UK watchdog clears Xchanging acquisition

The UK Competition and Markets Authority has cleared Xchanging’s acquisition of Agencyport Europe.

Xchanging announced the acquisition of the European operations of the US headquartered insurance software business in July 2014.

Ken Lever, chief executive of Xchanging, said: “We are very pleased to have the final CMA decision. We can now re-launch our integration programme to deliver the planned market and synergy benefits.

“Agencyport brings a highly complementary product portfolio that will expand Xuber’s range. We look forward to putting the power of our global presence behind the enlarged portfolio and into the cross-selling opportunities offered by the client base Agencyport brings.”

Chris Baker, executive director of Xuber, added: “We understand the importance of staying ahead in an evolving and competitive global market. Technology is the catalyst for change and the platform to launch organisations into new territories and business models.

“Agencyport is recognised for its forthright culture, commitment to delivery, and openness with clients. Combined with our acquisition of Total Objects, our customers will now be able to engage with a broader team of talented professionals and benefit from an enriched product portfolio.”