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Insight Venture Partners Sued Over $1.2 Billion SimpleNexus Deal

Sept. 27, 2022, 9:02 PM

A pension fund sued Insight Venture Partners LLC in Delaware, claiming the venture capital firm steered one of its portfolio companies, nCino Inc., into an overpriced $1.2 billion deal for another company it controlled, SimpleNexus.

The shareholder derivative lawsuit, made public Monday, also targets executives and board members at nCino, including Insight founder Jeffrey Horing. It was filed in Delaware’s Chancery Court by the City of Hialeah Employees’ Retirement System, a Florida pension fund that holds nCino shares.

The 74-page complaint accuses Insight of making a greater than 600% profit at the expense of nCino investors when it flipped SimpleNexus—a ...