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In a move that supports their respective growth strategies, Version 1 and Foundation Risk Partners (FRP) are working in partnership to implement AI solutions across FRP's insurance brokerage operations. The collaboration comes as both companies leverage their backing from Partners Group to drive digital transformation in the Insurance sector and transform the quality, accuracy, and speed of risk analysis report processing.
Partners Group's dual investment in the companies – dating back to 2022 - has likely facilitated this strategic partnership (see Partners Group invests in Version 1 | TechMarketView and Partners Group to acquire Foundation Risk Partners, a specialist insurance broker in the US, from Warburg Pincus), allowing the companies to leverage their respective strengths in technology and insurance expertise to demonstrate the ability to deliver substantial operational improvements.
The new AI-driven solution focuses on revolutionising risk analysis reports, combining AI, deep learning, and traditional machine learning to automate time-consuming manual tasks while maintaining human validation. The collaboration promised unprecedented improvements in processing efficiency, and, through the discovery phase, the initiative has demonstrated this, with a reported 90% decrease in cycle times for certain activities and up to 50% increases in prospect conversion rates. These improvements are enabling FRP's teams to shift their focus from back-office administration to higher-value customer interactions and customised advice.
AI adoption is already being widely deployed in the insurance industry for process automation, risk pricing, and customer service enhancement. The sector has long embraced AI for underwriting and risk pricing, with algorithms analysing vast amounts of internal and external data to enhance margins compared to traditional approaches.
What makes this partnership noteworthy is how it aligns with Version 1's established approach to "Responsible AI” (for more detail see our extensive analysis - Version 1: Responsible AI and societal impact driving AI strategy | TechMarketView). The company, which, by 2023, had grown to over 3,200 people with €350m in revenue, has developed significant AI capabilities with 400 specialists supporting AI-assisted development and machine learning. Over the past 12 months alone, Version 1 has worked with more than 20 organisations to deliver GenAI projects, many of which have moved beyond the pilot phase into larger-scale deployments.
The collaboration gives Version 1 a clear case study demonstrating Version 1's ability to deliver practical AI solutions in regulated environments, focusing on enhancing rather than replacing human capabilities. As John Turner, FRP's COO, emphasises, the technology enables teams to focus on strategic growth and value-added services while ensuring business-critical tasks are completed accurately and efficiently.
For TechMarketView’s latest research into the impact of AI on back-office operations, subscribers can download AI Impact: Back Office Operations | TechMarketView now. If you are not yet a subscriber – or are unsure if your organisation holds a corporate subscription, please contact Belinda Tewson to find out more.
Posted by: Georgina O'Toole at 09:52
Tags: insurance broker AI genAI Digital transformation
The Home Office has awarded IBM the contract for provision of User Services as part of the Emergency Services Mobile Communications Programme (ESMCP). The deal runs for seven years, with the option to extend for a further two 12-month periods, and could be worth up to £1.36bn.
ESMCP is delivering the Emergency Services Network (ESN) critical communications system, which will replace the current Airwave service used by the emergency services in England, Wales and Scotland.
Following the initial supplier contracts in 2015, ESMCP has experienced multiple setbacks. The programme was reset in 2018 leading to the Home Office implementing a phased deployment strategy. The situation was further complicated by the Competition and Markets Authority’s (CMA) investigation into the dual role of Motorola as the provider of Airwave and User Services, and an agreement between the Home Office and Motorola to terminate the User Services contract early.
Cost projections have risen substantially—from an initial 2015 estimate of £6.3bn to £9.3bn in 2019, and £11.3bn in 2021, but this figure is expected to increase further. The Home Office had originally expected emergency services to start using ESN in 2017, but the government’s current estimate is that the first users will not be live until 2027, with the full transition completed by end of 2029. A revised business case outlining a new timetable and costs is expected this year.
Working with partners (including Samsung Electronics, Ericsson, Frequentis, Exponential-e and Palo Alto Networks), IBM will provide end-to-end systems integration for the ESN, which, according to the contract award notice, will include the provision of public safety communications services (including developing and operating the public safety applications), providing telecommunications infrastructure, user device management, customer support, and service management. According to the award notice, 63% of the contract value is expected to be subcontracted.
