RPC completes sale of insurance software business to global professional services firm Aon
Insurance software business RPC Tyche announces the successful sale of its business to global professional services firm Aon. The transaction was completed on 1 March 2022. RPC Tyche was jointly owned by international law firm RPC and software and consultancy business Marriott Sinclair.
RPC Tyche – which has offices in London, Paris, Chicago and Cambridge (UK) – offers software modelling and consulting services primarily to the insurance market. Its core product, Tyche, helps clients run complex financial models in a fraction of the time of its competitors. Tyche was originally bought by RPC in 2015 from software and consulting business Marriott Sinclair.
The sale price remains confidential, but a significant proportion of the proceeds will be directly re-invested into RPC to build on the support and services the firm is able to offer its clients.
Speaking on completion of the sale, RPC Managing Partner James Miller – who was a member of the RPC Tyche Board – said: "I am extremely pleased to announce the successful sale of the business of RPC Tyche to Aon.
"RPC Tyche is a tech success story; the fact that it has been bought by such a significant global player as Aon is testament to that.
"It's been a fantastic experience for all of us at RPC to be involved in the successful incubation of an InsurTech business. Insurance and technology are core sectors for us. We count all the major global insurers and many leading global tech companies amongst our clients; to have had the opportunity to invest in and help run an InsurTech business of our own since 2015 has given us invaluable real-world commercial insight that we can apply to the services we offer those clients.
"The focus with RPC Tyche was always to support it as far as we could to achieve the potential, we always knew it had. This sale follows that strategy through to its natural conclusion. Now is the right time – and Aon the right home – for Tyche to move on to the next phase of its impressive growth trajectory.
"I want to take this opportunity to thank the late Mark Sinclair-McGarvie who played a fundamental role in the development of Tyche. Mark's passion to support clients in the insurance sector was one of the main reasons RPC invested in RPC Tyche in the first place."
RPC's commitment to tech start-ups doesn't end with the sale of Tyche. The launch of its accelerator programme for ESG-focused tech businesses – RPC Tectonic – where participants can benefit from up to £100,000 of legal advice, is another example of the firm's innovative approach to supporting the sectors in which it excels.