FINEOS, which offers core systems for life, accident and health insurance, has signed an agreement to acquire US-based insurtech solutions provider Spraoi.

According to an Irish Times report, the deal is expected to be valued at around $10.6m.

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Headquartered in Pennsylvania, Spraoi offers machine learning platform and solutions to help insurance clients gain deeper insight into their data.

The deal will enable FINEOS to leverage Spraoi’s machine learning capabilities to enhance its platform and offerings. It will include improving the digital and data capabilities of FINEOS Engage and FINEOS Insight.

FINEOS CEO Michael Kelly said: “We’re very happy to welcome the Spraoi team and their clients to FINEOS, and look forward to adding their advanced digital and machine learning capabilities to the FINEOS Platform for the benefit of all of our clients.

“This acquisition will greatly enhance the Digital and Data capabilities of FINEOS Engage and FINEOS Insight, to complement the power of our FINEOS AdminSuite, making the FINEOS Platform the only purpose-built Employee Benefits platform, from quote to claim with advanced machine learning capabilities.”

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Spraoi co-founder Karan Mishra said: “Spraoi’s technology offering, and services have allowed our clients to successfully optimise outcomes and see measurable ROI.

“Our deep machine learning, data and customer experience capabilities coupled with the robust FINEOS Platform enables clients to have a one-of-a-kind, pre-integrated platform to get the most out of their technology investments.”

The acquisition is expected to close soon, subject to customary closing conditions. Subsequently, the two companies will start integrating their businesses.