The appointment of IBM follows several recent ESMCP contract awards. These include CGI's appointment as Technology Delivery Partner in May 2024, and EE and BT retaining the Mobile Services Agreement (MSA) contract in November 2024.
Although this is a big win for IBM, ESMCP is a complex programme that has been beset with costly overruns, which will present risks and challenges for the company and the other ESMCP suppliers. It is vital that the revised programme delivers quickly and effectively to avoid further costs and distruption being incurred by the emergency services.
Posted by: Dale Peters at 09:46
Tags: police mobile telecommunications law+enforcement public+safety emergency+services home+office communication
UK based Synthesia, which creates AI avatars and AI generated videos and transcripts, has raised $180m (£145.5m) in Series D funding led by NEA, with participation from existing investors including GV, MMC Ventures and FirstMark. The latest funding brings Synthesia’s total capital raised to over $330m, valuing the company at $2.1bn.
We have been covering Synthesia since 2019 when the company raised its first $3m. The company’s AI avatars and video generation platform have come on leaps and bounds since then, evidence by the $90m Series C funding round in 2023 (See - Synthesia raises $90m for AI video creation). Synthesia has cemented itself as one of the leaders in its field, though has faced increasing competition from the likes of UK start-up Colossyan which has also attracted some big-name clients, including BMW, HP, and Procter & Gamble (See - Generative AI startup Colossyan raises £4m)
This latest funding milestone is significant for Synthesia and will fuel its next phase of growth, supporting product development and talent growth, and driving global expansion of its AI-powered video platform. Synthesia now employs over 400 people across its offices in London (where it is HQ’ed), New York, Copenhagen, Amsterdam, Zurich and Munich. The business is firmly targeting enterprise organisations, aiming to reinvent every aspect of the video production and distribution process to help businesses create and share AI generated videos at scale. There are a number of use cases for the technology including learning and development, sales enablement, customer support, marketing and business operations.
Last June, the company announced it has begun the development of Synthesia 2.0, and launched a number of new features aimed at extending its offerings from creating AI avatars to offering a full suite of transcription and video editing capabilities. These include; Personal Avatars (custom AI avatars with a natural background that speak over 30 languages), AI Screen Recorder, AI Video Assistant, Multilingual Video Player and a Live Collaboration feature, which allows multiple people to work together on a video at the same time in real-time.
Posted by: Simon Baxter at 09:39
UK SME ICS.AI has announced the appointment of Dwayne Johnson (no, not that one) as its Chief Local Government Officer.
The company specialises in conversational AI in the public sector (principally local government and health) with its ‘SMART:’ technology platform boasting 12 use case driven copilots, pre-trained on over 4,500 sector-specific topics.
With four decades in local government under his belt, including 17 years holding C-level positions (most recently as CEO at Sefton Council), Johnson brings extensive experience of digital transformations in the sector. He had been working with ICS.AI in a consultative role over the last year, but this announcement sees his position at the company cemented as it looks to ramp up its local government offering. Notable recent wins have included a £7m GenAI project with Derby City Council last February – a significant deal for a company that was turning over c.£3.5m at the time.
Coming at a critical time for local authorities, and in the wake of the government’s AI Opportunities Action Plan announcement (which was short on details of how AI will bring the levels of positive productivity impact required across public services), ICS.AI sees Johnson’s role as pivotal – helping to guide councils in focusing on the challenges with best AI affinity (including across social care delivery), and collaborate with public sector leaders to develop sector-specific frameworks that aid adoption.
Posted by: Craig Wentworth at 09:25
Tags: appointments LRG Local & Regional Government
The Bank of England is launching a new lab to provide a sandbox environment in preparation for the introduction of a central bank digital currency (CBDC) in the UK. The new lab will explore potential use cases, technical designs and business models and facilitate collaboration the development of a digital currency between the public sectors.
The news, which came via a progress report on the Digital Pound, is the latest step towards the UK issuing a CBDC. Although many commentators, including this one, see the advent of a UK CBDC as inevitable, the Bank of England has publicly maintained that no final decision has been made on the introduction of a Digital Pound.
