Empresas y finanzas
Skywire Software Enters Definitive Agreement to Acquire Whitehill Technologies
Skywire Software and Whitehill Technologies, two leading global
providers of software and services for insurance, financial services,
legal, and professional services, today announced they have entered
into a definitive agreement under which Skywire Software will acquire
Whitehill Technologies, Inc. Terms of the transaction, which is
expected to be complete on or before August 31, 2007, were not
disclosed.
The acquisition of Whitehill will solidify Skywire Software's
position as a dominant, vertically focused software company and
continue its aggressive global expansion in serving insurance,
financial services and other key, high-growth industries. Whitehill
provides document and compliance software that helps insurance
carriers, law firms and other companies improve efficiency and speed
of key business processes. Based in Moncton, New Brunswick, Whitehill
is a privately-held, profitable company with a major center in
Markham, Ontario, and offices in the U.S. and U.K. With the
acquisition of Whitehill, Skywire Software will employ more than 650
employees and serve nearly 2,500 customers in 45 countries.
"This acquisition anchors our position as a leading provider of
key software applications to insurers of all sizes and across all
segments of the insurance industry," said Patrick Brandt, president
and chief executive officer of Skywire Software. "Whitehill offers an
attractive complementary customer base and performance-driven talent.
It fits well with our goal of providing the best customer service and
technology in the industry, furthers our presence in key vertical
markets, and enhances our presence on a global basis."
Whitehill serves more than half of the largest insurance companies
in North America. The company's document automation and regulatory
compliance software complements Skywire Software's portfolio of
software applications and services that assist insurers in managing
the lifecycle of a policy.
Skywire Software's enterprise-wide products span a range of key
functions including rating and underwriting, policy production and
correspondence, real-time data exchange and business intelligence.
Customers also leverage the deep domain knowledge and expertise of
Skywire Software's professional services team and its state-of-the-art
Business Process Outsourcing facilities. Currently, Skywire Software
serves more than 1,000 insurance companies.
According to industry research and advisory firm, Celent LLC,
document management accounts for four of the top five categories
tracking in software deals in the insurance industry. This acquisition
positions Skywire Software as a leader in a highly-fragmented market.
Skywire Software's vertical focus will expand to include legal and
professional services. Over the past decade Whitehill has provided
billing, reporting, workflow, and process integration software and
services tailored to the specialized needs of these sectors. Whitehill
currently serves more than 750 legal and professional services
organizations, including two thirds of the world's 250 largest law
firms.
"It's incredible the number of synergies between Skywire Software
and Whitehill's offerings, customers and employees," said Paul
McSpurren, president and chief executive officer of Whitehill
Technologies. "We look forward to combining with Skywire Software to
continue serving the legal and insurance markets, and building one of
the top vertically focused software companies fueled by innovation,
talent and a drive to provide outstanding customer service."
Current Whitehill customers should expect business to continue
without interruption. The shared vision to build upon the domain
expertise, process knowledge and service delivery success of the
combined companies was a key driver of the acquisition. The
transaction continues Skywire Software's aggressive expansion, which
has been fueled by organic growth and through nine previous
acquisitions during the past four years. Earlier this year, Skywire
Software completed the acquisitions of both Docucorp International and
Integrated Insurance Technologies. Skywire Software is a
privately-held subsidiary of Hall Financial Group, a $2 billion
private, diversified firm.
About Skywire Software
Skywire Software is a leading software company serving the
insurance, health care, utility, and financial services industries.
The Company develops industry-specific software products that help
companies integrate processes, people and information. With products
and services that span a range of key functions, including rating,
rules, underwriting, business intelligence, agency management, data
movement, and enterprise-wide document automation, Skywire Software is
dedicated to providing an unparalleled customer experience to more
than 1,600 customers worldwide. For more information, contact Skywire
Software at 1-800-735-6620 or visit www.skywiresoftware.com.
About Whitehill Technologies, Inc.
Whitehill Technologies, Inc. develops and implements document and
compliance automation solutions that help customers accelerate key
business processes. More than 1,000 customers in 45 countries have
used Whitehill software, including half the largest 100 insurers in
North America and two thirds of the largest 250 law firms in the
world. Headquartered in Moncton, New Brunswick, Canada, Whitehill is a
privately held company in Canada, the United States and the U.K. For
more information, please call 1-888-944-8344 or visit
www.whitehilltech.com.
About Hall Financial Group
Founded in 1968, Hall Financial Group is owned by Chairman Craig
Hall and family. Diversified holdings include active operations in
commercial real estate development, ownership and management; software
application development, principally for the insurance industry;
structured finance lending for real estate and other areas; vineyards
and wineries; and oil and gas. In addition, the company maintains a
portfolio of approximately $1.5 billion in stocks, bonds and venture
capital investments in a broad range of industries, including a
substantial ownership position in American Airlines (AMR). For more
information, visit www.hallfinancial.com.
(C) Skywire Software is a registered trademark. All other names,
brands or products referenced are the service marks, trademarks or
registered trademarks of their respective companies. All rights
reserved.