London market software specialist Intech Solutions plans to target the Bermuda insurance and reinsurance markets, following its acquisition by French IT company, the Sword Group, this week.
Intech this year launched its Open Box product and is hoping to market the technology to the spate of Bermuda companies that have sprung up post-Hurricane Katrina.
Tony Holland, managing director of Intech, said: "The acquisition gives Intech the resources to aggressively attack all areas of the market. The growing Bermuda market represents a real growth area and a fantastic opportunity for expansion."
According to market speculation the Sword Group paid between £15m and £20m for Intech.
Intech said it would also be looking to expand its London market and UK general insurance client base. Existing clients include St Paul Travelers, AXA, Amlin and Cathedral.
Heath Davies, managing director of Sword UK, said: "Sword's strategy is to leave no stone unturned and we will expect the same from Intech. Any potential tender or client win is a target for us and location is not an object. Sword is an international company and Intech will be too."
Davies said he expected to see Intech's turnover double from £10m to £20m within five years.