PHILADELPHIA, PA, Jan. 8, 2016 /PRNewswire/ - Today EquiSoft announced it has acquired Dallas-based Universal Conversion Technologies (UCT). As a result of the acquisition, EquiSoft now offers one of the largest specialized life and annuity services team in North America.
Since 1994, EquiSoft has offered core integration services for life, annuity and health insurers and wealth management companies. EquiSoft is also a Specialized System Integrator for Oracle Insurance Policy Administration. Furthermore, EquiSoft develops and markets InsuranceElements and WealthElements, two front-end applications designed to help insurers differentiate their products through industry-leading illustration and financial needs analysis tools.
Since its inception in 1992, UCT has specialized in data migrations for life and annuity products. Since then, the company has successfully delivered hundreds of migration and consolidation projects employing a unique approach that combines highly skilled industry staff, a proven methodology and unique technology tools.
UCT's unique data migration technology almost entirely eliminates the risks associated with data migrations and automatically generates the audit reporting needed before moving into production. UCT's Data Conversion Architect is a comprehensive package of software and tools required to complete the data integration projects, from project planning, data analysis, data scrubbing and cleanup, mapping, data file conversion, to balancing and reconciliation. The system has been used to successfully migrate over 200 systems from over 50 different commercial and home grown systems for over 80 insurance companies. Over the years, UCT has optimized Data Conversion Architect to manage the most complex insurance products in the most complex environments. UCT's Data Conversion Architect is also licensed to insurers to migrate or consolidate core systems, or to vendors for transformation projects.
While UCT will continue its focus on legacy system consolidation and core system transformation projects, their clients will now also benefit from EquiSoft's complimentary integration skillsets. EquiSoft's global offering will also provide stability and new markets to UCT. Also, EquiSoft's expertise in wealth management solutions will open opportunities to use UCT expertise and technology in the banking and wealth management sectors.
"With the acquisition of UCT, EquiSoft will benefit from the expertise, methodology and technology of the only insurance-specialized data migration integrator in North America. Since the two organizations have already partnered on several conversion projects we know the teams share the same philosophy that the right project team composed of industry experts can reduce risks and costs and accelerate time to market" said Luis Romero, President and CEO of EquiSoft.
"With the working relationship we've developed with EquiSoft over the years, we think EquiSoft is the ideal partner for this transaction" said Dan O'Hara, Founder and CEO of UCT. "We think EquiSoft is a high performance integrator dedicated to customer satisfaction and the best consultants in the insurance space. We remain committed to working seamlessly with the major vendors in this market and look forward to offering our partners and customers the strength of our combined teams. We're delighted to be part of EquiSoft going forward".
Sherman & Company LLC served as UCT's financial adviser on the transaction.
EquiSoft specializes in business services and solutions that address the needs of the insurance industry. As a Gold Level Oracle partner and the first and largest Oracle specialized integrator for the Oracle Insurance Policy Administration (OIPA) solution, EquiSoft has deep expertise in processes within new business, underwriting, compensation management, policy service and claims management. EquiSoft is the OIPA integration partner for more than fifteen insurers globally. Also, EquiSoft develops and markets InsuranceElements to support sales illustrations and quoting, electronic application, financial planning and asset allocation, on both web-based and mobile platforms, thus providing solutions that span the complete value chain for life and annuity carriers. EquiSoft has offices in the U.S., Canada, Latin America and South Africa.
About Universal Conversion Technologies (UCT)
Since 1992, UCT has been the leader in the insurance marketplace for data migrations, particularly for life, health and annuity products. UCT is the only North American company dedicated to life insurance data migration projects. UCT conversion tools provide one stop shop for data analysis, conversion, balancing and reporting. R&D in data migration tools for life insurance and annuity policy admin systems for over 20 years has provided UCT a unique competitive advantage for transformation and legacy consolidation projects. With over 80 companies and policy admin vendors and hundreds of insurance companies, UCT has a unique expertise, methodology and technology stack that dramatically reduces the costs and risks associated with data migration projects.
SOURCE EquiSoft Inc.