Coforge Limited, a global digital services and solutions provider, as part of a recent strategic review and corporate restructuring announced the divestment of Coforge Advantage Go Limited. Coforge U.K. Limited, a wholly owned subsidiary of the company has agreed to enter into a share purchase agreement with Sapiens UK Limited for sale and transfer of entirety of shareholding held by it in Coforge Advantage Go Limited, subject to completion obligations. Sapiens will pay a base consideration of GBP 43,000,000 for the transaction which is expected to be completed in 4-6 weeks.
AdvantageGo is a leading product provider in Commercial and Specialty space with a dominant market position in Lloyd’s Syndicate Market. AdvantageGo has been in business for 30+ years and has served several marquee insurers over the years.
With over two decades of experience and more than 6,000 insurance experts, we are the trusted partner for leading global insurers in life and annuities and property and casualty space. Insurance Services will continue to be a core vertical focus and growth driver for Coforge, and we look forward to servicing global insurance clients and leveraging deep domain expertise, technology expertise and partnership eco system. This transaction will enable Coforge to sharpen its focus on the Insurance Services business.
Sudhir Singh, CEO & Executive Director, Coforge said, “AdvantageGo is a stellar product business in a predominantly IT Services organization. Divestment of AdvantageGo would resolve the channel conflict with some of our strategic partners in the P&C space and enable us to stay focused on driving very strong growth in the Coforge Insurance Services business. As a global leader in Insurance SaaS-based software, Sapiens is a great strategic fit for the AdvantageGo business. This transaction will also strengthen our go-to-market partnership with Sapiens and help further accelerate the growth of both organizations within the Insurance industry.”
Ian Summers, Global Business Leader of AdvantageGo, said: “I am immensely thankful for the opportunity to build AdvantageGo business under Coforge ownership. Joining Sapiens means becoming part of a leading global product organization that will amplify our capabilities and enhance our solutions, creating greater opportunities for our clients and team,” said. “We look forward to integrating our products into the Sapiens Insurance Platform to deliver a seamless and powerful offering for the European and North American markets. We are committed to ensuring a smooth transition and continued service excellence for all our customers.”
