Wisconsin-based financial software vendor Fiserv is to acquire Insurance Management Solutions Group (IMSG) for a total purchase price of $40 million.
IMSG provides policy and claims administration services and financial and statistical reporting, with a focus on serving the flood insurance market. The Florida-based firm has nearly 200 staff and currently expects 2003 revenues to be approximately $25 million.
Norman Balthasar, senior executive vice-president and COO, Fiserv, says: "We expect the IMSG client base to bring an added volume to the flood business process outsourcing division of our Insurance Solutions Group."
The acquisition is subject to customary conditions, including IMSG shareholder approval.