Novidea, the creator of the cloud-based, data-driven enterprise insurance management platform, has announced the strategic acquisition of Docomotion, an automated document generation technology provider.
The acquisition aims to accelerate product innovation and create unparalleled value for customers.
It will add new capabilities to Novidea’s award-winning insurance management platform, including automated forms processing, design, management, and e-signatures.
Additionally, Docomotion’s customers will benefit from a broader product suite, increased focus on product development, enhanced customer experience, and global access to professional expertise.
The strategic acquisition, which is set to close within the week, reflects Novidea’s ambition to lead digital transformation initiatives in the insurance sector.
Novidea CEO Roi Agababa explained, “Docomotion is a leading innovator in automated document management, an essential technology for document-heavy industries. Its unique, cloud-based document generation technology presents major technological synergies between our two companies. We are proud to welcome Docomotion’s talented team to the Novidea family and look forward to working together, leading successful digital transformation initiatives for our customers.”
Known for its comprehensive insurance management platform, Novidea enables brokers, agents, MGAs/MGUs, carriers, and wholesalers to improve operational efficiencies and enhance customer experiences.
The platform is designed to increase business resilience and competitiveness.
On the other hand, Docomotion is recognised for its innovative cloud-based document generation technology, which significantly reduces the administrative and manual burden of processing complex forms and documents.
Both companies share a vision for modernising the customer experience in the insurance industry.
Oren Leshem, CEO and Founder of Docomotion, spoke enthusiastically following the news, remarking, “Novidea has experienced unprecedented growth over the last few years, driven by the global trend to modernise customer experience in insurance. We share a similar vision for the evolution of the document generation industry. By combining our powers, Docomotion and Novidea can further expand our capabilities and drive even greater value for our customers. Docomotion will continue to serve all its customers in the various verticals. Customers will benefit from access to broader resources and availability of assets as we join forces with Novidea.”
Novidea’s legal representation for the deal was provided by Yael Shimon-Many, a partner at Pearl Cohen law firm, while Docomotion was represented by Oded Levy, a partner at Arnon, Tadmor-Levy.
The financial details of the deal remain confidential.
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