Technology firm expands with £40m acquisitionWritten by admin , April 10th, 2017 // Technology
A Worcestershire technology business has undergone major expansion with the £40m acquisition of a UK software company.
Worcester-based insurance technology provider, Open GI has invested the money in Winchester-based Transactor Global Solutions (TGSL Group).
TGSL Group, established in 2003, is said to offer one of the most advanced and innovative Policy Administration and Rating platforms in the UK General Insurance market.
The company employs around 200 people, the majority of whom are based in Winchester. However, it also has offices in Milton Keynes, Poland and Macedonia.
Open GI said the deal was part of its ongoing investment to provide insurance customers with cutting-edge, market leading solutions.
Commenting on the deal, Open GI’s Group CEO, Chris Guillaume said: “Open GI continually strives to develop smarter solutions for ratings, policy administration and digital eCommerce for our customers. The combination of Open GI with TGSL will significantly advance that goal and present something truly new to the market.
“With the acquisition of Powerplace in 2013 and now TGSL, we are demonstrating our strong commitment to expanding and deepening our investment in technology and supporting the evolving landscape of the General Insurance market.”
Ray Vincent, CEO, TGSL Group said he believed the timing of the deal was right and Open GI represented the perfect long-term home for TGSL.
“I am certain that Chris and the team will take the combined business to even greater heights and the customers, staff and insurance market overall will gain from this strategic acquisition,” he said.
Open GI said the acquisition would complete once customary regulatory approvals had been secured.
Once this happens, TGSL’s workforce will become part of the enlarged Open GI Group.