Fox Williams advised Volaris Group Inc. (“Volaris”), an operating group of Constellation Software Inc., on its purchase of SSP Limited (“SSP”). The transaction completed on 17 February 2021 and is the seventh acquisition in Volaris’ Insurance and Benefits Administration vertical (see here).
SSP is a leading global supplier of technology systems and software for the property and casualty insurance industry. Founded in 1984, SSP strives to supporting its global customer base, while keeping a clear focus on innovation. The company’s software solutions are designed to help insurers and brokers operate their businesses more efficiently.
Michael Dufton, Portfolio Leader at Volaris, said, “We have followed SSP’s progress over the years and found SSP’s solution suite and team impressive. The company showed a keen drive to innovate and help shape the insurance software space. We are excited to welcome SSP to the Volaris family and support their long-term growth by providing our best practices and industry experience. The acquisition supports our goal to expand Volaris’ presence in the insurance technology industry and enables us to offer insurance technology solutions to property & casualty insurers on a global basis.”
In line with Volaris’ philosophy of acquiring, strengthening and growing mission-critical software companies, SSP maintains its independence. Volaris will provide support, coaching and new best practices to SSP, while the company continues to operate autonomously.
Working closely with Volaris GC Steve Cimicata and Portfolio Counsel Annabelle Aspinall, the Fox Williams team was led by Head of Corporate Richie Clark, principally assisted by Paul Taylor, Nazim Alom, Freddie de Boise and Karin Troiani (corporate), Emma Bailey and Joanne Varia (tax), David Murphy and Jessica Ambrose (employment) and Sona Ganatra, Chris Finney, Mardi MacGregor and Chris Tanoh (regulatory).
Richie Clark said “We were delighted to work together with Volaris to help it expand its reach in the insurance space with the successful acquisition of a leading global business. The deal highlighted our technology and insurance regulatory expertise and it was a real team achievement to complete a transaction across numerous international jurisdictions during a global lockdown.”
Steve Cimicata, Volaris GC, said “Our expertise in acquiring and managing vertical market software firms, combined with trusted legal advice from Fox Williams helped bring this deal to a successful close. We value the teamwork we have established with the incredible legal experts and advisors at Fox Williams over the years.”