UK based claim processing services company, Innovation, was acquired by the buyout group Carlyle for $772m. Innovation offers its' claims processing software for the motor and property insurance markets as a standalone product.
Buyout group Carlyle announced its latest acquisition last weekend. The U.S. firm will purchase U.K.-based Software-as-a-Service company Innovation, which provides claim processing services to the insurance industry. According to reports in The Telegraph on Saturday (Aug. 29), Carlyle agreed on a price tag of around $772 million for the takeover. It’s a strong value on a company whose market capitalization hit just $77 million in 2009, reports said. Innovation offers businesses the claims processing software it uses for the motor and property insurance markets as a standalone product.