Xchanging has acquired all the European operations ('Agencyport Europe') from the US-headquartered insurance software business Agencyport Software, for a cash consideration of £64.1million (S$137 million), the business process, procurement and technology services provider announced today.
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 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,' the company said in its media statement.
Xchanging has been on an acquisitions spree. It acquired AR Enterprise in November 2012, and MarketMaker4 in September 2013. It most recent acquisition was insurance software business Total Objects Limited, which was announced on 3 July 2014.
The company has 160 employees based in London, Leeds and Cwmbran and the workforce, including its senior management team, will be joining Xchanging, the company sources said. Phil Race (Managing Director, Agencyport Europe) and Andy Lovett (Chief Operating Officer, Agencyport Europe) will continue as leaders within the business.
The statement also clarified that Agencyport Europe will be rebranded under the Xuber name and will be part of Xchanging's Technology business.
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