Are you a client?
Sign in to view the full news archive.
Coforge has announced that it is to sell its London-based AdvantageGo insurance software business to Sapiens UK for £43m.
The move is part of a strategic review and corporate restructuring exercise being undertaken by the fast-growing mid-tier offshore supplier to sharpen its focus on the IT Services arena. The deal, which looks like a smart play for both parties, is expected to be completed in 4-6 weeks.
Founded as Chaserock in 1990 and acquired by Coforge (the NIIT Technologies) twenty years later, AdvantageGo targets the Commercial and Specialty insurance space and has built a significant position in Lloyd’s Syndicate Market. Described by its current owners as a “stellar” business, the SaaS provider reported yoy revenue growth of almost 60% for the twelve months ended 31st March 2024 to £16.4m or c.7% of Coforge’s UK turnover for the period.
As we noted in a recent UK Insurance Sector Suppliers, Trends and Forecasts report (see here), Sapiens has become one of the leading software suppliers to the reinsurance sector in this country. The purchase of AdvantageGo is expected to enhance the acquirer’s proposition to the London Specialty Market. It will also increase the functionality of Sapien’s Insurance Platform for Property & Casualty through the integration within it of AdvantageGo’s underwriting workbench software.
Posted by: Duncan Aitchison at 09:39
Tags:
saas
software
disposal
insurance