ACQUISITION OF CONCISE TECHNOLOGIES INC. EXTENDS SHERWOOD’S PROPERTY & CASUALTY
INSURANCE PRODUCT PORTFOLIO
Armonk, NY Hartford Conn., April 30. Sherwood
International, Plc a leading supplier of information technology solutions to the global
insurance market, today announced the acquisition of Concise Technologies , Inc., a
software and services business specialiszing in the North American Property and Casualty
(P&C) insurance arena. The acquisition, worth initially CAN$20 million (US$13
million)�9 million in cash and equity, strengthens Sherwood’s position in North
America, and the United States, since US is part of NA, maybe should say US and throughout
all of North America the world’s largest insurance technology market.
Sherwood’s clients include international blue-chip
companies in the wholesale and retail insurance industry. In the Life & Annuities
industry, clients include New York Life International, Old Mutual, Swiss Life, Scottish
Provident and Nationwide Mutual Life. In the Insurance and Reinsurance sectors, clients
include AXA, CNA, ACE, and CIGNA. and PolygonConcise 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 650 employees and it’s its flagship software solution covers
all areas of policy and claims administration. Concise’s clients include leading
insurers such as ACE and Safeco.
According to Sherwood International Plc, this transaction
broadens Sherwood’s firm’s suite of product offerings in the critical North
American marketwher. Concise Technologies Inc., have developed a strong packaged tool-set
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 to the Sherwood’s existing
high-end P&C toolset-based product: Amarta-Lines. offering In March 2001, Sherwood
announced an exclusive partnership agreement with Deloitte Consulting to distribute its
Amarta- Lines products to large P&C insurers around the world. Concise’s product
architecture is similar to Sherwood’s amarta offering in that it is tools-based,
withincluding integrated workflow and a rules-based processor.
Commenting on the acquisition, Sherwood Chief Executive
George Matthews Mike Dropkin, president of Sherwood International’s North American
P&C Business Unit 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.
We are delighted to announce a strengthening of our presence in North America through the
acquisition of Concise. North America and the P&C market represent key markets for
Sherwood and the acquisition greatly enhances our skill base in both these areas. Not only
are we adding Concise’s software to our North American portfolio, we are also
acquiring extensive knowledge and experience of the P&C market which can be applied to
develop further our previously announced amarta-Llines solution for this market.”
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 organisations. 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”.
Concise’s clients include leading insurers such as ACE and Safeco.
Sherwood International, founded in 1970, is a provider of
software and solutions to the global insurance industry and UK government sectors. As of
April 2001, the company had a market capitalizsation of approximately �150 million (US$215 million).
Sherwood International’s clients include international
blue-chip companies in the wholesale and retail insurance industry. In the Life &
Annuities industry, clients include New York Life International, Old Mutual, Swiss Life,
Scottish Provident and Nationwide Mutual Life. In the Insurance and Reinsurance sectors,
clients include AXA, CNA, ACE, and CIGNA. and Polygon. Sherwood International also
provides services to Central Government agencies, including MAFF, the Intervention Board
and the Welsh Office. Sherwood International’s outsourcing clients include Liverpool Victoria.
Founded in 1994 in Toronto, Canada, the company has grown
substantially and currently has more than 560 employees and consultants. Concise’s
flagship solution, is a comprehensive Property and Casualty system covering all areas of
policy and claims administration.
For further information, contact:
Craig S. Robinson
Sherwood International 914-273-7721
Sherwood International 905-275-2299
Whit Clay/Dana Fields
Sloane & Company 212-446-1864