Tie-up with private equity firm is first transaction since rights issue

Acquisition

Insurance services group Charles Taylor and private equity firm The Riverside Company said they have agreed to acquire a majority stake in the owner of insurance software provider Fadata AD.

Charles Taylor said Fadata provides policy administration systems used by many life, general insurance and health insurance businesses.

It said the move furthers its strategy of developing its professional services business organically and through acquisitions.

This is Charles Taylor’s first transaction since its Rights Issue in March.

“The global insurance technology market is growing rapidly with increasing demand from insurers to replace legacy systems, bring new products to market quickly and capitalise on the potential of big data,” said Charles Taylor chief executive David Marock.

Financial details of the deal were not disclosed.

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