MILWAUKEE, April 11, 2012 /PRNewswire/ -- Decision
Insight Information Group, a TPG Capital portfolio company, today
announced that it has closed an agreement with Automated Benefits
Corp. (TSX:V-AUT), Symbility Solutions' parent corporation, to make
it the largest shareholder in Automated Benefits. Decision Insight
is the leader in global property information intelligence through
such subsidiaries as Marshall & Swift/Boeckh (MSB); and
Automated Benefits, through its Symbility Solutions subsidiary,
provides accurate and easy-to-use claims processing and estimating
software for the property and casualty industry.
"As the largest shareholder in Automated Benefit Corp., we are
able to further reinforce our commitment to deliver innovative,
market-driven workflow solutions for property insurance carriers,"
said Chris Cartwright, Chief
Executive Officer, Decision Insight and MSB. "This further
strengthens our strategy to be the premier enterprise information,
analytics and workflow provider."
Under the agreement, which completed yesterday, Decision Insight
acquired 30.29 percent of the common shares of Automated Benefits
in exchange for transitioning MSB's claims division to Symbility
Solutions. Decision Insight purchased additional common shares to
collectively own 33.29 percent of Automated Benefits' common
shares. Additionally, three representatives from Decision Insight
and TPG Capital have been named to Automated Benefits' Board of
Directors, as was announced March 28:
Chris Cartwright, Chief Executive
Officer, MSB and Decision Insight; Chris
Jutkiewicz, Chief Technology Officer, Decision Insight; and
Nehal Raj of TPG.
"Our collaboration with MSB and the continued involvement of MSB
and its leadership in our solutions further strengthens our ability
to be a driving force in the market with innovative, flexible tools
that provide a better claims experience across the claims
community," said James Swayze, Chief
Executive Officer, Symbility Solutions.
"TPG is enthusiastic about the prospects for Symbility Solutions
and its strategic collaboration with MSB," said Nehal Raj of TPG. "We are committed to
building a market-leading franchise in this space, investing behind
Symbility's compelling growth prospects and strong management
team."
Additional detail on the transaction is available in a release
issued by Symbility on April 11
(http://bit.ly/IvLTM0).
About Decision Insight Information Group
Decision Insight Information Group, located in the U.S.,
Canada and Europe, delivers a comprehensive range of
information, infrastructure and decision support products and
services for financial and legal professionals. Operating at
the heart of the property industry, Decision Insight Information
Group manages complex information solutions and provides clarity on
decision making for buying, selling, conveyancing, financing and
insurance. Decision Insight companies include MSB and DataQuick in
the U.S., Access Point Information Canada, SearchFlow, xit2 and
Decision Insight Hub in the UK, Millar & Bryce in Scotland, Rochford Brady Group in the
Republic of Ireland, and
Wertweiser, a joint venture with HVB Bank, in Germany. Decision Insight has 1,100 employees
in 16 offices. For more information, visit
www.decisioninsightgroup.com. Decision Insight Information Group is
a TPG Capital portfolio company.
SOURCE Decision Insight Information Group