In 2021, the UK created a joint Treasury and Bank of England taskforce to consider the risks, opportunities and possible timelines around the introduction of a Digital Pound with the initiative subsequently moving forward following a variety of consultations. In its latest update, the BOE indicated its commitment to collaboration and public consultation around the introduction of a CBDC in the UK. The Digital Pound Lab will help to promote evidence-based decisions and move planning forward via stakeholder input.
The UK is following in the footsteps of other national and regional governments, some of which are rapidly maturing proposals for their own CBDCs. Closest to home, the European Central Bank has been progressing its own plans and in 2024 launched a tender process to identify suitable technology partners to support the initiative (see: ECB launches €1bn tender process to facilitate digital Euro).
Posted by: Jon C Davies at 08:12
Tags: CBDC Digital_Pound
Posted by: HotViews Editor at 07:00
GlobalLogic, the digital engineering subsidiary of Hitachi, has announced its new President & CEO. Srinivas (Srini) Shanker will take over from Nitesh Banga on February 3rd.
Banga has spent around six years at GlobalLogic and is now moving on to expore opportunities outside of the Group. GlobalLogic entered the UK market via its acquisition of ECS in 2021. It was itself acquired shortly after by Hitachi, with Banga playing a central role in the transaction. Banga has been key to the evolution of GlobalLogic in recent years, but six years is certainly a decent stint.
Shanker joined GlobalLogic in 2023 and has since been in the role of Chief Business Officer and Head of Global Industries. He has clearly proved himself having accelerated growth in the firm’s core industry business units and spearheaded GlobalLogic’s go-to-market strategy. We wish Shanker all the very best.
Posted by: Kate Hanaghan at 10:00
Tags: people digitalengineering
HCLTech saw global third quarter growth (constant currency) of 4.1% (to $3.53bn), slowing from 6.2% in Q2. Shares in the firm took a hit as a result of the announcement and were trading down around 8.0% at time of writing.
By segment, the standout performance came from IT and Business Services, which grew 5.5%. Engineering and R&D Services grew by just 1.1%, while HCLSoftware declined 2.1%. By geography, the Americas led the pack with growth of 6.2%, with Europe bringing up the rear at 2.6%.
Without question, HCLTech’s leading vertical segment was Telecommunications, Media, Publishing & Entertainment – up 33.1%. Retail & CPG was relatively close behind with yoy revenue growth of 17.2%. Meanwhile, Financial Services, Life sciences & Healthcare, and Public Services all declined.
HCLTech continued to grow the number of clients spending $100m+ in the quarter – up over the prior year from 20 to 22 and steady quarter-on-quarter. These big deals are important as they really help to move the needle on top line growth.
Guidance for the full year is for revenue growth of 4.5-5.0% (constant currency; up from 3.5-5.0% and including acquisitions). Services specifically is also expected to grow within that range. Outlook for the EBIT margin remains unchanged at 18.0-19.0%.
Posted by: Kate Hanaghan at 09:50
Tags: results
Leading banking software provider, Temenos, has released preliminary results for its latest full-year (FY24) highlighting strong revenue growth and continued positive momentum. The financials for the twelve months ended 31 December 2024 reveal Annual Recurring Revenue (ARR) of $804m up 12% and total revenue up 5% to $1.044bn (on a constant currency basis).
Despite the machinations of some activist investors, Temenos has clearly been successful in navigating the difficult (and inevitable) shift away from upfront licence fees. Full-year revenue from software licensing was up 2% at $451m, SaaS was up 9% at $223m, subscriptions revenue was up 21% at $193m and “legacy” term license revenue was $34m. For FY24 Temenos delivered EBIT of $354.6 (representing constant currency growth of 14%) and Free Cash Flow of $285m (up 17%).
Commenting on the vendor’s first set of full-year financials since he took the helm, Temenos’ new CEO, Jean-Pierre Brulard emphasised his satisfaction with the company’s consistent execution across the business. In November the Temenos leadership team presented its new strategic plan, and will no doubt take satisfaction from delivering a strong Q4. Whilst market conditions remain highly competitive and economic uncertainty persists in many regions, the latest figures for subscription licenses and SaaS ACV augur well, with both these essential components in driving ARR growth.
Temenos’ detailed financial results for fiscal FY24 will be released on Tuesday 18th February 2025, after stock markets close.
