A Dorset software development firm has been acquired by a global data analytics group.
Morning Data, which has its head office in Dorchester and another base in London, has supported clients in the insurance sector since its formation in 1983.
The family-run firm, which has more than 30 clients worldwide, has now been bought by American multinational Verisk for an undisclosed sum.
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With the agreement Morning Data will become part of Verisk’s Specialty Business Solutions, a suite of software solutions designed for insurance professionals to calculate risk.
Kirstin Duffield, Morning Data’s chief executive, said: “For more than 30 years, Morning Data has helped the market optimise operations with innovative software solutions. By joining the Verisk team, we’re looking forward to supporting the London and international insurance market in the next step of its digital transformation journey.”
Nasdaq-listed Verisk said the purchase would help to boost its offering for an “underserved and growing market” of SME brokers, coverholders, managing general agents, captives and reinsurers.
Tim Rayner, president of Verisk Specialty Business Solutions, said: "As a core system and integral part of clients’ daily workflow, Morning Data is trusted by insurers, broker and MGA customers to manage their risk placement processes. Together we’ll be able to help more coverholders, brokers and carriers reap the benefits of enhanced automation and streamlined workflows.”
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