Insurtech cloud software firm Innoveo AG has been snapped up by Servion Global Solutions.
Formerly known as Pactera Switzerland AG, the software provider enables insurance processes, digitalisation and accelerates insurance product launch cycles through its Innoveo Skye® product. Catering to some of the world’s biggest insurers, the decade-old firm has offices in Zurich, Hong Kong, and Budapest.
Innoveo’s cloud-based technology suite offers omnichannel digital capabilities and also comes with a tool that allows streamlining of new product development and maintenance activities. Acquiring its maker not only will strengthen Servion’s focus on omnichannel cloud offerings but also propel the latter in the insurtech space, according to Servion Group chief executive Sameet Gupte.
Servion, whose majority stake is owned by Everstone Capital, specialises in customer experience management solutions and serves more than 600 organisations worldwide. On average, its products handle over 10 billion multi-channel interactions every year.
“This is an extraordinary turning point in our company’s history since we started in 2007,” commented Nick Stefania, Innoveo co-founder and CEO. “We’ve already demonstrated our solution’s capability in creating value for insurance companies across the world. Now, we’ve found the right partner, it will enable us to scale and play an important role in the global insurtech market.”
Aside from its subsidiaries in Budapest and Hong Kong, the Zurich-headquartered provider has additional personnel in Dubai, Valencia, Kuala Lumpur, and Casablanca. Its cloud service supports a wide array of coverage for both commercial and private line customers.
“Innoveo’s cutting-edge solutions, backed by their outstanding team, offer a unique and strong investment opportunity,” noted Servion Global Solutions chair Puneet Pushkarna, who now also chairs Innoveo’ s board. “We are excited to work with the management and employees and look forward to leveraging our deep understanding of the sector, to help the company strengthen its leadership position in the insurtech space.”
