Open GI makes a significant strategic acquisition of Transactor Global Solutions Ltd (TGSL Group) in a deal valued at £40m
London | 06 April 2017
Open GI, the UK & Ireland’s leading supplier of business-critical software and services to the General Insurance Market, is to acquire TGSL Group which offers one of the most advanced and innovative Policy Administration and Rating platforms. The acquisition is a part of Open GI’s ongoing investment to provide its customers with cutting-edge, market leading solutions.
Commenting on the deal, Open GI’s Group CEO, Chris Guillaume said: “Ray and his team have done a fantastic job since founding TGSL Group and I am delighted that they will now join our enlarged group. Open GI continually strives to develop smarter solutions for ratings, policy administration and digital eCommerce for our customers. The combination of Open GI with TGSL will significantly advance that goal and present something truly new to the market. With the acquisition of PowerPlace in 2013 and now TGSL, we are demonstrating our strong commitment to expanding and deepening our investment in technology and supporting the evolving landscape of the General Insurance market. We are really excited about this acquisition and the future ahead.”
TGSL Group’s CEO, Ray Vincent further added: “I am extremely proud to have built TGSL Group to the business it is today. I believe that timing for this deal is right and Open GI represents the perfect long-term home for TGSL. I am certain that Chris and the team will take the combined business to even greater heights and the customers, staff and insurance market overall will gain from this strategic acquisition.”
Once the acquisition completes it will see employees at TGSL, across its UK offices and locations in Poland and Macedonia, become part of the Open GI Group. The acquisition will complete following customary regulatory approvals.