Business process, procurement and technology services vendor Xchanging has snapped up insurance software business Total Objects in a £21m deal.
Total Objects provides the London and global markets with software that automates the insurance lifecycle and the acquisition is designed to drive the development of Xchanging's insurance business and the company’s Xuber insurance software.
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From a product perspective it’s understood that Xchanging's existing Binder 360 Services for will integrate with Total Objects' BinderCloud.
The acquisition was also driven by a potential dovetailing of technology and customer bases for Xuber and Total Objects,
It’s believed that a new product roadmap for the retail and wholesale broking, outwards reinsurance and MGA markets will be developed. Total Objects will continue to be marketed under the same name.
Ken Lever, chief executive, Xchanging 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.”