Takeover ignites growth plans as Fintech firm snapped up by Nasdaq-listed giant
Register for free to receive latest news stories direct to your inboxRegister
Manchester insurtech firm Ignite Software Systems is set for significant expansion following its acquisition by London-based reinsurance specialist Sequel, for an undisclosed sum.
In a deal supported by FRP Corporate Finance, Ignite will become part of Sequel, which is owned by $33bn, Nasdaq-listed data analytics group Verisk.
The acquisition will accelerate the expansion of Ignite’s integrated Software as a Service (SaaS) 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 (managing general agents), with specific domain expertise in motor, property, and pet insurance.
The 30-strong business 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.
The shareholders of Ignite were advised by FRP Corporate Finance, part of specialist business advisory firm FRP, led by partner Heath Snyder and associate director Michael Bloom. Marriott Harrison acted as legal advisors.
Toby MacLachlan, Ignite managing director, said: “Joining Sequel is a fantastic leap forward for Ignite, our clients and our team.
“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.”
He added: “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.”
Heath Snyder, partner at FRP Corporate Finance in Manchester, said: “We are privileged to have advised the shareholders and management of Ignite, which is another Manchester-based fintech start-up success story.
“Being acquired by a global Nasdaq-listed group is a great testament to the business Toby and his team have created and I expect it will continue to make further inroads as it becomes a true leader in insurtech.”