Posted by: Jon C Davies at 09:09
Tags: banking
Building lifecycle software company, Eleco plc has acquired Irish SaaS Computerised Maintenance and Management Software ("CMMS") specialist PMI Software Ltd (PEMAC). The deal, which complements the group’s CMMS ShireSystem brand, comprises an initial consideration of c.€6.0m and an additional earn-out consideration of up to €2.4m payable in two tranches in 2026 and 2027. The transaction is being funded by existing cash.
Located in Cork and Dublin and founded in 1987, PEMAC has built a customer base for its CMMS products of over 100 international manufacturing businesses. The company’s clients span the life sciences, chemicals, healthcare, food and beverages, manufacturing and energy sectors. Users of the software include Coca Cola, Heineken, Wyke Farms, SteriPack Group and Amgen. For the year ended 30 November 2024, PEMAC recognised approximately €2.7m in revenue and Adjusted EBITDA of €0.6m.
The latest buy follows Eleco’s acquisitions of Project Portfolio Management (PPM) software provider, Best Outcome in June 2023 and Romania-HQ’d software developer Vertical Digital last April. These two purchases helped lift the company’s top line by 21% yoy to £16.3m in the first six months of 2024, generating EBITDA of £3.0m (H123: £2.3m) for the period. The software providers progress during a tougher period for the construction and property sectors has both been noteworthy and caught the attention of investors. At the time of writing Eleco’s share price stood at 142.20p, up by more than 70% over that last twelve months.
Posted by: Duncan Aitchison at 08:45
Tags: saas software acquistion
The Prime Minister has unveiled further details of the AI Opportunities Action Plan today as the UK government doubles down on AI to accelerate growth. According to IMF estimates, AI could boost productivity by as much as 1.5% a year if benefits are fully realised, worth up to an average £47bn to the UK each year over a decade.
The plan introduces a number of new measures which include:
Alongside the AI Action plan were further announcements of £14bn of private sector investment. These include £12bn from Vantage Data Centres which is working to build one of Europe’s largest data centre campuses in Wales, plans by Kyndryl to create up to 1,000 AI-related jobs in Liverpool over the next three years, and $2.5bn investment from Nscale who has signed a contract to build the largest UK sovereign AI data centre in Essex by 2026.
The announcements today largely build on those from last year (covered in our 2024 Artificial Intelligence (AI) Recap), both in terms of AI infrastructure investment and government initiatives to boost AI pilots and further conversation around critical issues. But creating more data centres will not necessarily lead to higher AI usage in the UK. Certainly, when it comes to the use of AI in public services there are no clear timelines on how quickly the technology can be implemented, and there is a risk that the impact of AI may be far less than expected.
With budgets set to be even tighter from 2026 onwards, most departments and agencies will be desperate to see early gains. And if they don’t, they will struggle to continue investing when fiscal times are tougher. We are also still missing enough clear examples of the returns public departments are achieving from AI deployments, which would be a far more useful metric than these announcements of numerous AI activities. As for building more supercomputers to boost public compute capacity 20 fold and the announcement of the National Data Library, there are a lot of details lacking regarding the timelines involved, and again questions have to be asked as to how much such actions will move the needle on achieving that goal of a 1.5% productivity boost in the short term.
Posted by: Simon Baxter at 10:02
Hewlett Packard Enterprise (HPE) is understood to have secured a $1bn contract to supply liquid cooled servers to Elon Musk’s social media platform X. The state of the art servers will be used to process data and support AI technologies, in a significant success for HPE’s AI server business.
The win at X represents a high-profile vote of confidence for HPE, which is understood to have successfully beaten a rival bid from Dell to secure the deal. Meanwhile, HPE’s collaboration with Nvidia is thought to have been key to its recent progress in the lucrative AI server space, with the vendor’s AI server division growing by 16% in its most recent quarter, delivering revenue of $1.5b.
The voracious appetite of AI technologies for processing capacity has led to strong demand for high-powered computer servers in the marketplace. For its part, Musk’s growing business empire has become a major consumer of the technology with Tesla and xAI buying big in this area, alongside X.
Posted by: Jon C Davies at 10:00
Digital home care business Cera has raised $150m (c. £124m) in a debt and equity investment round led by Schroders Capital and BDT & MSD Partners. It follows a $320m round in 2022 and a $70m round in 2020 (see Cera Care expansion continues and links within).
