LONDON (Alliance News) - Insurance services company Charles Taylor PLC on Thursday said it has partnered with private equity firm The Riverside Co to acquire a majority stake in the owner of insurance software services company Fadata AD.
Fadata provides end-to-end policy administration systems used by life, general insurance and health insurance businesses. Charles Taylor said the acquisition will further strengthen its insurance technology business.
Under the terms of the deal, Charles Taylor will pay EUR5.1 million to acquire a 31.25% stake in REF Wisdom Ltd, a newly-incorporated holding company which will hold the Fadata assets. The Riverside Co will own the other 68.75% stake in the business.
"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. With our support and market presence, we believe that Fadata is well-positioned to become a world leader in the global insurance-related software market," said Chief Executive David Marock.
Charles Taylor shares were untraded early Thursday, having last traded at 254.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
