Sequel, a Verisk business, has signed an agreement to acquire Ignite Software Systems to augment its digital ecosystem.

The financial value of the deal was not disclosed.

Ignite Software Systems provides a software as a service platform that includes insurance policy administration, rating engine and digital engagement for brokers, managing general agents and insurers.

The software provider specialises in motor, property, and pet insurance.

Sequel expects the acquisition to accelerate development and expand Ignite Software Systems’ capabilities for the specialist insurance industry while adding a modular API driven SaaS platform to its portfolio.

Sequel CEO Ian Summers said: “Ignite has a strong management team and offers excellent business and technical capabilities to its client base of specialist brokers, MGAs, and insurers. The combination of Ignite with Sequel’s pricing, distribution and claims applications extends our unique and powerful capabilities for the insurance market.

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“Ignite’s client focus and deep domain knowledge will fit seamlessly into Sequel’s business model providing new and existing clients with access to a broader expert advice and service.”

Ignite Software Systems managing director Toby MacLachlan said: “For our existing clients Ignite will now have access to all the world-class infrastructure, resources, security, and expertise that come with Sequel/Verisk.

“And for our team, although it’s a really exciting moment for us all, our main aim is to continue providing our newly combined technologies with our traditional personal touch even as we take on ever more ambitious projects.”

Earlier this year, FAST, a Verisk business, which offers software for individual life insurance, bought assets and capabilities of 4C Solutions, a software advisory firm in group life insurance.