Xchanging, a business process, procurement and technology services provider, announced the acquisition of all the European operations (‘Agencyport Europe’) from the US-headquartered insurance software business Agencyport Software, for a cash consideration of £64.1m ($110.0m).
The acquisition will expand and strengthen Xchanging’s existing insurance software business, Xuber, and support the company’s strategy to build its insurance business globally and acquire technology and intellectual property that enables greater value generation. It follows the previous technology acquisitions of AR Enterprise in November 2012, and MarketMaker4 in September 2013, and most recently of insurance software business Total Objects Limited, which was announced July 3, 2014.
Agencyport Europe is headquartered in London and provides software to the property & casualty and health insurance markets. The software suite offers exposure modelling and risk analysis, policy administration, billing and claims business processing.
The company has 160 employees based in London, Leeds and Cwmbran and the workforce, including its senior management team, will be joining Xchanging. In time, Agencyport Europe will be rebranded under the Xuber name and will be part of Xchanging’s Technology business. Phil Race (managing director, Agencyport Europe) and Andy Lovett (chief operating officer, Agencyport Europe) will continue as leaders within the business.
Source: Xchanging plc
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