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10 September 2024 is World Suicide Prevention Day. Samaritans is a charity that aims to reduce the incidence of suicide by encouraging people to talk about their thoughts and feelings.
Price Bailey support Automated Insurance Solutions (AIS) in their sale to Verisk
Price Bailey LLP’s Strategic Corporate Finance team have supported Automated Insurance Solutions (AIS) in their sale to Verisk, a leading global data analytics provider. AIS are an insurtech business responsible for pioneering a tech solution that automates the assessment and analysis of motor accident claims, resulting in better prediction of claims outcomes, earlier settlement times and greater accuracy on settlement amounts.
Their solution has had great early-adopter successes, boasting a number of UK insurers amongst their clients. The acquisition by Verisk will boost their own motor claims capabilities across UK and European markets and provide improvements to the customer service features available to their policyholders.
The Strategic Corporate Finance team at Price Bailey had an existing relationship with the owner-managers at AIS, George Laws and Ben Taylor, so were very pleased to advise on this recent transaction. We were engaged to provide sell-side corporate finance lead advisory and tax advice on the transaction, involving project management of the sales process.
Initially, this included providing guidance on the offers received, followed by management of the selected buyer’s due diligence process, culminating in supporting management through contractual negotiations and advising on the transaction documentation and service agreements that were central to the deal.
By having Price Bailey overseeing the entire process, this enabled George and Ben to seek appropriate support when needed whilst allowing them to focus on the continuing business operations and the wider possibilities presented by the transaction during this time.
The deal between AIS and Verisk marks an exciting strategic step for both businesses and, as part of the deal structure, the AIS founders and other key personnel will continue to work within the business to ensure the successful integration of their automated solution into Verisk, combining their IP and technical expertise to further other innovations in the insurance space.
We were delighted to support AIS in this transaction; they have breathed new life into the insurtech space – evidenced by the volume of interest they received by other players in the industry both domestically and internationally. Their deal with Verisk will further their competitive position in an increasingly complex and digital-led market. We look forward to seeing the future growth and success of the combined businesses.
Ben Taylor, CEO of Automated Insurance Solutions commented:
“It was a pleasure to work with the team at Price Bailey on this transaction and their expertise and support was invaluable throughout the process. Their experience in dealing with these sorts of transactions allowed us to move things forward swiftly and with great confidence.”
Stephen Reed, Strategic Corporate Finance partner leading the transaction added:
“We were very happy to support Ben, George and their team in this transaction. We’ve known AIS for some time now, and to be able to help them to reach a successful outcome on the sale of their business has been a pleasure. We wish both them and the team at Verisk all the luck for the future.”
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