RPC reaches agreement to sell insurance software business to global tech company
Insurance software business RPC Tyche has entered into an asset purchase agreement to sell its business to US-headquartered global cloud-native leader in risk analytics, QOMPLX.
RPC Tyche is 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 bought by RPC in 2015 from Marriott Sinclair.
Speaking of the proposed sale, RPC Managing Partner James Miller said: "This is a really positive outcome for all involved. We were always confident in the value that Tyche would add to clients in the insurance sector which is why we invested in buying the business and helping to build it.
"That said, Tyche has exceeded all of our expectations in terms of its success with clients, particularly in the UK and mainland Europe. Now is the right time – and QOMPLX the right home – for Tyche to move on to the next stage of its impressive growth trajectory.
"It's been a fantastic experience for all of us at RPC to be involved in the successful incubation of a technology business. Insurance and technology are core sectors for us, so 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 our law firm clients.
"We are excited to see what comes next for Tyche, and particularly the colleagues we've worked alongside for the past six years. We wish them the best of luck and look forward to collaborating with them as they expand their operations globally."
The transaction is not yet closed or completed.