Prima Solutions Expands Product Offering and Geographical Reach Through the Acquisition of ICOD Inc.
As part of its continuing growth strategy, Prima Solutions (Prima), the premier software platform for Property and Casualty insurers, has agreed to acquire ICOD Inc. (ICOD), the Canadian provider of software solutions for Life and Health insurance. Recognized as an established leader with its SN Assurance suite, ICOD offers a best-in class solution deliverable in SaaS or on premise.
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The transaction, which closed on September 20th, accelerates Prima’s expansion into the Life and Health insurance market which is still largely using legacy technologies. The ICOD acquisition offers many synergies including: complementing Prima’s existing product offering, diversifying its customer base and expanding the platform for rapid growth in both Europe and North America.
Hugues Delannoy, Chairman of Prima Solutions, said: "This acquisition provides a unique opportunity to accelerate our growth strategy and gain scale both in France and internationally. The transaction offers immediate synergies and reinforces our plan to diversify our product offering to take advantage of the fast growing demand in the Life and Health insurance segment for a modern scalable platform.”
Pascal Gosset, Founding President of ICOD Inc., added: "Having already worked closely together with Prima on several occasions, our shared vision has led us to join forces to position ourselves as one of the strategic technology providers in the Property and Casualty and the Life and Health insurance markets. The combination of both organizations will allow clients continue to benefit from the same high level of quality service and expertise while also gaining access to increased product offerings through a single software provider".
About Prima Solutions
Prima Solutions provides Property and Casualty insurers the cutting-edge Prima Insure™ software platform to increase agility and become a leader in insurance innovation. 100 percent web enabled, modular, multilingual and delivered via SaaS mode, Prima Insure™ addresses the entire life cycle of an insurance policy: distribution; underwriting; contract; claims, financial management and predictive analytics. More than 67 Property and Casualty insurers have already chosen to innovate with Prima Insure™. Prima Solutions is a member of ACORD.
Web www.prima-solutions.com | Twitter https://twitter.com/Prima_Solutions
Founded in 2000 in Montreal ICOD delivers the software platform Life and Health insurers need to gain in agility and efficiency in a highly competitive market. Full web, modular, multilingual and available in SaaS mode, ICOD’s software platform addresses the whole life cycle of an insurance policy: distribution; underwriting; contract management; claims and financial management. More than 10 Life and Health insurers have selected ICOD’s software platform to manage their activities end-to-end. ICOD employs 55 professionals worldwide, and its employees will become part of the Prima Solutions group in the context of this transaction.
Frédéric DUTREUIL, +33(0)1-70-91-13-16 / +33(0)6-24-04-23-39
Leslie MADUBOST, +33(0)1-70-91-24-78
Daphne CLAUDE & Dominic RIDING, +33(0)6-66-58-81-92 / +33(0)6-57-48-83-24
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