Xchanging plc has announced its acquisition of all European operations from US-based insurance software business Agencyport Software (Agencyport Europe). The tech company is headquartered in London and provides software for the P&C and health insurance markets.
The transaction, which is valued at $110m, will build a foundation for Xchanging to expand its global insurance business and acquire the technology and intellectual property needed to generate increased value. It will also strengthen Xchanging’s existing insurance software business, Xuber, as the acquired software complements Xuber’s offerings and can expand its product range into health insurance and exposure modeling.
This is Xchanging’s fourth technology acquisition since November 2012, when it purchased Italian fund administration business AR Enterprise. Since then, it announced acquisitions of e-sourcing tech company MarketMaker4 in September 2013 and insurance software business Total Objects Limited on July 3, 2014.
“This is a significant acquisition, and perfectly in line with our strategy – it will enhance our existing insurance software product set, open new markets, and provide access to a blue-chip customer base,” said Ken Lever, chief executive at Xchanging, in a statement. “We also expect to identify cross selling opportunities, not just for Xuber, but also for all our offerings while Agencyport Europe will benefit from our strong global distribution network and marketing resource.”
Responsibility for the ongoing M&A activity will fall to Chris Baker, whose appointment as managing director of Xuber was also announced today. The former Oracle SVP will oversee the integration of Xuber’s recently acquired businesses, expand the company’s global presence and increase its offerings to the P&C and health markets.