Transaction supports RGI’s European market development strategy to expand to DACH countries
Milan, 30 July 2019 –RGI, European leader in the digital transformation of Insurers, today announced that it has acquired 100% of NOVUM, a leading DACH solution provider specializing in the development of core systems for insurers.
Building on RGI’s leading position in the main EMEA (Europe, Middle East and Africa) markets, this transaction strengthens the company’s presence in the DACH region (Germany, Austria, Switzerland) and expands its range of cloud-based Policy Administration Systems and archiving services. NOVUM will become the key pillar of RGI’s successful corporate strategy in the DACH region and RGI will work with NOVUM’s management team to continue existing product investments and execution plans. RGI’s strategy continues to centre around the digital transformation of the European insurance industry. RGI’s development strategy accelerated two years ago with the acquisition of Kapia Solutions, which operates through the KAPIA-RGI brand as a successful competence centre on the local market in France and Luxembourg.
“This deal is precisely aligned with our M&A growth strategy in EMEA. Our approach to non-organic growth is to aggregate highly specialized front end and core system software vendors in the European markets that share our vision and technology. The insurance industry is looking for global partner with confirmed and recognized competences in the digital transformation journey and NOVUM provides RGI with the capability to expand in core geographies.” stated Vito Rocca, RGI Group CEO.
Gioia Ghezzi, Chair of the Board of RGI, commented: “I am very pleased with the acquisition of NOVUM, which is another steppingstone in RGI’s path to profitable growth in the European market. The addition of NOVUM supports RGI’s continued efforts to position itself as a technological player with a European vision and a local expertise.”
“We are pleased to have found a partner like RGI, who shares a similar corporate philosophy and strategic goals. Our increasingly strong international orientation, especially in Central Europe, paired with the backdrop of local roots, has been driving NOVUM forward for many years. We continue to believe that leading technology, an international footprint with a local understanding, strong experience across different markets and highly qualified employees are key to success in our industry. We look forward to working with RGI to achieve those goals,” stated Michael Kraus, NOVUM Group CEO.
Raja Hadji-Touma, Managing Director at Corsair Capital, RGI’s strategic and financial partner, commented: “This exciting transaction builds on RGI’s recent momentum and provides the Company with a unique opportunity to enhance and expand its leading market position. We look forward to continuing our support of RGI as it enters the next phase of its growth and continues to execute its strategy.”
RGI is one of the leading providers of core systems to the insurance market, providing a comprehensive and modular offering which addresses core insurance processes including policy administration, market management, and sales and distribution. With a team of 1,000 professionals specialised in IT and insurance, and operating from 15 offices in Italy, Ireland, France, DACH Area, Maghreb Region and Luxembourg, RGI has digitised the business of more than 100 Insurers and 300 brokers across different geographies. This transaction marks RGI’s second investment of the year after the acquisition of Unimatica, Italian leader in digital signature and paperless solutions, which was finalized in April 2019. RGI is a portfolio company of Corsair Capital, a leading global investor in the financial services industry.