The acquisition, worth initially Can$20 million (US$13 million) in cash and equity, strengthens Sherwood’s position in North America, the world’s largest insurance technology market.
Concise Technologies supplies software and consultancy services to a number of leading North American P&C insurers and reported revenues of Can$7.1 million (US$4.6 million) for the year ended November 30, 2000. Concise has more than 60 employees and its flagship software solution covers all areas of policy and claims administration. Concise’s clients include leading insurers such as ACE and Safeco.
This transaction broadens Sherwood’s suite of product offerings in the critical North American market. Concise Technologies have developed a strong packaged P&C product line aimed at the small to mid-sized P&C insurer. Concise’s product architecture is tools-based, with integrated workflow and a rules-based processor.
Concise complements Sherwood’s existing high-end P&C toolset-based product: Amarta-Lines. In March 2001, Sherwood announced an exclusive partnership agreement with Deloitte Consulting to distribute Amarta-Lines to large P&C insurers around the world.
Commenting on the acquisition, Mike Dropkin, president of Sherwood International’s North American P&C Business said The Concise acquisition is a perfect complement for Sherwood P&C. Concise’s mid-priced product allows us to bring our philosophy of highly customizeable toolset solutions to the middle of the P&C market while at the same time we can leverage the business knowledge of Concise’s people in our Amarta-Lines products aimed at the top of the market. This is definitely a big vertical win for our North American P&C business.
Greg Thornton, President of Concise, commented We are very excited about joining Sherwood. Key reasons in our decision to do so are the similarities in culture, technological strategies and vision in our two organizations. It provides a great opportunity for us to enhance and grow our position as a leading supplier to the North American Property and Casualty market place.
