The Innovation Group, a Whitely, England-based firm providing insurers with technology solutions and outsourcing, announced today it is acquiring First Notice Systems Inc. for $51.6 million.
Innovation said it is buying the Boston-based provider of claim reporting outsourcing services and software from Concentra Operating Corp., Hartford, Conn., for $50 million cash and related payments of $1.55 million.
The acquisition, subject to approval by Innovation shareholders, is expected to close in the fourth quarter of this year. Innovation said the transaction should give it a platform to grow its insurance outsourcing business in the United States.
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