View this article online: https://www.insurancejournal.com/news/international/2017/08/21/461865.htm
U.S.-based data analytics firm Verisk Analytics Inc. has agreed to acquire London-based insurance and software specialist Sequel from private equity firm HgCapital and other Sequel shareholders.
Sequel specializes in software that “creates instant, intuitive understanding of the most complex data,” according to its website. The company employs insurance and technical experts in the UK and Spain.
Verisk said the acquisition will further expand its offerings to the global complex commercial and specialty insurance industry, enabling integrated global data analytics through a specialized end-to-end workflow solution.
The purchase price is £250 million (US$322 million). Sequel had revenue and EBITDA of £26 million (US$33.5 million)and £12 million (US$15.4 million), respectively, for the year ended June 30, 2017.
The transaction is expected to close in third-quarter 2017.
Sequel’s complex commercial and specialty insurance software is used by Lloyd’s of London and other specialty insurance players.
“Sequel’s strong position in the London insurance market will allow Verisk to build on our footprint in the UK, reinforce our deep long-term commitment to a strategic market, and expand our customer sets in global insurance markets,” said Mark Anquillare, chief operating officer of Verisk Analytics, which is based in New Jersey.
HgCapital partnered with the management of Sequel to acquire the software provider from its founder in July, 2014. Since then, led by CEO Mario Garcia, Sequel has broadened its core Eclipse product set to a full suite supporting all the complex risk activities of insurers and brokers, including risk aggregation, claims management and reinsurance.
According to HGCapital, customer numbers have tripled since 2014 and the company has seen compound revenue growth of 14 percent per annum.
Sequel was founded in 1993.