U.S. financial services data analytics provider Verisk Analytics has signed an agreement to acquire London-based insurance software provider Sequel for around $325 million USD in a move to bolster its offerings to the insurance and reinsurance sector.
The Jersey City-based company said in a statement that it expects the transaction to be finalized in the third quarter of this year pending the “completion of customary closing conditions.”
The company expects the transaction “to be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share.” Sequel, which is being sold by HgCapital and other shareholders, brought in revenue of roughly $15 million USD (EBITDA) for the fiscal year ending after June 2017.
“Sequel’s strong position in the London insurance market will allow Verisk to build on our footprint in the U.K., 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.
The executive added that the move will help Verisk provide innovative and unique data assets to its clients.