European insuretech Lumera has expanded its footprint in the UK with the acquisition of ITM — one of the technology companies helping develop the UK pensions dashboard.
Lumera has not disclosed what it has paid for ITM.
ITM is a data management and technology solutions company that works with many of the UK largest pension funds. As an integrated service provider (ISP) it has been at the forefront of the dashboard development in the UK, and offers a broad range of services to support UK pension customers.
It also offers expert consultancy solutions, helping customers address large-scale and complex transformation with major implications on technology and business models.
As a result of this acquisition the ITM’s 160 employees will join the Lumera team.
Lumera CEO Jonas Alfredson says: “This is a union of two successful businesses with much in common including a joint vision for digitalising the life and pensions industry.”
He adds “With their combination of industry and tech expertise covering Life and Pensions, data management and pensions dashboards, ITM is a trusted partner to leaders in the UK Life and Pensions space, resembling our status in the Nordic markets.”
Alfredson adds that this is a major step in Lumera’s international growth strategy and the largest acquisition to date. He adds that ITM adds significant presence and capabilities to accelerate’s the company’s growth in the UK Policy Administration Systems (PAS) market.
Lumera says this moves supports its strategic objectives for entering new markets, while bringing substantial additions to the offering, including tech-enabled specialist services for data analysis, regulatory compliance assessments, de-risking and liability management, platform data migrations, data quality management, data cleansing and tracing.
ITM CEO Mark Lecompte adds: “We look forward to Lumera supporting our ongoing growth in the UK pension data market. Strategically and culturally, Lumera provides an excellent match with our organisation, as well as with our technology and services portfolios.
“With Lumera, we look forward to further strengthening our offering to add more customer value. Lumera has thoroughly impressed us with their PAS technology and their track record from working with customers through major transformation in some of the most competitive insurance and pensions markets.”
Inflexion, a leading European mid-market private equity firm, is the current main shareholder of ITM, together with management and employees. Following the transaction, ITM will be a fully integrated Lumera company. Financial terms of the transaction are not disclosed.