IT provider to expand global footprint
SSP has announced that it has entered into a binding agreement to acquire the Australian insurance systems specialist Koukia Pty Ltd, from Wesfarmers Insurance Division.
The acquisition will extend SSP’s global footprint and allow it to accelerate its investment in the existing InsureJ product range. The acquisition is expected to be completed in the next quarter.
The deal involves SSP taking over all the personnel and resources of Koukia which will continue to trade from its office in Hawthorn, Victoria, as a separate business unit within SSP’s Insurer Division. As well as providing SSP with a larger base in Australia, the acquisition will bring over 50 highly skilled and experienced people into the business.
SSP has been the distribution partner for Koukia since January 2007, when it acquired the European distribution rights to market and develop the InsureJ general insurance solution for the IBM market. Launched in Europe in May 2007 the product has received encouraging interest from insurance companies in the UK and beyond.
David Rasche, executive chairman, SSP said: “The acquisition of the Koukia business broadens our international insurer product offering and brings more experience and expertise to the business, at a time when the buying habits of general insurance companies around the world are beginning to change.
"Insurers are increasingly investing in core administration capability, driven by the need to deliver cost savings, channel integration, increased speed to market of products, client self servicing and process efficiency. We are pleased that Wesfarmers Insurance Division agreed that we are the ideal company to take the product forward and market it to the global insurance industry.
"Through our carrier to consumer proposition, market expertise and scale, customers will see great benefit from this solution and our insurance distribution experience.”
Graeme Robinson, director, Koukia Pty Ltd, said: “We are delighted to become part of SSP. Having worked closely with the SSP team over the last year, I am positive that this will be a success.
"This deal creates an unrivalled team of over 750 highly skilled and experienced insurance IT people who will help deliver the very latest insurance solution.”
Rob Scott, Managing Director, Wesfarmers Insurance Division, added: “SSP has the scale, resources and background in the insurance IT sector necessary to take Koukia to the next phase in its development.
"Their products and business are complementary to Koukia and SSP has been working closely with the Koukia team since January 2007.”
