’The transfer of ownership is expected to be completed in the fourth quarter,’ a spokesperson said
Alternative investment management firm Ares Management is set to acquire insurance software house Open GI from private equity firm Montagu.
In a statement sent to Insurance Times, an Open GI spokesperson confirmed that a deal had been agreed and that the acquisition would see Ares “become Open GI’s majority shareholder”.
It comes after a filing to Companies House on 20 September 2024 for Open GI and parent firm Om Bidco announced that a deal had been agreed on 9 August.
The filing also said that the the deal was conditional upon obtaining FCA approval of the change in control.
The Open GI spokesperson said: “Open GI and Ares have entered into a definitive agreement, under which Ares will become Open GI’s majority shareholder.
“The transfer of ownership is expected to be completed in the fourth quarter, subject to regulatory approval.”
Attempted sales
According to a Reuters report from 2023, Montagu, which backed a management buyout of Open GI in 2014, was exploring a sale of Open GI.
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It came after it attempted to sell Open GI in 2018, but decided to turn the firm into a software as a service (SaaS) platform.
The Open GI spokesperson said: “With Ares’ support, Open GI will continue executing its organic growth strategy and remains committed to developing scalable and flexible [propositions] to meet its insurance industry partners’ needs.”
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