T-TP to Merge Software Unit with Australia’s Classic Solutions

July 1, 2002

Financial and insurance consultant Tillinghast – Towers Perrin announced that it has reached an agreement with Australian-based Classic Solutions to join forces to provide development, sales and support of software products for financial services companies.

T-TP plans to merge its TAS Tillinghast Actuarial Software┬« business with the software operations of Classic Solutions, forming a new new company in which it will become the majority shareholder. Classic Solutions’ current CEO, Mark Schneider, will continue to serve as CEO of the newly organized company.

“The new company will retain the Classic Solutions name and operate as a separate entity, capitalizing on the synergy between the best-in-class actuarial expertise of Tillinghast and the combined strengths of the TAS systems and MoSes, Classic Solutions’ advanced, general-purpose system for financial modeling, projection and valuation,” said the announcement. “Additionally, this acquisition will produce the largest installed base of client companies worldwide and the fastest-growing software business of its type.”

T-TP’s Managing Director Patricia Guinn stated that the merger joining of the capabilities of the two companies “represents a tremendous opportunity for Tillinghast, Classic Solutions and our clients.”

She explained that “Tillinghast’s TAS actuarial software is the leading financial modeling system; Classic Solutions’ Moses is the best-of-breed user development platform, coupled with an excellent library of predeveloped applications. Over time, the two systems will be integrated, incorporating the best of both.” She added that “The abundance of intellectual capital that this relationship combines will create the only truly global provider of such software.”

Plans call for starting the integration of the two systems immediately with emphasis on creating a company with the resources “to grow and expand its application offerings in areas such as business planning, sophisticated asset-liability risk analysis, pricing of innovative products, valuation and the calculation of embedded values.”

“Starting today, Tillinghast consultants will be available to work collaboratively with Classic Solutions, whether to provide implementation consulting services to clients, or to pursue the development of new software. We are committed to making this a win-win for clients,” concluded Guinn.

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