Xchanging adds to binder offering with insurance software acquisition

3rd Jul 2014 15:02

Business process outsourcer Xchanging has agreed to acquire insurance software business Total Objects for up to £21m cash as it looks to strengthen its insurance binder offering. Total Objects provides the Lloyds of London and global markets with re-insurance software that fully automates the insurance lifecycle, which Xchanging said would enable product development synergies with its own Binder360 offering and Total Objects BinderCloud software. Total Objects also offers further potential synergies with Xchanging's Xuber insurance software.Xchanging Chief Executive Ken Lever said: "Insurance is a core market for our services, and Total Objects will contribute to the further development of our presence in the binder market as well as providing synergies with our Xuber insurance software. "Total Objects has a talented team with a proven track record of product development: it will fit very well with our growing insurance software business." Shares in Xchanging had steadily risen 2.35% to 155.83p by 15:15 on Thursday.OH