Leading provider of software to the UK's general insurance market
In May 2006 Montagu led and arranged the management buyout of Misys General Insurance (subsequently named Open International Limited) from Misys plc, whose main business was software applications to the healthcare and banking industries.
Open International consisted of two main operating divisions, Open GI and Countrywide Insurance Management. Open GI provided hardware, software and IT services to UK general insurance intermediaries. Countrywide Insurance Management was a network of independently owned insurance brokers who worked together with Insurers to provide superior products and servicing for their customers.
In the year ending 31 May 2005, Open International achieved EBITDA of £17.5 million on sales of £33.7 million. The business employed 300 people and was headquartered in Worcester.
Open International was another example of Montagu's strategy of backing high quality incumbent management teams in businesses with positive momentum. Montagu's early identification of the opportunity, our strong reputation for delivery and their open dialogue with the vendor were all key to our success in this transaction.
Montagu was attracted to the business because of its excellent record of profit growth and cash generation, its strong position in the market and the potential for growth in commercial lines business and the possibility of synergistic acquisitions. However, after an unsolicited approach, the business was sold relatively quickly in September 2007 to Towergate for