Leading International Software Provider Sherwood International Strengthens Presence in North America

Acquisition of Concise Technologies Inc. Extends Sherwood's

Property & Casualty Insurance Product Portfolio



Apr 30, 2001, 01:00 ET from Sherwood International

    HARTFORD, Conn., April 30 /PRNewswire/ -- Sherwood International, a
 leading supplier of information technology solutions to the global insurance
 market, today announced the acquisition of Concise Technologies Inc., a
 software and services business specializing in the North American Property and
 Casualty (P&C) insurance arena.  The acquisition, worth initially
 Can$20 million (US$13 million) in cash and equity, strengthens Sherwood's
 position in North America, the world's largest insurance technology market.
     Sherwood's clients include international blue-chip companies in the
 wholesale and retail insurance industry.  In the Life & Annuities industry,
 clients include New York Life International, Old Mutual, Swiss Life, Scottish
 Provident and Nationwide Mutual Life.  In the Insurance and Reinsurance
 sectors, clients include AXA, CNA, ACE, and CIGNA.  Concise Technologies
 supplies software and consultancy services to a number of leading North
 American P&C insurers and reported revenues of Can$7.1 million
 (US$4.6 million) for the year ended November 30, 2000.  Concise has more than
 60 employees and its flagship software solution covers all areas of policy and
 claims administration.  Concise's clients include leading insurers such as ACE
 and Safeco.
     This transaction broadens Sherwood's suite of product offerings in the
 critical North American market.  Concise Technologies have developed a strong
 packaged P&C product line aimed at the small to mid-sized P&C insurer.
 Concise's product architecture is tools-based, with integrated workflow and a
 rules-based processor.  Concise complements Sherwood's existing high-end P&C
 toolset-based product: Amarta-Lines.  In March 2001, Sherwood announced an
 exclusive partnership agreement with Deloitte Consulting to distribute
 Amarta-Lines to large P&C insurers around the world.
     Commenting on the acquisition, Mike Dropkin, president of Sherwood
 International's North American P&C Business said, "The Concise acquisition is
 a perfect complement for Sherwood P&C.  Concise's mid-priced product allows us
 to bring our philosophy of highly customizable toolset solutions to the middle
 of the P&C market while at the same time we can leverage the business
 knowledge of Concise's people in our Amarta-Lines products aimed at the top of
 the market.  This is definitely a big vertical win for our North American P&C
 business."
     Greg Thornton, president of Concise, commented, "We are very excited about
 joining Sherwood.  Key reasons in our decision to do so are the similarities
 in culture, technological strategies and vision in our two organizations.  It
 provides a great opportunity for us to enhance and grow our position as a
 leading supplier to the North American Property and Casualty market place."
 
     Sherwood International
     Sherwood International, founded in 1970, is a provider of software and
 solutions to the global insurance industry and UK government sectors.  As of
 April 2001, the company had a market capitalization of approximately
 150 million pounds sterling (US$215 million).
     Sherwood International's clients include international blue-chip companies
 in the wholesale and retail insurance industry.  In the Life & Annuities
 industry, clients include New York Life International, Old Mutual, Swiss Life,
 Scottish Provident and Nationwide Mutual Life.  In the Insurance and
 Reinsurance sectors, clients include AXA, CNA, ACE, and CIGNA.
 
     Concise Technologies
     Founded in 1994 in Toronto, Canada, the company has grown substantially
 and currently has more than 60 employees and consultants.  Concise's flagship
 solution is a comprehensive Property and Casualty system covering all areas of
 policy and claims administration.
 
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                http://tbutton.prnewswire.com/prn/11690X97915218
 
 

SOURCE Sherwood International
    HARTFORD, Conn., April 30 /PRNewswire/ -- Sherwood International, a
 leading supplier of information technology solutions to the global insurance
 market, today announced the acquisition of Concise Technologies Inc., a
 software and services business specializing in the North American Property and
 Casualty (P&C) insurance arena.  The acquisition, worth initially
 Can$20 million (US$13 million) in cash and equity, strengthens Sherwood's
 position in North America, the world's largest insurance technology market.
     Sherwood's clients include international blue-chip companies in the
 wholesale and retail insurance industry.  In the Life & Annuities industry,
 clients include New York Life International, Old Mutual, Swiss Life, Scottish
 Provident and Nationwide Mutual Life.  In the Insurance and Reinsurance
 sectors, clients include AXA, CNA, ACE, and CIGNA.  Concise Technologies
 supplies software and consultancy services to a number of leading North
 American P&C insurers and reported revenues of Can$7.1 million
 (US$4.6 million) for the year ended November 30, 2000.  Concise has more than
 60 employees and its flagship software solution covers all areas of policy and
 claims administration.  Concise's clients include leading insurers such as ACE
 and Safeco.
     This transaction broadens Sherwood's suite of product offerings in the
 critical North American market.  Concise Technologies have developed a strong
 packaged P&C product line aimed at the small to mid-sized P&C insurer.
 Concise's product architecture is tools-based, with integrated workflow and a
 rules-based processor.  Concise complements Sherwood's existing high-end P&C
 toolset-based product: Amarta-Lines.  In March 2001, Sherwood announced an
 exclusive partnership agreement with Deloitte Consulting to distribute
 Amarta-Lines to large P&C insurers around the world.
     Commenting on the acquisition, Mike Dropkin, president of Sherwood
 International's North American P&C Business said, "The Concise acquisition is
 a perfect complement for Sherwood P&C.  Concise's mid-priced product allows us
 to bring our philosophy of highly customizable toolset solutions to the middle
 of the P&C market while at the same time we can leverage the business
 knowledge of Concise's people in our Amarta-Lines products aimed at the top of
 the market.  This is definitely a big vertical win for our North American P&C
 business."
     Greg Thornton, president of Concise, commented, "We are very excited about
 joining Sherwood.  Key reasons in our decision to do so are the similarities
 in culture, technological strategies and vision in our two organizations.  It
 provides a great opportunity for us to enhance and grow our position as a
 leading supplier to the North American Property and Casualty market place."
 
     Sherwood International
     Sherwood International, founded in 1970, is a provider of software and
 solutions to the global insurance industry and UK government sectors.  As of
 April 2001, the company had a market capitalization of approximately
 150 million pounds sterling (US$215 million).
     Sherwood International's clients include international blue-chip companies
 in the wholesale and retail insurance industry.  In the Life & Annuities
 industry, clients include New York Life International, Old Mutual, Swiss Life,
 Scottish Provident and Nationwide Mutual Life.  In the Insurance and
 Reinsurance sectors, clients include AXA, CNA, ACE, and CIGNA.
 
     Concise Technologies
     Founded in 1994 in Toronto, Canada, the company has grown substantially
 and currently has more than 60 employees and consultants.  Concise's flagship
 solution is a comprehensive Property and Casualty system covering all areas of
 policy and claims administration.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X97915218
 
 SOURCE  Sherwood International