Consolidation in insurance software
Keylane, a European provider of insurance and pension software solutions, has acquired GENEVA-ID, a software supplier to the insurance industry with headquarters in Hamburg, Germany. This acquisition strengthens Keylane’s insurance presence in the DACH region, broadens its product portfolio and provides for local delivery capabilities.
“We are very glad with this presence in Germany with high potential for several interesting new business opportunities,” says Ronald Kasteel, Executive Board Member of Keylane. “GENEVA-ID provides high quality software to a large customer base spread over various countries in Europe. We trust that this acquisition enables us to expand our business to the DACH region and helps us in becoming the leading provider of flexible SaaS-based solutions for the insurance and pension industry in Europe.
“Thanks to the strong technology and business fit between GENEVA-ID and Keylane we expect rapid business growth in the DACH region,” adds Martin Nußpickel, CEO of SUBITO, former owner of GENEVA-ID. “Based on the new company structure, existing as well as new clients can be served even better in the future. Together with Keylane, there is a solid base for assisting both non-life and life insurance companies in managing the challenges they are facing.”
“Keylane and GENEVA-ID complement one another perfectly – in terms of the future product strategy as well as new business growth in Europe”, add Alexander Pusch and Dr. Martin Schäfer, Management of GENEVA-ID. “The product consolidation of both companies enables us to support individual requirements of non-life and life insurance companies directly and to provide countable added values for future business models.”