Verisk’s Sequel snaps up leading insurance software provider in expansion move
Sequel, a Verisk company which provides re/insurance software solutions to the global specialty market, is acquiring a leading insurance software provider to expand its digital capabilities.
Ignite Software Systems, a provider of insurance policy administration systems to brokers, MGAs, and insurers, has signed an acquisition agreement with Sequel. The acquisition and investment will accelerate the expansion of Ignite’s technology platform and form part of Sequel’s digital ecosystem.
Based in Manchester, Ignite licences an integrated Software as a Service (SaaS) platform which includes policy administration, rating engine and digital engagement for brokers and MGAs with specific domain expertise in motor, property, and pet insurance.
Sequel said the deal will enable it to accelerate development and expand its capabilities in the specialist insurance market. Ignite will benefit from Sequel and Verisk's support and access to technology, people, and capital resources.
Ian Summers (pictured), CEO of Sequel, said: “ Ignite has a strong management team and offers excellent business and technical capabilities to its client base of specialist brokers, MGAs, and insurers. The acquisition will enable us to accelerate the development of their digital platform and add a modular API driven SaaS platform to Sequel’s portfolio.
"The combination of Ignite with Sequel’s pricing, distribution and claims applications extends our unique and powerful capabilities for the insurance market. Ignite’s client focus and deep domain knowledge will fit seamlessly into Sequel’s business model providing new and existing clients with access to a broader expert advice and service.”
Toby MacLachlan, managing director of Ignite, added: “Joining Sequel is a fantastic leap forward for Ignite, our clients and our team. Whilst our technology has always been at the forefront of our market, as a company we look forward to strengthening our pipeline and increasing the opportunities that can be gained from being part of a leading-edge technology group. For our existing clients Ignite will now have access to all the world-class infrastructure, resources, security, and expertise that come with Sequel/ Verisk."
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