Charles Taylor buys stake in software firm
Insurance services firm Charles Taylor and private equity firm The Riverside Company have agreed to acquire a majority interest in the owner of Fadata.
Fatada is a specialist provider of software solutions to the global insurance industry and provides an end-to-end policy administration system (INSIS), used by a number of life, general insurance and health insurance businesses.
The joint venture is part of Charles Taylor’s business strategy to further develop its professional service business lines both organically and through acquisitions, joint ventures and business investments.
It will invest €5.1 million in the holding company that owns Fadata.
David Marock, group chief executive officer of Charles Taylor, said: “The global insurance technology market is growing rapidly with increasing demand from insurers to replace legacy systems, bring new products to market quickly and capitalise on the potential of big data.
“With our support and market presence, we believe that Fadata is well-positioned to become a world leader in the global insurance-related software market.”
“A sizeable proportion of Charles Taylor’s business is already dedicated to providing insurance technology solutions and services to insurance clients across the globe. This joint venture will enable us, working closely with Fadata, to accelerate both Fadata’s and our growth in the global technology market.”
Martin Scott, partner at The Riverside Company, added: “We are very excited to be making this investment in Fadata alongside Charles Taylor. Fadata’s flagship product, INSIS, is a flexible state-of-the-art modular software solution for insurance providers, which has already been adopted by insurance businesses across the world.
“Charles Taylor’s presence and reputation in the global insurance market will enable us to work together to accelerate Fadata’s growth to become one of the market-leading insurance software solutions providers globally."
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