Lumera, a leading InsurTech company dedicated to the digital transformation of the European life and pensions industry, has entered into an agreement to acquire ITM, as part of its international growth strategy.
The acquisition, which is the firm’s largest to date, supports its strategic objectives of entering new markets and enhancing its service offerings.
ITM’s addition significantly enhances Lumera’s presence and capabilities in the UK policy administration systems (PAS) market.
The company’s blue-chip customer base includes some of the largest UK pension funds, and its team of over 160 professionals will join Lumera.
Jonas Alfredson, CEO of Lumera, spoke enthusiastically on the news, remarking, “This is a union of two successful businesses with much in common, and above all, a joint vision for digitalising the Life and Pensions industry which we serve. With their combination of industry and tech expertise covering Life and Pensions, data management and pensions dashboards, ITM is a trusted partner to leaders in the UK Life and Pensions space, resembling our status in the Nordic markets. I’m also confident that our teams are complementary and highly compatible in terms of skills, spirit and culture.”
ITM provides tech-enabled specialist services for data analysis, de-risking, liability management, data migrations, data quality management, data cleansing, and tracing. Additionally, it offers expert consultancy solutions to help customers navigate large-scale and complex transformations impacting technology and business models.
Mark Lecompte, CEO of ITM, added, “We believe the time is right for ITM to enter a new phase and a larger context. We look forward to Lumera supporting our ongoing growth in the UK pension data market. Strategically and culturally, Lumera provides an excellent match with our organisation, as well as with our technology and services portfolios. Together with Lumera, we now look forward to further strengthening our offering to add even more customer value. Lumera has thoroughly impressed us with their PAS technology and their track record from working with customers through major transformation in some of the most competitive insurance and pensions markets.”
Inflexion, a leading European mid-market private equity firm, is the current main shareholder of ITM, along with its management and employees.
Following the transaction, ITM will be a fully integrated Lumera company. Financial terms of the transaction have not been disclosed.
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