Xchanging has acquired of all the European operations from the US-headquartered insurance software business, Agencyport Software (Agencyport Europe), for a cash consideration of £64.1 million.
The acquisition will expand and strengthen Xchanging’s existing insurance software business, Xuber, and support Xchanging’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.
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.
Its software is complementary to Xuber’s offering and extends the group’s product range, notably into health insurance and exposure modelling.
Andrew Binns, executive director of Xchanging, said: “We are committed to investing in technology that benefits our customers, in London and around the world. Agencyport Europe has an excellent track record, high calibre talent and a strong management team with unique sector experience.”
“Not only does today’s acquisition make an important contribution towards achieving our goals, the insurance technology market will also benefit from the combined expertise and the wider global footprint. We look forward to welcoming our new colleagues to Xchanging.”
