Xchanging, the business process, procurement and technology services provider, has acquired all the European operations of the US-headquartered insurance software business Agencyport Software for £64.1 million.
Xchanging said the acquisition will expand and strengthen its 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.
The acquisition follows the previous technology acquisitions of AR Enterprise in November 2012, MarketMaker4 in September 2013, and most recently of insurance software business Total Objects Limited, which was announced yesterday, 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.
Phil Race, the former managing director of Agencyport Europe will take on the role of business development director within Xuber and Andy Lovett, Agencyport Europe’s former chief operating officer, will be responsible for the integration programme and client delivery at Xuber.
Agencyport Europe will be rebranded under the Xuber name and will be part of Xchanging’s technology business.
Ken Lever, Xchanging chief executive, said: “Agencyport Europe is a very exciting and highly complementary addition to our insurance software division, Xuber, and we are delighted to be able to welcome Phil, Andy and the team on board. This is a significant acquisition, and perfectly in line with our strategy – it will enhance our existing insurance software product set, open new markets, and provide access to a blue-chip customer base.
“We also expect to identify cross selling opportunities, not just for Xuber, but also for all our offerings while Agencyport Europe will benefit from our strong global distribution network and marketing resource.
“The insurance market continues to evolve rapidly and this is being driven by technological change. Technology-enablement is central to success in our markets and to our strategic aims. Today’s acquisition makes a significant contribution towards achieving our long term goals.”
Phil Race, managing director of Agencyport Europe, said: “There is significant value in the two companies coming together; for our combined customer community, for our respective businesses, and for our people. We share similar strong values and an open and engaging approach with customers. We will continue to offer the best product suite available, through a highly dedicated and talented team, and will remain absolutely focused on our commitments. We look forward to integrating with Xuber and working together.”
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Xuber, Xchanging, Agencyport Software, Europe