Agencyport Software’s European arm is the second acquisition for Xchanging in two days
Technology firm Xchanging has acquired the European operations of US-headquartered insurance software business Agencyport Software, for £64.1m.
The acquisition will expand Xchanging’s existing insurance software business, Xuber, and support its strategy to build its insurance business globally and acquire technology and intellectual property.
It follows an announcement by Xchanging yesterday that it had also acquired insurance software business Total Objects. In September last year it acquired MarketMaker4, and in November 2012 it bought AR Enterprise.
Agencyport Europe is headquartered in London and provides software to the property and casualty and health insurance markets. The software suite offers exposure modelling and risk analysis, policy administration, billing and claims business processing.
The company has 160 employees based in London, Leeds and Cwmbran and the workforce, including its senior management team, will be joining Xchanging.
In time, Agencyport Europe will be rebranded under the Xuber name and will be part of Xchanging’s technology business.
Agencyport Europe managing director Phil Race and chief operating officer Andy Lovett will continue in their roles within the business.
Xchanging chief executive Ken Lever said: “Agencyport Europe is a very exciting and highly complementary addition to our insurance software division, Xuber, and we are delighted to be able to welcome Phil, Andy and the team on board. 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.”
Agencyport Europe managing director Phil Race added: “There is significant value in the two companies coming together; for our combined customer community, for our respective businesses, and for our people.