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Thu 10 May 2007 11:07 AM

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SSP snaps up rival Sirius

Insurance software provider SSP is buying rival Sirius Financial Solutions, in a deal worth around US$86million.

Insurance software provider SSP is buying rival Sirius Financial Solutions, in a deal worth around US$86million.

The two companies have customers in over 50 countries between them and SSP stressed that the acquisition would allow it to expand further.

"As world insurance markets become more competitive, there is a shift towards an internet and electronic trading model. Our combined presence and knowledge of this market will provide significant expansion opportunities," commented David Rasche, executive chairman of SSP. "This transaction should help improve efficiencies for insurance distribution and bring additional capabilities for our enlarged customer base, particularly in electronic trading and web enablement."

The combined firm will have a strong presence in general insurance and the systems sector relating to large financial advisers. Both firms said that all existing product lines will continue to be developed in line with existing commitments.

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