Technology services provider NTT DATA has announced the acquisition of Alchemy Technology Services, a consultancy with specialisation in insurance technology.
Financial terms of the deal have not been disclosed.
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The purchase is part of NTT DATA’s initiative to address the challenges of the insurance industry surrounding agility, modernisation and scalability.
Besides consultancy and Guidewire credentials, Alchemy has expertise in the specialty insurance segment, especially in supporting sophisticated and regulated markets such as the London Market, which is the largest reinsurance subscription market in the world.
This deal is expected to bolster NTT DATA’s ability to serve “niche and high-value” segments within the global insurance industry.
According to NTT, the transaction will provide improved value to insurance clients via expanded capabilities in core system implementation, digital transformation, testing and application management.
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By GlobalDataAlchemy CEO and founder John Harkin said: “Becoming part of NTT DATA unlocks extraordinary opportunities, not just for international growth but for expanding the reach and impact of the work we do.
“As someone deeply committed to the north-west of Ireland, I am especially proud that this move allows us to reaffirm and strengthen our long-term commitment to the area.”
Together, NTT DATA and Alchemy plan to focus on using technologies such as AI and automation, and explore sustainable practices and the development of new insurance products.
The acquisition also solidifies NTT DATA’s footprint in the UK and Ireland.
Alchemy’s training model, which has developed more than 200 professionals, will also receive additional support from NTT DATA.
NTT DATA insurance industry global lead Bruno Abril stated: “Joining forces with Alchemy enhances our ability to accelerate digital transformation in the insurance industry, reinforcing our strategic growth ambitions and the vast opportunities we see ahead.
“IT modernisation in P&C [property and casualty] insurance is not a fleeting trend – it is a core market priority attracting sustained investment. Together, we are uniquely positioned to lead this transformation.”
