The business operates in more than 50 countries across the UK, continental Europe, Asia Pacific, Africa and USA. SSP serves over 1,000 insurance brokers as well as over 160 insurers, including 20 of the world’s largest insurers.
Software Solution Partners (SSP) is the leading provider of general insurance technology solutions.
In March 2015 LDC backed the £207million management buyout of SSP.
This is LDC's second investment in SSP. LDC invested £11.3million in the business in 2004. After the investment, the business completed an acquisition plan which strengthened SSP’s product portfolio and gave the business strong opportunities to cross-sell software systems across the insurance market in the UK and Europe. Turnover grew from £19.2million to £30.7million. LDC sold its stake in SSP as part of SSP’s £55million flotation on the Alternative Investment Market (AIM).
LDC has taken a majority equity stake in the business. The investment is supporting the management team as it aims to accelerate the growth of SSP in the UK and internationally, building on its strong broker customer base and introducing intelligent data services, including telematics and fraud detection, to help insurers better assess risks.
Since LDC’s investment, LDC have been working closely with the management team to drive its organic growth strategy, which led to revenue growth of 10% in 2016.
Operating in such a rapidly evolving sector requires continuous investment and improvement in services for our clients. The partnership with LDC provides us with the investment to continue to rapidly develop the business, and enables us to fully leverage the expansion of our international office network and the global opportunity to deliver our solutions. Laurence Walker, Group Chief Executive, SSP