UniRisX, LLC Announces Private Equity Funding And Acquisition Of SaaS Insurance Service Provider UniRisX
UniRisX, LLC recently announced the successful acquisition of UniRisX Ltd, the leading SaaS provider of global insurance services, and concurrent formation of parent company UniRisX, LLC. A seasoned executive team led the acquisition of UniRisX with the backing of a private equity consortium. Financial terms were not disclosed.
Insurance industry veteran David P. Hollander, former managing director of Accenture's Global Insurance Software Solutions Group, will assume the role of Chief Executive Officer. The existing UniRisX management team will remain intact and will be supplemented by key executives in strategic locations in the United States, the U.K. and Hong Kong.
UniRisX marks the first of several strategic acquisitions planned by UniRisX, LLC. The firm will build on UniRisX's established global customer base, which includes 15 global clients, to expand the solution and local support, and to open new offices in key markets in North America, Asia and the Middle East. UniRisX, LLC will pursue additional technology assets that provide global insurers, agents and brokers with high-quality, low-cost IT solutions that drive dramatic business growth.
UniRisX is currently the leading SaaS provider of global insurance services, with over 40,000 users in production and $400M in premium transacted across nine countries and five continents. The software enables new product delivery in just days or weeks rather than the standard months or years, allowing insurers, agents and brokers to gain critical market share for new products and customer segments.
According to Celent Research, UniRisX is "unique in the policy administration solution landscape in offering a fully-hosted solution that is rich in feature and function. The short implementation times matched with the high-degree of insurer control in maintenance makes UniRisX an excellent solution for those trying new markets or new products," (European Policy Administration Systems, May 2009).
"The acquisition of UniRisX will advance the company vision of providing end-to-end insurance solutions that allow insurers to rapidly launch new products faster and at a lower cost than ever before possible," said David P. Hollander, CEO, UniRisX, LLC. "UniRisX's web-based model offers a high degree of flexibility, requires no investment in IT hardware or software, and provides the ability to leverage existing legacy assets in order to deliver huge cost savings and competitive advantage to our customers."
"UniRisX is truly the market leader in the SaaS policy processing space with an established track record of innovation, market leadership and success across more than 15 lines of business," said Andrew Philpott, Operations Director and one of the original founders of UniRisX. "The addition of David Hollander and the rest of the experienced executive team will create exciting opportunities for our existing clients and pave the way for continued business growth."
UniRisX has been servicing customers since 2004, offering a fully hosted, multi-language, multi-currency insurance solution that uniquely combines speed-to-market for product development with low-cost delivery. UniRisX has established strategic alliances with several global technology leaders including Sun Microsystems, among others.
In addition to CEO David Hollander, insurance industry veteran David Plate, Vice President Sales and Business Development, North America, will join current UniRisX executives Tony Ferguson, Strategy Director and Matthew Priestley, Customer Solutions Director, on the team.
About UniRisX, LLC
UniRisX, LLC is the world's leading global provider of SaaS insurance solutions with 15 global clients with a user base in nine countries and five continents. Established in 2004, UniRisX's fully hosted, web-based solution allows industry leaders such as ACE Insurance, Falcon (Hong Kong), Price Forbes, Carrols, Zennor Ltd. and MS Automotive, among others, to rapidly launch new products, create distribution networks, including affinities, and manage the full policy lifecycle over the web. The company has established strategic partnerships with Sun Microsystems and Eastnets, a bank outsourcing center headquartered in the Middle East. For more information, please visit www.unirisx.com.
SOURCE: UniRisX, LLC