PARIS--(BUSINESS WIRE)--As part of their continuing growth strategies, Prima Solutions and Effisoft announce their merger to create a global InsureTech company. This merger between Effisoft, the leading vendor of reinsurance and regulatory software solutions for insurance and reinsurance companies across the globe, and Prima Solutions, one of Europe’s leading software provider for Life, Health, and P&C insurance companies, will produce one of the largest and most comprehensive players in Europe, North America, and the Asia-Pacific region with cloud-based solutions covering all areas of the insurance market.
This merger, concluded on December 13, will enable both groups to accelerate their development in the P&C, health and personal protection insurance markets. This merger is part of an ambitious and coherent growth strategy: it completes Prima Solutions' and Effisoft's existing product range, diversifies the customer base and strengthens the group's international positioning.
The transactional and analytical offerings of Prima Solutions and Effisoft, available in the cloud, now cover all insurance processes end-to-end: Life, Non-Life, reinsurance, regulatory reporting, and analytics (including predictive simulations and actuarial calculations).
“This merger of two key players is a major step for both our organizations; it broadens our customer base and our international footprint, thanks to a global offering that covers all the core business digitalization needs of our customers we now have further opportunities for growth across the board. This offer, available in the cloud and billable upon use, effectively targets players of all sizes in the insurance and reinsurance markets,” stated Hugues Delannoy, CEO of Prima Solutions.
Julien Victor, CEO of Effisoft, added: “The proliferation of High Tech and regulatory evolution are inevitable in the insurance market. This merger enables us to become the first player to provide a 100% digital solution that addresses the overall business needs of the industry. Moreover, our groups are complementary in nature in terms of both customer-base and geographic implementation coverage, and together we will share more than 20 years of experience in building comprehensive business software solutions for the insurance industry.”
Following this merger, the group will continue to be led by Hugues Delannoy and Julien Victor, with the support of The Carlyle Group as the majority shareholder.
The consolidated group has more than 300 employees, servicing more than 300 customers across 5 continents, and generates revenues of approximately €50 million.
Effisoft is a Paris-based international group that designs software solutions for insurance and reinsurance professionals. The group specializes in optimizing reinsurance operations and regulatory compliance with Solvency II.
About Prima Solutions
Prima Solutions provides P&C and L&H insurers the Prima Insure™ software platform to become a leader in insurance innovation. 100% web enabled, multilingual and delivered via SaaS mode, its addresses the entire life cycle of an insurance policy.
About The Carlyle Group and Carlyle Europe Technology Partners
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle Europe Technology Partners (CETP) seeks to invest in European technology, media and telecommunications (TMT) companies. CETP’s European team of advisors provides strategic direction and resources to help accelerate the growth of companies in which CETP has invested and to support their efforts to expand internationally and to open up new market opportunities. The current fund is now the fourth one in the CETP franchise. In total, more than 143 investors from 34 countries have made commitments to CETP funds.