Data analytics provider Verisk Analytics has agreed to acquire Sequel, an insurance and reinsurance software specialist firm based in London, for £250m.
Sequel delivers an integrated suite of software that offers full end-to-end management of all insurance and reinsurance business
The company’s specialty insurance software solutions are utilized by thousands of professionals across the industry.
Sequel’s solutions assist clients in gaining competitive advantage by supporting the core workflows throughout the value chain.
The deal will widen the opportunities of expanding Verisk’s business offerings to the global complex commercial and specialty insurance industry thereby facilitating integrated global data analytics through a specialized end-to-end workflow solution.
Verisk Analytics chairman, president and CEO Scott Stephenson said: “Sequel and its unique software tools will be a valuable addition to Verisk Analytics as we develop new ways to innovate with our customers around the world.”
The transaction is anticipated to be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share.
Sequel generates revenue of £26m and has EBITDA £12m for the year ended 30 June 2017.
The deal is expected to be completed during the third quarter of this year, subject to customary closing conditions.
Sequel, founded in 1933, was acquired by HgCapital in 2014.
Verisk Analytics has recently signed an agreement to acquire G2 Web Services, a provider of merchant risk intelligence solutions for acquirers, commercial banks, and other payment system providers.
Image: Verisk Analytics agrees to acquire Sequel. Photo: courtesy of savit keawtavee at FreeDigitalPhotos.net