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Cover-All Technologies Inc. has announced the acquisition of Moore Stephens Business Solutions, a provider of business intelligence and advanced analytics solutions to the insurance industry.

Acquisition highlights include:

  • Cover-All has acquired substantially all of MSBS’s assets (excluding working capital) for an aggregate purchase price of $2,450,000, with no assumed indebtedness.
  • Approximately 96 percent of the purchase price consists of cash and a promissory note, and the remaining approximately four percent consists of Cover-All’s common stock.
  • The acquired business is expected to be immediately accretive to Cover-All’s 2010 earnings with an operating margin comparable with Cover-All’s historic operating margin.
  • On a trailing 12-months basis, MSBS generated more than $6 million in revenue.
  • The combined organization will total more than 55 customers, all of which are part of the same target market.
  • Seth Rachlin, currently CEO of MSBS, will join Cover-All’s management as an executive vice president and serve as managing director of Cover-All’s new business intelligence unit. The unit, including the staff of MSBS, will continue to be based in the New York City office.

(For more on Cover-All, click here for a case study with AIX Group. And for more on Moore Stephens, read here about a BI implementation with Scottsdale Insurance.)

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