Derry insurance tech firm expands with London acquisition
Mon, 25 Sep 2023 | BUSINESS SALE
Alchemy Technology Services, an insurance technology company based in Derry, has expanded with the acquisition of London-based management consultancy r10 Consulting. The acquisition, for an undisclosed sum, follows a five year working relationship between the companies.
Alchemy said that the acquisition would open up the London and wider insurance market and enable it to offer a broader range of services to existing and future clients, with the company embarking on the next stage of its growth.
Alchemy was founded in 2018 and, since then, has grown to have over 170 employees working on projects in 21 countries. The firm focuses on helping insurance companies digitalise their processing by implementing software products and providing ongoing support.
John Harkin, Alchemy’s CEO said that the deal delivered a number of complimentary benefits for the firm and called r10 “a key player in the London market”.
Harkin continued: “This strategic decision reinforces Alchemy's presence in the London Market and bolsters our ability to offer comprehensive services to our clients. With our shared synergies and history of collaboration, this acquisition perfectly aligns with our mission to provide exceptional value to our clients."
R10 CEO Amechi Peirce-Howe added: "Alchemy has been a longstanding partner of r10, sharing our people-first strategy and ethos. Joining forces with Alchemy represents an incredibly positive step for r10's clients, team, and partners.”
“This acquisition opens substantial opportunities for the combined group to develop innovative solutions and explore new global markets. In a rapidly evolving landscape with Blueprint Two and the wider specialty market, this deal positions r10 perfectly to support our clients on their digital transformation journey."
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