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A German firm acquires an assurtech here

by

The IIJ Staff

July 4, 2018 09:45

Photo : Freepik

The German company GFT Technologies has acquired all of the shares of V-NEO, a assurtech quebec. The company is a solutions provider of information technology integrated for the insurance sector. The amount of the transaction has not been unveiled.

V-NEO is expected to generate revenues of approximately $ 23.6 million of dollars (M$) for the current fiscal year (from 1 August 2017 to 31 July 2018) and a net benefit of$4.3 Million.

Entry on the canadian market

The acquisition will enable TFG to make its entrance on the canadian market and expand its european presence with the addition of the office of Belgium, in addition to add a specialization in insurance.

«The acquisition underpins our strategy of international growth and our medium-term forecast to 2022. The technological know-how and the customer base of V-NEO fit perfectly with GFT — as well as its consultants, highly qualified in the customer premises in North America and Europe, as well as development teams to as «nearshore»‘ in Canada, » says Marika Lulay, president and chief executive officer of TFG.

«The international presence of GFT allows us to recognize trends in the industry on a global scale at an early stage, to enjoy the full potential of the market, with our customers and partners «, adds Alain Lamothe, president and chief executive officer of V-NEO.

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