Skywire Software Enters Definitive Agreement to Acquire Whitehill Technologies
|August 1, 2007|
FRISCO, TX – Skywire Software and Whitehill Technologies, two leading global providers of software and services for insurance, financial services, legal, and professional services, today announced they have entered into a definitive agreement under which Skywire Software will acquire Whitehill Technologies, Inc. Terms of the transaction, which is expected to be complete on or before August 31, 2007, were not disclosed.
The acquisition of Whitehill will solidify Skywire Software’s position as a dominant, vertically focused software company and continue its aggressive global expansion in serving insurance, financial services and other key, high-growth industries. Whitehill provides document and compliance software that helps insurance carriers, law firms and other companies improve efficiency and speed of key business processes. Based in Moncton, New Brunswick, Whitehill is a privately-held, profitable company with a major center in Markham, Ontario, and offices in the U.S. and U.K. With the acquisition of Whitehill, Skywire Software will employ more than 650 employees and serve nearly 2,500 customers in 45 countries.
“This acquisition anchors our position as a leading provider of key software applications to insurers of all sizes and across all segments of the insurance industry,” said Patrick Brandt, president and chief executive officer of Skywire Software. “Whitehill offers an attractive complementary customer base and performance-driven talent. It fits well with our goal of providing the best customer service and technology in the industry, furthers our presence in key vertical markets, and enhances our presence on a global basis.”
Whitehill serves more than half of the largest insurance companies in North America. The company’s document automation and regulatory compliance software complements Skywire Software’s portfolio of software applications and services that assist insurers in managing the lifecycle of a policy.
Skywire Software’s enterprise-wide products span a range of key functions including rating and underwriting, policy production and correspondence, real-time data exchange and business intelligence. Customers also leverage the deep domain knowledge and expertise of Skywire Software’s professional services team and its state-of-the-art Business Process Outsourcing facilities. Currently, Skywire Software serves more than 1,000 insurance companies.
According to industry research and advisory firm, Celent LLC, document management accounts for four of the top five categories tracking in software deals in the insurance industry. This acquisition positions Skywire Software as a leader in a highly-fragmented market.
Skywire Software’s vertical focus will expand to include legal and professional services. Over the past decade Whitehill has provided billing, reporting, workflow, and process integration software and services tailored to the specialized needs of these sectors. Whitehill currently serves more than 750 legal and professional services organizations, including two thirds of the world’s 250 largest law firms. “It’s incredible the number of synergies between Skywire Software and Whitehill’s offerings, customers and employees, “ said Paul McSpurren, president and chief executive officer of Whitehill Technologies.
“We look forward to combining with Skywire Software to continue serving the legal and insurance markets, and building one of the top vertically focused software companies fueled by innovation, talent and a drive to provide outstanding customer service.”
Current Whitehill customers should expect business to continue without interruption. The shared vision to build upon the domain expertise, process knowledge and service delivery success of the combined companies was a key driver of the acquisition. The transaction continues Skywire Software’s aggressive expansion, which has been fueled by organic growth and through nine previous acquisitions during the past four years. Earlier this year, Skywire Software completed the acquisitions of both Docucorp International and Integrated Insurance Technologies. Skywire Software is a privately-held subsidiary of Hall Financial Group, a $2 billion private, diversified firm.
Source: Skywire Software