Triple P capital acquires insurance IT solutions provider Contemi
SINGAPORE, 21 December 2018 – Singapore-based Triple P Capital, an expert impact investor in Southeast Asian financial services, today announced that it has fully acquired the Contemi Group; an insurance IT solutions provider which chiefly operates in Asia and Scandinavia.
A Partner in Triple P Capital, Allan Pedersen, explained that his firm’s entry into the insurance IT market and acquisition of Contemi, given the rapid growth and innovation of the IT market for insurance. “The most successful insurers today are consistently expanding their investments in IT, particularly around middle and front-end solutions and customised developments,” said Pedersen. “These increased investments are vital for insurers to be able to take advantage of all the exciting new business, partnership and efficiency opportunities, new technology and changing customer habits are enabling. We found that Contemi has outstanding solutions and services for participating in this growth market for both Europe and Asia”.
Another factor for Contemi’s acquisition is that the company is already embedded in Asia, thanks to having a strong client presence in the region’s emerging markets such as Vietnam – where the company has over 60 skilled developers that can develop quality insurance solutions.
“In Contemi, we see a company that combines high-quality insurance solutions with the capacity to provide fast solution designs and implementations. In addition to those, Contemi has a robust set of clients in both Europe and Asia, making them a leading IT insurance firm that is ready to shoulder the challenges of digitalisation in the insurance sector – particularly in Asia where many emerging markets still need to ramp up financial inclusion and literacy,” added Pedersen.