The acquisition brings Lumera a prestigious customer base, including some of the UK’s largest pension funds, along with 160 skilled professionals. This strategic move is expected to accelerate Lumera’s growth in the UK policy administration systems market.
According to the companies, this acquisition supports Lumera’s objective to offer specialized data analysis services. It enhances Lumera’s capabilities in data cleansing, tracing, quality management, de-risking, liability management, regulatory compliance assessments, and expert consultancy solutions.
ITM’s CEO Mark Lecompte said: “We believe the time is right for ITM to enter a new phase and a larger context. We look forward to Lumera supporting our ongoing growth in the UK pension data market. Strategically and culturally, Lumera provides an excellent match with our organisation, as well as with our technology and services portfolios.
“Together with Lumera, we now look forward to further strengthening our offering to add even more customer value. Lumera has thoroughly impressed us with their PAS technology and their track record from working with customers through major transformation in some of the most competitive insurance and pensions markets.”
Lumera’s CFO and acting CEOJonas Alfredson also commented, saying: “This is a union of two successful businesses with much in common, and above all, a joint vision for digitalising the life and pensions industry which we serve.
He added: “With their combination of industry and tech expertise covering life and pensions, data management and pensions dashboards, ITM is a trusted partner to leaders in the UK life and pensions space, resembling our status in the Nordic markets. I’m also confident that our teams are complementary and highly compatible in terms of skills, spirit and culture.”
