Acquisition Will Strengthen Verisk’s Position in the London Insurance Market and Offers Global Growth Opportunities
Verisk Analytics, Inc. (Nasdaq:VRSK), a leading data analytics provider, has signed a definitive agreement to acquire Sequel from HgCapital and other Sequel shareholders. Sequel is a leading insurance and reinsurance software specialist based in London.
The acquisition will further expand Verisk’s comprehensive offerings to the global complex commercial and specialty insurance industry, enabling integrated global data analytics through a specialized end-to-end workflow solution.
Sequel is a pioneer in complex commercial and specialty insurance software innovation, with a diverse customer base that includes some of the world’s largest specialty insurance players. 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.
“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,” said 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,” said 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,” added Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
The purchase price is £250 million. 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 is a leading insurance and reinsurance software specialist. From its headquarters in London EC2, the company employs talented insurance and technical experts in the UK and Spain who are dedicated to complex commercial and specialty insurance and serving its clients’ businesses in the London market.
Sequel delivers a modern, powerful, and integrated suite of software that provides full end-to-end management of all insurance and reinsurance business. As a result, its clients are able to grow and better manage their business through greater efficiency, flexibility, and data governance. For more information, please visit http://www.sequel.com.
Source: Verisk Analytics