Software giant hopes to double in size by 2011 following buy-out
SSP is looking to double in size by 2011 following the completion of its acquisition by a private equity firm.
Following an approach by private equity investors Hellman & Friedman LLC (H&F) earlier this year, SSP confirmed on July 23 that it had agreed to be acquired by H&F Sensor Bidco, a company formed and ultimately owned by funds managed or advised by H&F and SSP’s existing management team. The business will still trade as SSP.
The decision received majority shareholder approval on September 1 andl will provide SSP with access to additional funds for future acquisitions and to increase its investment in talent, technology and service capabilities.
Since its formation six and a half years ago, SSP has more than doubled in size every three years. In July, SSP announced record results with an annual turnover of £64.4 million and has now set a revised turnover target of £130 million to be achieved through organic growth and acquisitions over the next three years.
David Rasche, SSP executive chairman, 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. As we continue to grow we will maintain the customer focus of the company, as this has been key to our success.”
Laurence Walker, SSP chief executive, 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 different models co-exist, involving many different businesses – underwriting agents, networks, managing general agents, wholesalers, affinities etc.”
He added: “In this rapidly changing new world, industry–wide knowledge and experience in the latest insurance trading techniques will be more important than the technology itself. That’s where SSP has the advantage. We can apply our knowledge, talent & technology to help solve industry challenges and create opportunities for our customers across the globe. Our capabilities – everything from hosting to business intelligence, ebusiness and distribution – enhance the value and business advantages derived from IT.”
