Cover-All Technologies (Fairfield, N.J.) today announced the acquisition of Moore Stephens Business Solutions LLC (MSBS, New York), a provider of business intelligence and advanced analytics solutions to the insurance industry. The transaction, executed through Cover-All's wholly owned subsidiary Cover-All systems involved the acquisition of substantially all of MSBS's assets for $2.45 million.
MSBS serves the insurance industry exclusively, providing Business Intelligence and advanced analytics solutions, according to a Cover-All press release. Leveraging its Insurance Analytic Framework (IAF), which delivers accurate, available and actionable key metrics and dimensions specific to the insurance industry, MSBS has established a dominant presence in an otherwise underserved market, the Cover-All source says. With the integration of these capabilities into the Cover-All portfolio, the combined organization will be well positioned to deliver additional value to the existing customers of both companies, as well as benefit from an unrivaled and unique competitive advantage in its combined offerings, the release asserts.
"With business intelligence one of the main drivers for core systems replacement projects, this acquisition should help strengthen the position of Cover-All in the market," says Matthew Josefowicz, director of New York-based Novarica's insurance practice. "It also makes sense for MSBS to be aligned with a vertical industry player rather than an professional services firm."
The combined organization post-acquisition will have over 55 customers within the same target market, according to the Cover-All source. Seth Rachlin, currently CEO of MSBS, will join Cover-All's management as an executive vice president and serve as director of Cover-All's new Business Intelligence unit, which will be based at MSBS's New York Office. The acquisition represents a pillar of Cover-All's growth strategy, as it looks to expand its customer base by offering additional leading-edge capabilities, according to the release.
"Thanks to our innovative strategy, customer focus, and talented results-oriented staff, I believe Cover-All has reached the point where we are ready for break-out growth, and this acquisition is evidence of that fact," comments John Roblin, chairman and CEO, Cover-All. "With our strong balance sheet and cash position, we are now able to shift our focus from stabilization to cultivation, and execute on the second part of our carefully planned growth strategy - a strategy which includes immediately accretive acquisitions which in turn, serve to fuel our organic growth and expanded offerings."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio