Lumera, a leading insurtech company dedicated to the digital transformation of the European Life and Pensions industry, has entered an agreement to acquire ITM, an independent provider of data management and technology solutions serving the UK Life and Pensions markets.
A major step in Lumera’s international growth strategy and the largest acquisition to date, ITM adds significant presence and capabilities to accelerate growth in the UK Policy Administration Systems (PAS) market. The company has a blue-chip customer base which includes most of the largest UK pension funds, and a team of over 160 professionals who will join Lumera.
“This is a union of two successful businesses with much in common, and above all, a joint vision for digitalizing the Life and Pensions industry which we serve,” says Jonas Alfredson, CEO of Lumera. “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. I’m also confident that our teams are complementary and highly compatible in terms of skills, spirit and culture.”
The acquisition supports Lumera’s 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 also offers expert consultancy solutions, helping customers address large-scale and complex transformation with major implications on technology and business models.
ITM brings a skilled, sizable team with expertise across retirement and wealth, pensions administration, and technology. By making an early commitment and substantial investments in the complex, all-new technology essential for connecting to pensions dashboards, ITM is also a leader in the nascent UK Dashboards Programme ecosystem.
“We believe the time is right for ITM to enter a new phase and a larger context,” says Mark Lecompte, CEO of ITM. “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 organization, as well as with our technology and services portfolios. Together with Lumera, we now look forward to further strengthening our offering to add even 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.
