18 Dec 2015 13:33
Date: 18 December 2015
On behalf of: Charles Taylor plc ("Charles Taylor" or the "Company")
Charles Taylor plc
Completion of the acquisition of Fadata AD
Further to the announcement on 23 July 2015, Charles Taylor plc and The Riverside Company ("Riverside") have completed the acquisition of a majority interest in the owner of Fadata AD ("Fadata"). Fadata is a specialist provider of software solutions to the global insurance industry. Fadata provides an end-to-end policy administration system (INSIS), used by many life, general insurance and health insurance businesses.
Since the transaction was announced Fadata has secured two prestigious industry awards and has been appointed as a supplier by one of the world's largest insurance groups. The INSIS platform has been ranked Leader in the Gartner's Magic Quadrant 2015 for the fourth successive year. It has also won the XCelent in Technology award for its Life system from Celent for the second year.
The establishment of this joint venture between Charles Taylor, Riverside and the management of Fadata forms part of Charles Taylor's overall business strategy to further develop its professional service business lines both organically and through acquisitions, joint ventures and business investments.
Charles Taylor has a well-established insurance technology services business, providing specialist and bespoke technology solutions along with systems development and implementation support for numerous insurance-related clients across the global insurance market. Charles Taylor is further investing in the growth of its technology business with the appointment of a strengthened senior management team.
By entering into the joint venture, Charles Taylor is supporting the growth of Fadata's software business globally and further expanding its own capabilities and service offering for its insurance-related clients worldwide.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"We have been working closely with Fadata since we agreed the acquisition in July. We are seeing significant opportunities for joint working and expect to become one of Fadata's leading implementation partners.
"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.
"A sizeable proportion of Charles Taylor's business is already dedicated to providing insurance technology solutions and services to insurance clients across the globe. This joint venture will enable us, working closely with Fadata, to accelerate both Fadata's and our growth in the global technology market."
-ENDS-
For further information: |
|
Charles Taylor plc |
|
David Marock, Group Chief Executive Officer |
|
Mike Lord, Group Communications Director
| Via Redleaf Communications |
Redleaf Communications | ct@redleafpr.com |
Rebecca Sanders-Hewett Charlie Geller Susie Hudson
| 020 7382 4730 |
Notes to editors
About Charles Taylor
Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing services since 1884 and today employs over 1,200 staff in 69 offices spread across 28 countries in the UK, the Americas, Asia Pacific, Europe, the Middle East and Africa.
The Group offers services, principally on a fee-based model and operates through three businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers, creating value through select acquisitions and operational efficiency.
Further information is available at www.ctplc.com.
About The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing enterprises valued at up to $300 million/€200 million. The firm's international portfolio includes more than 80 companies. Since its founding in 1988, Riverside has invested in more than 400 transactions.
About Fadata
Fadata was established in 1990. It has a strong profile in information system development and implementation of software related projects. Its reputation was built by providing high quality engineering solutions and services to companies from the Financial, Public, and Utilities sector. INSIS, Fadata's flagship product, is a flexible state-of-the-art modular software solution that provides full coverage of all aspects of insurance business area both horizontally and vertically. Headquartered in Bulgaria, Fadata provides global distribution system and supports subsidiaries as well as partners' network in more than 30 countries.
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.