Regulatory approval expected in first quarter
Canadian software giant Constellation Software Inc has purchased SSP.
Volaris Group, a division of Constellation, agreed the SSP deal last month. Regulatory approval is expected in the first quarter.
SSP was majority-owned by private equity owned Lloyd’s Development Capital following a £207m buyout in 2015. Scottish Equity Partners was also a shareholder.
The Canadian business does have insurance policy administration software, but SSP will be the first time it has owned broking technology.
Constellation is a wide-ranging software provider across public and private sector, owning six different brands which service thousands of clients.
The software giant’s share price has trippled in the past five years. Market capitiliasation is now $35bn.
SSP is led by chief executive Stephen Lathrope (pictured).