Verisk Analytics unveils $250m Sequel acquisition
Data analytics provider Verisk Analytics said on Aug. 21 that it has signed a definitive agreement to acquire London-based software provider Sequel from HgCapital and other Sequel shareholders for a purchase price of £250 million.
The acquisition will further expand Verisk's comprehensive offerings to the global complex commercial and specialty insurance industry, enabling integrated global data analytics through a specialized end-to-end workflow solution, according to the statement.
"Sequel's strong position in the London insurance market will allow Verisk to build on our footprint in the UK, reinforce our deep long-term commitment to a strategic market, and expand our customer sets in global insurance markets," said Mark Anquillare, chief operating officer of Verisk Analytics.
"This supports our vision to deeply integrate into our customers' workflows and adds to our unique data assets, deep domain expertise, and steady stream of first-to-market innovations."
Scott Stephenson, chairman, president, and CEO of Verisk Analytics, added: "Sequel and its unique software tools will be a valuable addition to Verisk Analytics as we develop new ways to innovate with our customers around the world," added Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
The transaction is expected to be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share. Sequel had revenue and earnings before interest, depreciation and amortization (EBITDA) of £26 million and £12 million, respectively, for the year ended June 30, 2017. The transaction is expected to close in third-quarter 2017, subject to the completion of customary closing conditions.
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