Verisk Analytics said it is to acquire commercial and specialty insurance and reinsurance software specialists, in a deal expected to further expand Verisk’s offerings and give the firm a stronger foothold in the London market.
Verisk is set to acquire Sequel for £250 million from HgCapital and other Sequel investors. Sequel had revenue and EBITDA of £26 million and £12 million, respectively, for the year ended 30th June 2017.
Sequel offers complex commercial and specialty insurance software solutions to a diverse customer base including many of the world’s largest specialty insurance players. Its software is used by thousands of re/insurance company employees across the industry.
“Sequel’s strong position in the London insurance market will allow Verisk to build on our footprint in the UK, reinforce our deep long-term commitment to a strategic market, and expand our customer sets in global insurance markets,” commented Mark Anquillare, chief operating officer of Verisk Analytics. “This supports our vision to deeply integrate into our customers’ workflows and adds to our unique data assets, deep domain expertise, and steady stream of first-to-market innovations.”
“We’re proud to be joining Verisk, whose vast data, experience, and technology capabilities, combined with our leading workflow solutions for complex commercial and specialty insurance, will improve all the services that we offer our customers,” added Mario Garcia, chief executive officer of Sequel.
“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,” said Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
The acquisition is expected to close in the third-quarter of 2017.