Technology Holdings is pleased to announce the strategic sale of our client, insurance solutions specialist V-NEO Inc. to GFT Technologies SE, a global IT services company.
Technology Holdings demonstrated an in-depth understanding of the strategic value of V-NEO as a leading IT and business consulting firm serving the insurance industry. Because they clearly understood our people, our services and our culture, we engaged the TH team to find a strategic partner that could support our aggressive growth plans and manage the various offers that V-NEO received. From our initial preparation and conversations through due diligence and share purchase negotiation, TH served as a trusted advisor and as an extension of our team. Terry, Rahul and the entire TH team were instrumental in guiding us through the process. We could not be more pleased with the outcome and our strategic partnership with GFT.
From our first meeting in the winter to the announcement celebration in mid-summer, we appreciate the level of detailed diligence and responsiveness that Technology Holdings demonstrated during our discussions. We appreciate how efficiently the transaction happened and we hope to work with you on another deal very soon!
V-NEO is a business advisory and technology consulting firm comprised of 190 employees that advises leading insurers across North America and Europe on their strategic transformation initiatives, including the implementation of technology platforms such as Guidewire for Property & Casualty carriers and Oracle OIPA for Life carriers. GFT is a global banking and financial services IT services company with over 5,000 employees in 11 countries. Technology Holdings served as the exclusive M&A advisor to V-NEO on the transaction.
Alain Lamothe, CEO of V-NEO stated that: “With our deep insurance know-how and our technological skills, we are not just a perfect fit for each other, but will also help diversify GFT’s customer portfolio with our long-lasting client relationships. The international GFT presence enables us to recognise global industry trends at an early stage, tapping into the market potential together, both with our clients and our partners.”
Marika Lulay, CEO of GFT Technologies added: “The acquisition of V-NEO is a decisive step towards positioning GFT as a leading IT partner for the digital transformation of the insurance industry, as it is already for the banking sector.”
Terry Kavanaugh, Managing Director at Technology Holdings commented: “We have watched V-NEO evolve from a boutique consultancy to a specialized services firm that works with some of the largest insurance carriers globally. From our very first meeting with Alain and the V-NEO team, we believed that TH could deliver a successful strategic partnership that would accelerate V-NEO’s ambitions to meet the rapid changes in the insurance market while preserving the growth culture that they have built. We look forward to watching Alain, Jerome, Marc, Carol & Remy lead the next phase of growth at V-NEO.”