Sherwood International Plc, the London-based insurance software developer, has strengthened its presence in the US market with the purchase for up to $19.6m of Mattioda Associates Inc, a Hartford, Connecticut supplier of IT services to the North American life, pensions and annuities market.
Mattioda had revenue of $8.7m and pre-tax profit of $1m in its last financial year. Sherwood is paying $10.1m initially in cash and shares with a further payment of up to $9.5m dependent on Mattioda’s performance over the next five years.
Sherwood has a Chicago office, where it is selling its flagship Amarta product into the insurance market. It also formed a partnership with CSL, a subsidiary of international professional services company Deloitte and Touche that specializes in business process outsourcing, in a bid to make further inroads into the US market (CI No 3,726).
Sherwood has just recruited Neil Schappert, a former Computer Science Corporation executive who specialized in the insurance market, as COO of its US operations, including the Mattioda operation.
