Symbility Solutions Inc., a wholly-owned subsidiary of AutomatedBenefits Corp., provider of claims processing and estimatingsoftware for the property & casualty insurance industry, hasclosed the previously announced transaction to acquire Marshall& Swift/Boeckh's (MSB) claims division.

MSB is a wholly-owned subsidiary of Decision Insight InformationGroup, Inc. Decision Insight is indirectly wholly-owned byProperty Data Holdings Ltd., a portfolio company of TPGCapital.

As part of the transaction, Automated Benefits issued 52,189,286common shares with an approximate value of C$18.1million, to MSB and certain of its affiliates,which represents 30 percent of the common shares issued andoutstanding immediately following the issuance, after adjusting forissued and outstanding options to acquire common shares.

“We are extremely excited to have completed this transactionthat augments Symbility's existing expertise in claims processing,loss estimating solutions, and process analytics technologies,making us a stronger alternative in the market. We are uniquelypositioned to provide innovative and flexible tools that deliver abetter claims experience for insurance carriers, vendors and theentire claims community,” says James Swayze, CEO of Symbility.

In addition, in connection with the Transaction, MSB purchasedby way of a private placement 7,021,530 Common Shares at a price ofC$0.27 per Common Share for aggregate gross proceeds to theCorporation of approximately $1.9 million, which proceeds will beused for general working capital purposes. As a result, PropertyData, indirectly, owns 33.29 percent of the current outstandingcommon shares as of the closing of the transaction and is thelargest shareholder of the corporation.

Two representatives from Decision Insight, a portfolio companyof TPG, and one representative from TPG, have also been elected tothe Automated Benefits board of directors: Chris Cartwright, CEO,MSB and Decision Insight; Chris Jutkiewicz, CTO, Decision Insight;and Nehal Raj, a principal in the technology group of TPG.

“Since announcing our plans to join forces with Symbility onJanuary 25th, our customers and industry partners have respondedwith enthusiasm to the prospect of having the proven,market-driven, enterprise solution that this combinationrepresents,” says Cartwright. “The integration of MSB's lossestimating data with Symbility's workflow software to deliver thisbest-in-class solution, along with our investment in Symbility'sparent company, reinforces MSB's long-term commitment to theproperty claims industry and supports our strategy to be thepremier enterprise information, analytics, and workflow provider toproperty insurers.”

“TPG is enthusiastic about the prospects for Symbility Solutionsand its strategic collaboration with MSB,” says Raj. “We arecommitted to building a market-leading franchise in this space,investing behind Symbility's compelling growth prospects and strongmanagement team.”