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Xchanging Purchases Software Provider

Staff Writer | July 03, 2014

Xchanging announces the acquisition of Total Objects Limited, an insurance software provider, for a potential consideration of up to £21m ($36m). The acquisition contributes both to the planned development of Xchanging’s Insurance business and to its technology enablement strategy.  The ‘bolt-on’ of Total Objects will strengthen Xchanging’s technology capability and bring greater expertise into both the Xchanging Insurance and Xuber businesses.

Xchanging’s existing Binder 360 Services for Bordereaux transformation will integrate with Total Objects’ BinderCloud to provide a compelling end-to-end binder management solution for insurance clients both in the London market and globally.

At the same time, there are also potential synergies between the technology and customer bases for Xuber and Total Objects, with the opportunity to develop a new product roadmap for the retail and wholesale broking, outwards reinsurance, and MGA markets.

Total Objects will continue to be marketed under the same name in order to leverage its position in the broking and reinsurance markets. 

“Insurance is a core market for our services and I am very pleased to announce the latest development in support of our Insurance business plan,” says Ken Lever, CEO of Xchanging. “Total Objects has a talented team with a proven track record of product development: it will fit very well with our growing insurance software business.”

“There are attractive possibilities that will be offered by integrating Binder 360 Services and BinderCloud, with a combined solution enabling clients to gain improved control over their delegated underwriting authorities,” says Adrian Guttridge, executive director, Xchanging Insurance. “We also see potential to open up new opportunities outside of London.”

"Xchanging and Xuber sit at the heart of the London insurance market, yet their strong global presence means they are respected around the world,” says Jim Barry, managing director of Total Objects. “I believe the joint delivery capacity and expertise of our businesses, as well as our cloud-based technology provenance will produce an even stronger offering for the market.  We recognise the value—for both our business and our customers—of becoming part of this organization, and look forward to working together.”

 


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