Decision Insight Information Group, a portfolio company of TPG Capital, has become the largest shareholder in publicly traded Automated Benefits Corp. Decision Insight now owns 33.29% of Automated Benefits common shares. Additionally, three representatives from Decision Insight and TPG Capital have been named to Automated Benefits’ board.
Decision Insight Information Group, a TPG Capital portfolio company, today announced that it has closed an agreement with Automated Benefits Corp. (TSX:V-AUT), Symbility Solutions’ parent corporation, to make it the largest shareholder in Automated Benefits. Decision Insight is the leader in global property information intelligence through such subsidiaries as Marshall & Swift/Boeckh (MSB); and Automated Benefits, through its Symbility Solutions subsidiary, provides accurate and easy-to-use claims processing and estimating software for the property and casualty industry.
“As the largest shareholder in Automated Benefit Corp., we are able to further reinforce our commitment to deliver innovative, market-driven workflow solutions for property insurance carriers,” said Chris Cartwright, Chief Executive Officer, Decision Insight and MSB. “This further strengthens our strategy to be the premier enterprise information, analytics and workflow provider.”
Under the agreement, which completed yesterday, Decision Insight acquired 30.29 percent of the common shares of Automated Benefits in exchange for transitioning MSB’s claims division to Symbility Solutions. Decision Insight purchased additional common shares to collectively own 33.29 percent of Automated Benefits common shares. Additionally, three representatives from Decision Insight and TPG Capital have been named to Automated Benefits’ Board of Directors, as was announced March 28: Chris Cartwright, Chief Executive Officer, MSB and Decision Insight; Chris Jutkiewicz, Chief Technology Officer, Decision Insight; and Nehal Raj of TPG.
“Our collaboration with MSB and the continued involvement of MSB and its leadership in our solutions further strengthens our ability to be a driving force in the market with innovative, flexible tools that provide a better claims experience across the claims community,” said James Swayze, Chief Executive Officer, Symbility Solutions.
“TPG is enthusiastic about the prospects for Symbility Solutions and its strategic collaboration with MSB,” said Nehal Raj of TPG. “We are committed to building a market-leading franchise in this space, investing behind Symbility’s compelling growth prospects and strong management team.”
Additional detail on the transaction is available in a release issued by Symbility on April 11 (http://bit.ly/IvLTM0).
About Decision Insight Information Group
Decision Insight Information Group, located in the U.S., Canada and Europe, delivers a comprehensive range of information, infrastructure and decision support products and services for financial and legal professionals. Operating at the heart of the property industry, Decision Insight Information Group manages complex information solutions and provides clarity on decision making for buying, selling, conveyancing, financing and insurance. Decision Insight companies include MSB and DataQuick in the U.S., Access Point Information Canada, SearchFlow, xit2 and Decision Insight Hub in the UK, Millar & Bryce in Scotland, Rochford Brady Group in the Republic of Ireland, and Wertweiser, a joint venture with HVB Bank, in Germany. Decision Insight has 1,100 employees in 16 offices. For more information, visit www.decisioninsightgroup.com. Decision Insight Information Group is a TPG Capital portfolio company.