Verisk Analytics plans to acquire Sequel for $322.7 million, a deal that will give it a UK-based software firm focused on complex commercial and specialty insurance.

Sequel is currently owned by HgCapital and other Sequel shareholders. Plans call for closing the sale in the 2017 third quarter, pending customary closing conditions.

Verisk said the acquisition will be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share.

Verisk, a data analytics provider with customers in insurance, natural resources and financial services, describes Sequel as “a pioneer in complex commercial and specialty insurance software innovation, with a diverse customer base that includes some of the world’s largest specialty insurance players.” Sequel will also be the latest in a series of acquisitions Verisk has made since late 2016, including Emergent Network Intelligence, Healix Risk Rating, Arium, MarketStance, The GeoInformation Group and Analyze Re.

Why this latest acquisition? Verisk explained in the deal announcement that its planned acquisition helps expand its offerings in the global complex commercial and specialty insurance industry. Adding the software to Verisk’s product line will allow for integrated global data analytics through a specialized end-to-end workflow product, it said.

“This supports our vision to deeply integrate into our customers’ workflows and adds to our unique data assets, deep domain expertise and steady stream of first-to-market innovations,” Verisk Chief Operating Officer Mark Anquillare added in prepared remarks.

For the fiscal year ending 2017, Sequel booked revenue of nearly $33.6 million.

Sequel CEO Mario Garcia noted in prepared remarks that Verisk’s “vast data, experience and technology capabilities” will combine with its own products to “improve all the services that we offer our customers.

Source: Verisk Analytics