Cera was founded by Ben Maruthappu and Marek Sacha in 2016 with the aim of creating a technology-enabled home service providing elderly, palliative and dementia care, and to support adults and children with complex or additional needs.
The company, which describes itself as a digital-first home healthcare provider, relies heavily on AI and data analytics in its operations. With over 10,000 carers delivering more than 60,000 home visits per day, Cera has built an extensive dataset on ageing. This data has allowed the company to help reduce hospital admissions by being more proactive e.g., monitoring vital signs and understanding and reducing the risk of falls. It is also using AI to help optimise workflow and the routes carers take to their patients, to provide training in multiple languages, and to help transcribe care reports.
Cera has grown rapidly since its inception, acquiring numerous care businesses. This includes the domiciliary care business of Mears Group plc, Gemcare Southwest, and Premier Care in 2020, Homecare4U, CRG Homecare, and Allied Health in 2021; Nobilis Care Group and a 50.1% share of BruDi Homecare in 2022; Alpenbest, Care 1st, and Apex Prime Care in 2023; and in 2024 it acquired the remaining 49.9% of BruDi Homecare.
According to its latest published accounts, revenue reached £225.0m in 2023 (2022: £177.5m) with loss for the year, before taxation, coming in at £38.5m (2022: loss of £38.3m).
Cera plans to grow the business significantly, both in terms of revenues and profitability. This growth will be aided by the NHS's mission to recover core services and productivity following the pandemic, along with the government's strategy to reform healthcare, particularly its focus on moving more care from hospitals to communities. For more information on trends and opportunities in healthcare, see our recent reports: Health Suppliers, Trends and Forecasts 2024 and UK Public Sector Predictions 2025.
Posted by: Dale Peters at 09:53
Tags: nhs funding startup investment health AI data healthcare social+care
Dutch Managed Service Provider, Your.Cloud has acquired Exeter-headquartered, HDUK for an undisclosed sum.
Founded in 2010, HDUK services over 7,500 end users and is focused on the accountancy sector where it provides hosted desktops, cloud services, managed services, and Microsoft 365 services. It operates out of Exeter and Manchester, and will now gain access to Group capabilities, such as the Your.Cloud cybersecurity platform.
Amsterdam headquartered Your.Cloud is something of a serial acquirer and we fully expect it to make further complementary acquisitions here in the UK. It began its own journey in 2016 with the acquisition of Vancis, and since then has been consistency acquisitive. It now has c.25 companies and 1,500 members of staff. It has c.8,000 customers generating revenue of c.€350m and says its aim is to become the “number one premium Managed Services Provider in Europe”.
Watch this space for more UK acquisitions by Your.Cloud.
And in the meantime, catch up on TechMarketView’s key Predictions for 2025.
Posted by: Kate Hanaghan at 09:51
Tags: acquisition
Serco CEO Mark Irwin announced his retirement this morning effective from the end of February having been in place since the beginning of 2023. Irwin took over from turnaround specialist Rupert Soames (Soames signs off on a positive note) and has seen the Group suffer declining revenues of late (Serco improves profits on declining revenue).
Irwin, who has been with Serco for some 12 years will be replaced by Anthony Kirby (pictured) current CEO of the UK & European business, the Group's largest division. Kirby has been with Serco since 2017 and has had stints as Group HR Director and Group COO. Prior to joining Serco Kirby was HR Director at Compass Group.
Whilst revenue of late has been falling back as immigration work in the UK and Australia has declined, profitability at least has been improving as the firm continues with its ambition on moving up the value chain with a pivot towards an AI and consulting led offer. Accelerating this journey will no doubt be a key objective of the new CEO.
Posted by: Marc Hardwick at 08:59
Tags: appointment
Liberata remains one of the few operators still active in the Local Government Business Process Outsourcing (BPO) space picking up a healthy share of the deals that remain in play. Friday saw the announcement of an extension to its partnership with Burnley Council to add to the North Somerset contract that was renewed just before Christmas (Liberata extends North Somerset Revs & Bens).
