Keylane has signed an agreement to acquire Germany-based Geneva-ID, which provides software solutions to the insurance industry.
Terms of the deal have not been disclosed.
Based in Hamburg, Geneva-ID provides software components for insurance companies in around 20 European countries.
The company provides its IT solutions in the areas, including insurance core systems and distribution systems. They are available as on-premise solutions, as well as Software as a Service (SaaS).
The deal will expand Keylane’s product portfolio, as well as its insurance operations in the DACH region.
Keylane executive board member Ronald Kasteel said: "We are very glad with this presence in Germany with high potential for several interesting new business opportunities.
"Geneva-ID provides high quality software to a large customer base spread over various countries in Europe."
Geneva-ID former owner and Subito CEO Martin Nußpickel said: "Together with Keylane, there is a solid base for assisting both non-life and life insurance companies in managing the challenges they are facing."
Keylane provides SaaS based solutions for life and non-life insurers, as well as pension institutions.
The company carries out operations in Germany, the Nordics and the UK.
Image: Keylane to acquire Geneva-ID that offers software components for insurance companies. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.