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SOFIA (Bulgaria), August 8 (SeeNews) – London-headquartered Fadata, an IT solutions provider with a major development and operations centre in Bulgaria, said it has acquired German-based digital insurance technology company Impeo and its units, including Serbia-based Impeo Development.
“Impeo’s solutions have great synergy with INSIS, our leading insurance process platform, expanding our overall opportunity to be the leading insurance solution vendor in Europe,” John Macdonald, CEO of Fadata Group, said in a statement last week.
The value of the transaction was not disclosed.
The acquisition allows Fadata to support insurers’ growing need for mobile friendly customer-engagement and portal solutions, and to help insurers reduce overall costs and complexity, the statement reads.
“Munich will develop as our principal operating base for the region as we grow the client base and customer services team across all the products of the Fadata Group,” Ralf Bojarra, co-founder of Impeo, said in the same statement.
Munich-based Impeo specialises in the development of front office applications for the insurance and financial services industry. Impeo Development, based in Novi Sad, Serbia develops high-end financial applications and custom project-specific applications.
Fadata has offices in Bulgaria, Germany, Romania, Sweden and Serbia and an extensive international distribution and partner network that includes EY, Charles Taylor InsureTech, EVRY, Sollers, Tieto, Infosys and Oracle. The company’s core process management platform, INSIS, is used by insurers in over 30 countries worldwide.
In 2015, Fadata was acquired by global private equity firm The Riverside Company and London-based global insurance services provider Charles Taylor.