Insurance software giant SSP Ltd has today announced that regulatory approval for its acquisition by The Volaris Group (Volaris) has been granted by the Financial Conduct Authority (FCA). It was in December of last year that SSP first revealed that it was to be acquired by Volaris, part of Constellation Software Inc., pending mutually agreed closing conditions.
Under the terms of the deal, SSP will maintain its independence but be in a position to avail of the support, coaching and best practices of Volaris which has significant experience in acquiring and growing vertical market technology companies.
Discussing the acquisition, Stephen Lathrope, CEO of SSP, said that the software provider’s team is excited to be joining the Constellation/Volaris group. SSP is passionate about its vision to be the leading provider of insurance technology to the markets it serves, he said, and becoming part of a successful and growing group will bring long-term benefits to both its customers and team.
Meanwhile, Michael Dufton, portfolio leader at Volaris, said the group has followed SSP’s progress over the years and found its solution suite and team impressive. He noted that the business has shown a keen drive to innovate and help shape the insurance software space.
“We are excited to welcome SSP to the Volaris family and support their long-term growth by providing our best practices and industry experience,” he said. “The acquisition supports our goal to expand Volaris’s presence in the insurance technology industry and enables us to offer insurance technology solutions to property & casualty insurers on a global basis.”