EQT Mid Market to acquire TIA Technology A/S
• EQT Mid Market to acquire TIA Technology A/S, the leading supplier of standard software systems for the insurance industry in Europe
• Strategy is to support TIA Technology’s continued growth by investing in people and development of an even stronger core system and extended solutions offering
• Vagn Sørensen (former Chairman of Codan/Trygg-Hansa and KMD and Chairman of Automic) and Simon Lee (former Group Chief Executive of RSA Insurance) will join the Board of Directors
STOCKHOLM, June 17, 2014-- The EQT Mid Market Fund (“EQT Mid Market”) has agreed to acquire TIA Technology A/S (“TIA” or “the Company”) from DKA Capital, a Danish private equity fund, and the founders. The management team of TIA will co-invest and partner with EQT Mid Market to continue the growth and development of the Company.
TIA offers the industry's most flexible and comprehensive integrated suite of core insurance applications for Property & Casualty (“P&C”) and composite insurers. The Company has more than 60 customers and 100,000 daily users in 40 countries, and offers a proven solution which helps insurers across the globe to get closer to their customers through operational excellence, superior sales and service and product leadership. The TIA Solution is well-tested and internationally scalable with zero failed implementation projects.
More than 75% of the European P&C insurance companies currently run on legacy systems and there is a continued migration trend towards standardized systems in order to enhance efficiency, competitiveness and to comply with increasing customer demands and regulations. TIA will play an important role in this transformation and continue to grow its international footprint.
“With EQT Mid Market as a new owner, we will continue our successful delivery model and ambitious product strategy while ramping up on execution to become an even more prominent player in the insurance software sector in EMEA,” says Liselotte Munk, CEO of TIA. Liselotte Munk continues: “Our clients can rest assured that we will continue to deliver the most future-proof solution on the market today and tomorrow to propel their business forward.”
“We believe that the insurance industry has an increasing need of high quality core system solutions to support and optimize the value proposition towards customers. TIA is well-reputed in the industry for having developed a software solution that is among the very best. We look forward to supporting the Company and working together with management to further develop TIA,” says Vagn Sørensen, Industrial Advisor to EQT Mid Market.
“We are impressed with the management team and what they have achieved with TIA over the past years and we are captivated by the quality of the software and services. EQT, with its network and industrial approach, is well suited to support TIA in realizing its full potential,” says Jannik Kruse Petersen, Partner at EQT Partners, Investment Advisor to EQT Mid Market.
The parties have agreed not to disclose the transaction value. The transaction is expected to be completed on June 30, 2014.
EQT is the leading private equity group in Northern Europe, with portfolio companies in Northern and Eastern Europe, Asia and the US with total sales of more than EUR 25 billion and over 500,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information can be found on www.eqt.se
About TIA Technology A/S
TIA Technology offers the industry's most flexible and comprehensive integrated suite of core insurance applications for property/casualty and composite insurers. A proven solution with more than 60 customers and 100,000 daily users in 40 countries, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership.
For further information please visit www.tiatechnology.com
Jannik Kruse Petersen
Partner at EQT Partners
Investment Advisor to EQT Mid Market
+45 33 18 12 49
EQT Mid Market Spokesperson
+46 706 05 63 34
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