Verisk’s Sequel buys broking software specialist for undisclosed sum

Verisk-owned Sequel has bought broker software specialist Ignite Software Systems for an undisclosed sum.

The acquisition plans to accelerate the expansion of Ignite’s technology platform, which will form part of Sequel’s digital ecosystem. 

Sequel is part of private equity investor and data analytics provider Verisk - it serves the insurance, energy and specialised markets, as well as financial service customers. Verisk acquired a majority stake in Sequel back in July 2014, underlining its ambition to become a technology champion in the London market. 

Ian Summers, Sequel’s chief executive, 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 [its] digital platform and add a modular application processing interface (API) driven software as a service (SaaS) platform to Sequel’s portfolio.”

Strengthened pipeline

Manchester-based Ignite licences an integrated SaaS platform that includes policy administration, a rating engine and digital engagement for brokers and MGAs with specific domain expertise in motor, property and pet insurance.

Sequel recognises the “vital part” the Ignite platform plays with specialist insurance companies - it plans to help the business accelerate development and expand its capabilities.

Ignite will therefore benefit from the full support and access to the technology, people and capital resources that Sequel and Verisk offer.

Speaking about the acquisition, Toby MacLachlan, Ignite’s managing director, 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 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 [and] Verisk.

“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 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.”

Summers added: “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 [and] Verisk at this exciting time.”