Lumera, a Stockholm, Sweden-based insurtech company dedicated to the digital transformation of the European life and Pensions industry, acquired ITM, a London, UK-based independent provider of data management and technology solutions serving the UK Life and Pensions markets.
The amount of the deal was not disclosed.
The acquisition supports Lumera’s strategic objectives for entering new markets, while bringing substantial additions to the offering, including tech-enabled specialist services for data analysis, regulatory compliance assessments, de-risking and liability management, platform data migrations, data quality management, data cleansing and tracing.
Led by Mark Lecompte, CEO, ITM is an independent provider of data management and technology solutions to the UK pensions industry, providing a comprehensive range of technology-led specialist services to a broad, blue-chip client base, including large-scale and complex transformation and the first ISP solution for feeding and processing data to the UK Pensions Dashboard. ITM also offers expert consultancy solutions, helping customers address large-scale and complex transformation with major implications on technology and business models.
With a staff of 160, the company has additional offices in Guildford, Bristol, Edinburgh, Mumbai and Pune, India.
Inflexion, a European mid-market private equity firm, is the current main shareholder of ITM, together with management and employees. Following the transaction, ITM will be a fully integrated Lumera company.
Led by CEO Jonas Alfredson, Lumera Lumera is dedicated to the digital transformation of the European Life and Pensions industry combining a cloud- native policy administration platform with deep domain expertise. The company, which is introducing AI-powered automation and business analytics to policy administration, is majority owned by Monterro, a software investor in the Nordic region.
FinSMEs
01/07/2024