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Technology / AI and automation

POLICY MANAGEMENT SYSTEMS TO BUY SOCS GROUPE, PARIS

Columbia, South Carolina-based Policy Management Systems Inc reckons its accounting problems are behind it and it can get on with the rest of its life post-IBM Corp. It is to acquire SOCS Groupe SA, a French software and services company, on undisclosed terms. The SOCS AIA life insurance product will become Policy Management Systems’ mid-range life insurance offering internationally and the SOCS Oceanic object-oriented development tool will be the basis of new life insurance strategic development activities in Europe. SOCS Groupe’s estimated revenues for the fiscal year ending September 30 are about $22.2m. Based in Paris, SOCS provides application development tools, life insurance packages and professional services for insurance companies, principally ones in Europe.

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CBR Staff Writer

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