PRLog - June 17, 2014 - VIRUM, Denmark -- TIA Technology, the leading supplier of standard software systems for the insurance industry in Europe, has been acquired by the Nordic private equity fund EQT Mid Market. EQT sees TIA Technology as a major player in the insurance software market as many insurers will invest in new software solutions to enable their ability to execute faster and more efficiently.
TIA Technolog - Closer to insurance customers
Building muscle to accelerate growth
TIA’s strategy remains the same – expansion of its already leading European software install-base and the continuing development and delivery of its award-winning, end-to-end standard insurance solution. Partnering with EQT will allow TIA to further accelerate growth and innovation as well as expand its footprint across Europe. Focus will also be on establishing a stronger local presence in key markets such as Germany and UK.
“We are impressed with the management team and what they have achieved with TIA over the past years and we are captivated by the quality of the software and services,” says Jannik Kruse Petersen, Partner at EQT Partners, Investment Advisor to EQT Mid Market. “EQT, with its network and industrial approach, is well suited to support TIA in realizing its full potential.”
Around 75% of European Property & Casualty insurance companies currently run on legacy systems and there is a clear migration trend towards standardized systems in order to enhance efficiency and competitiveness and comply with increasing customer demands and regulations. TIA Technology will play an important role in this transformation and continue to grow its international customer base.
“We will continue our successful customer-centric strategy; working closely together with our partners to ensure a strong foundation for worldwide growth,” says Liselotte Munk, CEO of TIA. “Our clients can rest assured that we will continue to deliver the most future-proof solution on the market to propel their business forward.”
Insurance heavy hitters on the board
With the acquisition, TIA will have a new board of directors, including Vagn Sørensen (former Chairman of Codan/Trygg-
“We believe that the insurance industry has an increasing need of high quality core system solutions to support and optimize the value proposition towards customers,” says Vagn Sørensen, Industrial Advisor to EQT. TIA is well-reputed in the industry for having developed a software solution that is among the very best. We look forward to supporting the company and working together with management to further develop TIA.”
EQT is the leading private equity group in Northern Europe, with portfolio companies in Northern and Eastern Europe, Asia and the US with total sales of more than EUR 25 billion and over 500,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information can be found on http://www.eqt.se
About TIA Technology
TIA Technology offers the industry's most flexible and comprehensive integrated suite of core insurance applications for property/casualty and composite insurers. A proven solution with more than 60 customers and 100.000 daily users in 40 countries, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership.
For further information please visit http://www.tiatechnology.com