Verisk business Sequel acquires Manchester insurtech Ignite
Ignite Software Systems is a Manchester-based provider of insurance policy administration systems to brokers, MGAs, and insurers. It has signed an acquisition agreement with Sequel, a Verisk business.
The Sequel acquisition and investment will accelerate the expansion of Ignite’s technology platform and form part of Sequel’s digital ecosystem.
Ignite’s Integrated Software as a Service platform includes policy administration, rating engine and digital engagement for brokers and MGAs with specific domain expertise in motor, property, and pet insurance.
Acquisition to fuel Ignite’s growth
The deal was supported by FRP Corporate Finance and it enabled Ignite to become part of Sequel. The acquisition by the Nasdaq-listed data analytics group Verisk was worth $33 billion (nearly £24 billion).
The acquisition will accelerate the expansion of Ignite’s integrated Software as a Service platform. It targets significant organic revenue growth with the support of the wider group.
This is a licensed platform supporting policy administration, rating engine and digital engagement for brokers and MGAs, with specific domain expertise in motor, property, and pet insurance. The business will benefit from full access to the significant technology, people and capital resources that Sequel and Verisk offer.
Sequel recognises that the Ignite platform plays with specialist insurance companies and will enable it to accelerate development and expand its capabilities. Ignite will benefit from the full support and access to the significant technology, people, and capital resources that Sequel and Verisk offer.
Notably, 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.”
Ian Summers, CEO of Sequel, said: “Ignite has a strong management team and offers excellent business and technical capabilities to its client base of specialist brokers, MGAs, and insurers. The acquisition will enable us to accelerate the development of their digital platform and add a modular API driven SaaS platform to Sequel’s portfolio. The combination of Ignite with Sequel’s pricing, distribution and claims applications extends our unique and powerful capabilities for the insurance market. Ignite’s client focus and deep domain knowledge will fit seamlessly into Sequel’s business model providing new and existing clients with access to a broader expert advice and service. We look forward to welcoming Toby and his team on board at Sequel/Verisk at this exciting time.”