The software vendor you bet your transformation on just announced it's been acquired. The marketing machine is in high gear extolling the virtues and assuring customers. Do you feel like Dorothy facing the Wizard of Oz with his smoke and mirrors?
Novarica reports that consolidation of the insurance software marketplace is accelerating: "we expect the consolidation trend … to accelerate as vendors look to compete with what is quickly becoming a growing group of mega-vendors"[1]. Forbes reported that more than 50% of M&A transactions fail[2]. As insurers we are impacted directly by vendor acquisitions and rarely get insight on what levers are being pulled.
One remarkably successful entrepreneur and CEO in our industry, Ross Orrett, agreed to pull back the curtain for me. Ross performed a rare Hat-trick, building and selling three software companies. Just this month he finished a two year gig integrating Camilion Solutions into mega-vendor: SAP. Ross also built and sold InSystems, a leader in insurance document automation and sold a majority stake in SaaS vendor Doxim to a private equity firm, each with a different integration approach.
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