Ignite Software Systems Ltd (Ignite), a provider of insurance policy administration systems to brokers, MGAs, and insurers, has signed an acquisition agreement with Sequel, a Verisk (Nasdaq:VRSK) business. The Sequel acquisition and investment will accelerate the expansion of Ignite’s technology platform and form part of Sequel’s digital ecosystem.
Ignite, based in Manchester, licences an integrated Software as a Service (SaaS) platform which includes policy administration, rating engine and digital engagement for brokers and MGAs with specific domain expertise in motor, property, and pet insurance.
Sequel recognises the vital part 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.
Toby MacLachlan, Managing Director of Ignite, said: “Joining Sequel is a fantastic leap forward for Ignite, our clients and our team. Whilst our technology has always been at the forefront of our market, as a company we look forward to strengthening our pipeline and increasing the opportunities that can be gained from being part of a leading-edge technology group. For our existing clients Ignite will now have access to all the world-class infrastructure, resources, security, and expertise that come with Sequel/Verisk. And for our team, although 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. It has been a real pleasure working with Sequel and Verisk throughout this process and I’m very excited by what the next few years hold for this alliance”.
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.”