Sherwood International, a supplier of solutions to the global insurance marketplace, has acquired Concise Technologies Inc. for an estimated $13 million in cash and equity.
The acquisition is aimed at strengthening Sherwood’s position within the industry across North America. Sherwood’s current clients in the insurance and reinsurance sectors include AXA, CNA, ACE and CIGNA.
Concise is a software and services organization with a strong presence in the North American property/casualty marketplace, with clients including ACE and SAFECO. Concise reported revenues of $4.6 million for the year ended Nov. 30, 2000.
Concise’s tools-based product architecture complements Sherwood’s existing high-end p/c toolset-based product, Amarta-Lines. In March 2001, Sherwood signed a partnership agreement with Deloitte Consulting to distribute Amarta-Lines to large p/c insurers around the world.
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