Ignite Software Systems is a Manchester-based supplier of insurance coverage coverage administration programs to brokers, MGAs, and insurers. It has signed an acquisition settlement with Sequel, a Verisk enterprise.
The Sequel acquisition and funding will speed up the enlargement of Ignite’s know-how platform and type a part of Sequel’s digital ecosystem.
Ignite’s Built-in Software program as a Service platform contains coverage administration, ranking engine and digital engagement for brokers and MGAs with particular area experience in motor, property, and pet insurance coverage.
Acquisition to gas Ignite’s progress
The deal was supported by FRP Company Finance and it enabled Ignite to grow to be a part of Sequel. The acquisition by the Nasdaq-listed knowledge analytics group Verisk was value $33 billion (practically £24 billion).
The acquisition will speed up the enlargement of Ignite’s built-in Software program as a Service platform. It targets vital natural income progress with the assist of the broader group.
This can be a licensed platform supporting coverage administration, ranking engine and digital engagement for brokers and MGAs, with particular area experience in motor, property, and pet insurance coverage. The enterprise will profit from full entry to the numerous know-how, folks and capital assets that Sequel and Verisk supply.
Sequel recognises that the Ignite platform performs with specialist insurance coverage firms and can allow it to speed up improvement and broaden its capabilities. Ignite will profit from the total assist and entry to the numerous know-how, folks, and capital assets that Sequel and Verisk supply.
Notably, Sequel gives reinsurance software program options to the worldwide specialty market.
“Becoming a member of Sequel is a implausible leap ahead for Ignite, our shoppers and our staff,” stated Ignite MD Toby MacLachlan. “For Ignite as an organization it’ll imply profitable extra tenders as a result of, while our know-how has at all times outperformed the market, our stability sheet was traditionally that of a younger firm. For our current shoppers, Ignite will now have entry to all of the world-class infrastructure, assets, safety, and experience that include Sequel and Verisk.”
Ian Summers, CEO of Sequel, stated: “Ignite has a robust administration staff and provides glorious enterprise and technical capabilities to its shopper base of specialist brokers, MGAs, and insurers. The acquisition will allow us to speed up the event of their digital platform and add a modular API pushed SaaS platform to Sequel’s portfolio. The mixture of Ignite with Sequel’s pricing, distribution and claims functions extends our distinctive and highly effective capabilities for the insurance coverage market. Ignite’s shopper focus and deep area information will match seamlessly into Sequel’s enterprise mannequin offering new and current shoppers with entry to a broader knowledgeable recommendation and repair. We sit up for welcoming Toby and his staff on board at Sequel/Verisk at this thrilling time.”