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Insurance software firm SSP to be acquired by Hellman & Friedman

SSP, an international insurance software provider based in the northern English city of Halifax, has agreed to be acquired by H&F Sensor Bidco, an acquisition vehicle owned by funds ma

SSP, an international insurance software provider based in the northern English city of Halifax, has agreed to be acquired by H&F Sensor Bidco, an acquisition vehicle owned by funds managed or advised by Hellman & Friedman and SSP’s existing management team, in a deal that values SSP at some GBP198m.

SSP says the combination of its experience in providing IT systems and software solutions with the financial resources and deep industry expertise of H&F should benefit the company, its clients, partners, employees and management, and enable it to continue its strong growth record.

‘The board believes the outlook for the business is positive, both in the UK and overseas,’ says SSP executive chairman David Rasche. ‘With our strong recurring and visible revenues from a large, secure and increasingly international customer base, we expect to continue to grow organically and maintain good operating margins in the coming year and beyond.

‘This transaction recognises the significant value that has been created for SSP shareholders since we floated in October 2006. Many of our shareholders invested in the IPO at 98 pence per share and will now realise a premium of approximately 94 per cent in cash over two years.

‘This will be good news for our customers and staff as it will allow us to retain talent in the business as we continue to expand over the coming years. Since admission to trading on AIM, SSP has established itself as a leading provider of IT systems and services to the insurance sector in the UK and selected international markets. This has been achieved through a combination of organic growth and acquisitions, including the recent purchase of Sirius.’

Stephen Duckett, a director of H&F Bidco, says: ‘We are excited about supporting SSP’s management team as they continue successfully to grow the business and we look forward to helping them build on a well established market position and strong customer relationships.’

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