to help technology and technology-enabled businesses scale and create long-term value.

"Iris has built an impressive business with a strong leadership team, a differentiated technology platform and longstanding relationships with leading global organizations," said Michael Avon, Managing Partner of Signal Cove.

"We believe Iris is exceptionally well positioned to capitalize on growing demand for identity and cyber protection solutions, and we look forward to supporting the team operationally in this next phase of growth." said Larry Berran, NewSpring Operating Partner.

About Iris OnWatch

Iris OnWatch is a B2B2C global identity and cyber protection company that is passionate about not just developing effective identity protection solutions but also integrating them into people's lives in a meaningful and impactful way. Today, we partner with some of the world's most well-known brands, protecting their people how they want to be protected, no matter where they are. With more than 20 years of experience in identity protection, Iris serves millions of individuals through enterprise clients, employers, financial institutions, and insurance providers. Iris combines monitoring, alerting, resolution services, and insurance-backed protection into a unified platform.

About Redion

Redion is a world leader in assistance, travel insurance and employee benefits. The name, revealed in 2026, reflects the full maturity of the global Care platform that has been operating under Generali Care, bringing together Europ Assistance and Generali Employee Benefits (GEB). Operating in more than 190 countries, with over 12,000 employees and €5.8 billion in annual business volume, Redion delivers services spanning travel insurance, emergency and medical assistance, employee protection (life, disability, accident, medical), health and mobility solutions, as well as global B2B2C and embedded insurance programmes. Within its employee benefits offering, Redion builds on a global network of 224 active partners to provide multinational clients with protection, health, pension and wellbeing solutions across markets, combining global scale, local expertise and deep technical capabilities.

About the Investment Partners

The transaction is supported by growth partners NewSpring Capital and Signal Cove Capital, both with strong track records of partnering with management teams to help technology businesses scale and create long term value.

About NewSpring Capital

For more than 25 years, NewSpring Capital has worked alongside founders and management teams in the lower-middle market, providing capital, operational support, and strategic guidance to help businesses scale. With over $3.5 billion in assets under management and more than 250 investments completed, we bring operational experience and investment expertise to build market-leading companies across sectors such as technology, healthcare, business services, consumer, and industrials. Through five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt, we tailor our approach to each company's stage and goals, always with a focus on sustainable growth. As specialists in the lower-middle market, we support growth that leads to more predictable outcomes. At NewSpring, we are as invested in your outcome as you are. For more information, visit newspringcapital.com.

About Signal Cove Capital

Signal Cove Capital is a growth equity fund investing in the cybersecurity, compliance and data businesses powering the AI economy. The firm, founded by long-time investor, entrepreneur and operator, Michael Avon, is based in Washington, DC and invests in data, software and technology-enabled services growth companies across the United States and Western Europe. For more information, visit: www.signalcovecapital.com.