The Burnley / Liberata partnership dates back a decade (Liberata wins significant deal at Burnley) and is now extended until the end of 2027 with some services scheduled to go back in house. Under the contract extension agreement, Liberata will continue to deliver services for Revenues and Benefits, Customer Services, IT, Payroll, and HR administration. Whilst Facilities Management, Property Services, Environmental Health, and Licensing will go back in house on the 1st April this year.
Charlie Bruin, Chief Executive of Liberata said: “We are proud of our strong partnership with Burnley Council and what we have achieved together over the last 8 years, including effective revenue collection, step change cost savings, job creation, and high service standards. The maturity of this collaboration has enabled productive discussions to transition key services back to the Council, aligning with their evolving priorities and ensuring the best outcomes for the community. We are delighted to extend our partnership until 2027 and look forward to continuing to support Burnley through innovation and digital strategies that help those who need it most.”
Posted by: Marc Hardwick at 08:27
Tags: Local Government extension
Cambridge-based cybersecurity firm Darktrace has announced the acquisition of cloud forensics specialist Cado Security for approximately £131m. This marks Darktrace's first acquisition since its £4.3bn buyout by U.S. private equity firm Thoma Bravo in late 2024 (See - Darktrace shareholders approve Thoma Bravo offer).
Cado Security, co-founded by James Campbell and Chris Doman, provides automated forensic investigation capabilities across multi-cloud, container, serverless, and on-premise environments. Cado’s founders bring substantial expertise to Darktrace, with Campbell previously leading Australia’s national cyber incident response capability and Doman well-known for building the popular threat intelligence portal ThreatCrowd, which then merged into the AlienVault Open Threat Exchange, and was subsequently acquired by AT&T.
Cado’s platform supports automated data capture of key forensic data sources across Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). Findings are unified in a single timeline to enable seamless investigation and response. The platform rapidly analyses vast data sources including logs, disks, and memory delivering actionable insights into cloud incidents within minutes, a process that traditionally took days.
Darktrace plans to integrate Cado’s cutting-edge forensics technology into its ActiveAI Security Platform, which employs machine learning to detect abnormal network patterns and prevent cyberattacks. The integration is also expected to enhance Darktrace’s Cyber AI Analyst, an automated system designed to investigate security alerts, streamline incident responses, and prioritise threats.
The move builds on Darktrace's cloud security strategy, following its launch of cloud protection services for Amazon Web Services in 2023 and Microsoft Azure in 2024. Darktrace aims to accelerate the growth of Cado’s product line while leveraging its capabilities to strengthen its position in AI-driven cybersecurity solutions. Cado’s London and Bristol-based R&D teams will join Darktrace’s research hubs in Cambridge and The Hague.
Posted by: Simon Baxter at 09:43
London-based HealthTech start-up VitVio has raised $2m (c. £1.6m) in pre-seed round led by LDV Capital with participation from Bek Ventures, Tiny Supercomputer Investment Company and angel investors.
The company was founded by Thomas Knox (CEO), Peter Rennert (CTO), Maks Kozarzewski (COO), and Aleks Pajewski (CPO) in 2023, with the intention of transforming operating theatre efficiency and safety. Drawing on experience from the autonomous retail industry, its technology uses computer vision and machine learning algorithms to analyse video feeds from operating theatres in real time. By tracking staff, patient, and equipment movements, as well as adherence to safety standards, it is intended to help hospitals streamline their processes, boost productivity, and provide better outcomes for patients.
The investment will enable VitVio to expand the capabilities of its platform and support plans to expand across the UK, elsewhere in Europe, and the US.
The company has announced that The Royal Orthopaedic Hospital NHS Foundation Trust (ROH) has launched a pilot programme using its platform to help improve surgical procedures. The specialist hospital located in Birmingham is one of the largest orthopaedic units in Europe, providing an important case study on the effectiveness and potential of the VitVio platform. Further partnerships are expected to be announced shortly.
Innovative technology such as the VitVio platform will play a key role in helping the NHS on its mission to recover core services and productivity following the pandemic. Enhancing the efficiency and effectiveness of surgical procedures can help drive improvements in the quality and safety of NHS services as well as having a positive impact on healthcare equality, A&E waiting times, and the wait for elective care.
Posted by: Dale Peters at 09:16
Tags: nhs funding startup investment health iot productivity healthcare hospital computer+vision
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