|- Sequel Is a Leading Software Player with a Strong Vertical Focus on Complex Commercial and Specialty Insurance|
- Acquisition Will Strengthen Verisk's Position in the London Insurance Market and Offers Global Growth Opportunities
JERSEY CITY, N.J., Aug 21, 2017 - (ACN Newswire) - 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 GBP 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 GBP 26 million and GBP 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.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 29 countries and is a member of Standard & Poor's S&P 500(R) Index. In 2017, Forbes magazine named Verisk Analytics to its America's Best Mid-Size Employers list and to its World's Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
AVP, Investor Relations and Strategic Finance
Verisk Analytics, Inc.
MWWPR (for Verisk Analytics)
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Source: Verisk Analytics Inc. via Globenewswire
Aug 21, 2017 21:00 HKT/SGT
Topic: Merger & Acquisition
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