(Photo source: Oregon Museum of Science and Industry.)
Verisk Analytics (Jersey City, N.J.), a provider of data and analytics solutions to the insurance industry, has signed a definitive agreement to acquire insurance and reinsurance software vendor Sequel (London) from HgCapital and other Sequel shareholders for £250 million. A Verisk statement says that the acquisition will further expand the company’s offerings to the global complex commercial and specialty insurance industry, enabling integrated global data analytics through a specialized end-to-end workflow solution.
Verisk describes Sequel as a pioneer in complex commercial and specialty insurance software innovation, with a diverse customer base that includes some of the largest specialty insurance players globally. “The company’s solutions are used by thousands of professionals across the industry and underpin the core workflows throughout the value chain while assisting clients in gaining competitive advantage,” a Verisk statement says.
“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,” comments Mark Anquillare, COO, 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,” comments Mario Garcia, CEO, Sequel.
Transaction Expected to Close Q3 2017
Verisk reports that the transaction is expected to be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share. Sequel had revenue and EBITDA of £26 million and £12 million, respectively, for the year ended June 30, 2017. The transaction is expected to close in third-quarter 2017, subject to the completion of customary closing conditions.
“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,” comments Scott Stephenson, chairman, president, and CEO, Verisk Analytics.