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Charles Taylor acquires Argentinean insurance tech group
Professional services provider Charles Taylor has completed its acquisition of insurance-focused technology consultancy Inworx following the successful placing of 6.77m new ordinary shares.
Charles Taylor, together with its subsidiaries, Charles Taylor InsureTech and Charles Taylor Insurance Services, acquired the principal entities of the Inworx group of companies from its shareholders in order to expand its Latin American client base by adding major global insurance brokers as technology clients.
The acquisition made an initial payment of $22.5m for the company of a maximum consideration of $50.5m, including performance-related deferred consideration.
David Marock, the group's chief executive officer, said, "Technology is transforming the way that insurance is underwritten and transacted globally."
"The acquisition of Inworx is one of the largest we have undertaken as a group. It demonstrates our commitment to growing our insurance technology capability, both as an enabler for the industry and to deliver the group's services," he added.
As of 1200 BST, Charles Taylor shares had lost 2.03% to 290p.