The management team of Open International Ltd, the parent company of Open GI, Open GI London and PowerPlace today announced their acquisition of the company from its private shareholders with the backing of Montagu Private Equity LLP ("Montagu"), one of Europe's longest established private equity firms.
Open GI is the UK and Ireland's leading supplier of business-critical software and services to the general insurance market, supporting an estimated 19,000 users, including insurers, brokers and aggregators, operating across almost 2,000 sites. The business enjoys long term customer relationships and has a strong track record of product innovation, including tools to enable the electronic trading of personal lines insurance and ecommerce platforms. In 2013, Open International acquired PowerPlace, an online commercial insurance marketplace, which distributes commercial insurance products electronically via its base of around 1,200 broking firms and is integrated with Open GI's software platform.
Chris Guillaume, CEO, Open International, said: "We have continued to build on our strong position in the market over the past few years and we are excited to be driving the group's next phase of growth, notably in the commercial insurance market where PowerPlace is at the forefront of the move to standardise and transact products online. We are delighted to be working again with Montagu. With their extensive knowledge of the business and experience backing the growth of other software and technology businesses, they are the ideal partners to support us as the business expands to take advantage of the changing market dynamics."
Edward Shuckburgh, Director, Montagu Private Equity LLP, said: "We are impressed by Open International's continued product innovation and its consistent growth and profitability, and it is a business that we know well, having invested previously in 2006. We look forward to working with Chris Guillaume and his team and supporting them in their strategy to continue the growth and development of this market leading business."
The transaction will complete following approval by the Financial Conduct Authority (FCA).