Skywire Software and Whitehill Technologies Inc., two global providers of software and services for insurance and financial services, yesterday announced they have entered into a definitive agreement under which Frisco, Texas-based Skywire will acquire Whitehill.
Terms of the transaction, which is expected to be complete on or before August 31, were not disclosed. The company also declined to comment on whether or not the deal involved cash, stock, or both.
The acquisition of Whitehill will enable Skywire to "continue its aggressive global expansion in serving insurance, financial services and other key, high-growth industries," the announcement said.
Whitehill provides document and compliance software that helps insurance carriers, law firms and other companies improve efficiency and speed of key business processes. Based in Moncton, New Brunswick, Canada, Whitehill is a privately held company with a major center in Markham, Ontario, and offices in the U.S. and U.K., the announcement stated.
According to the companies, with the acquisition of Whitehill, Skywire Software will employ more than 650 people and serve nearly 2,500 customers in 45 countries.
A company spokesperson said Skywire does not anticipate any layoffs or personnel changes as a result of the acquisition, but that it could not promise there would be no changes. "Any changes would be very minimal," the spokesperson said.
Patrick Brandt, president and chief executive officer of Skywire, said: "Whitehill offers an attractive, complementary customer base and performance-driven talent. It fits well with our goal of providing the best customer service and technology in the industry, furthers our presence in key vertical markets, and enhances our presence on a global basis."
Whitehill serves more than half of the largest insurance companies in North America. The company's document automation and regulatory compliance software complements Skywire Software's portfolio of software applications and services that assist insurers in managing the lifecycle of a policy, the announcement noted.
Skywire Software's enterprisewide products span a range of key functions, including rating and underwriting, policy production and correspondence, real-time data exchange, and business intelligence, the announcement said. Currently, Skywire Software serves more than 1,000 insurance companies.
Skywire noted that current Whitehill customers should expect business to continue "without interruption."
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