Software house posts record turnover and plans to double in size by 2011.
Software house SSP has outlined plans to double in size by 2011 following the completion of its buy-out by a private equity firm.
SSP, which posted record turnover results of £64.4m in July, has set a £130m revenue target to be achieved in the next three years.
The buy-out values the company at £198m. Growth will be delivered organically and through acquisitions.
David Rasche, executive chairman of SSP, said: “We continue to be an ambitious company, with a strong track record and a clear vision for the next phase of our growth.
“The new financial structure will allow us to further invest in the future, in order to bring additional benefits to our customers and meet our next growth challenge.”
Private equity firm Hellman & Friedman (H&F) made an approach for the business earlier this year.
In July, SSP confirmed it had agreed to be acquired by H&F Sensor Bidco, a company formed and owned by funds managed or advised by H&F and SSP’s management team.
The move received majority shareholder approval on 1 September and will provide SSP with access to additional funds for future acquisitions and to increase its investment in talent, technology and service capabilities.
The business will still trade as SSP. Two H&F executive directors will sit on the SSP board.
Laurence Walker, chief executive of SSP, said: “Over the last few years the distribution of insurance has moved from a simple insurer-broker model to a complex market where a range of models co-exist, involving many different businesses, such as underwriting agents, networks, wholesalers and affinities.”
He added that he was “very proud” of the company’s broker software heritage, but said it was a bigger organisation now, offering solutions in multiple areas.
Eighty per cent of the software house’s current business is in the UK but the company hopes to expand its international presence in the coming years.
Earlier this year, SSP acquired Koukia, an Australian insurance systems specialist, from Wesfarmers Insurance Division, in an attempt to expand its global footprint.
