Insurtech Lumera has agreed to acquire ITM, an independent provider of data management and technology solutions for UK Life and Pensions.
ITM provides Lumera with presence and capabilities to accelerate growth in the UK Policy Administration Systems market.
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In addition, the deal helps 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.
“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.”
“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 organisation, 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.”
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