Manchester InsurTech firm Ignite Software Systems is set for significant expansion following its acquisition by reinsurance specialist Sequel.
In a deal supported by FRP Corporate Finance, Ignite will become part of London-based Sequel, which is owned by $33 billion, Nasdaq-listed data analytics group Verisk.
The acquisition will accelerate the expansion of Ignite’s integrated Software as a Service platform as it targets significant organic revenue growth with the backing of the wider group.
Ignite’s licensed platform supports policy administration, rating engine and digital engagement for brokers and MGAs, with specific domain expertise in motor, property, and pet insurance. The 30-strong business says it will benefit from full access to the significant technology, people and capital resources that Sequel and Verisk offer.
Sequel provides reinsurance software solutions to the global specialty market.
“Joining Sequel is a fantastic leap forward for Ignite, our clients and our team,” said Ignite MD Toby MacLachlan.
“For Ignite as a company it will mean winning more tenders because, whilst our technology has always outperformed the market, our balance sheet was historically that of a young company. For our existing clients, Ignite will now have access to all the world-class infrastructure, resources, security, and expertise that come with Sequel and Verisk.
“And for our team, whilst it’s a really exciting moment for us all, our main aim is to continue providing our newly combined technologies with our traditional personal touch even as we take on ever more ambitious projects.
“I am grateful for the support, advice and focus of the FRP Corporate Finance team that has advised the shareholders and company with this important and transformational transaction for Ignite, its employees and its clients. Heath and Michael have helped us obtain a fantastic outcome.
“FRP’s professionalism, hard work and grasp of detail is rare; it has been a true pleasure to have them in our corner.”