The move is part of Novidea’s strategy to solidify its position as a leader in the Insurtech industry. The integration of Docomotion will enhance Novidea’s insurance management platform by adding new capabilities, including automated forms processing, design, management, and e-signatures.
Docomotion’s customers will benefit from a broader product suite, increased focus on product development, enhanced customer experience, and global access to professional expertise. Theacquisition is anticipated to accelerate product innovation and provide unparalleled value to Novidea’s customers.
“Docomotion is a leading innovator in automated document management, an essential technology for document-heavy industries. Its unique, cloud-based document generation technology presents major technological synergies between our two companies,” said Roi Agababa, CEO of Novidea. “We are proud to welcome Docomotion’s talented team to the Novidea family and look forward to working together, leading successful digital transformation initiatives for our customers.”
Digital transformation remains a significant challenge in the insurance space. Novidea’s platform enables customers to improve operational efficiencies, increase business resilience, stay competitive, and provide a better customer experience. Docomotion’s automated document management solution removes the administrative and manual burden of processing complex forms and documents.
“Novidea has experienced unprecedented growth over the last few years, driven by the global trend to modernize customer experience in insurance. We share a similar vision for the evolution of the document generation industry,” said Oren Leshem, CEO and Founder of Docomotion.
He added: “By combining our powers, Docomotion and Novidea can further expand our capabilities and drive even greater value for our customers. Docomotion will continue to serve all its customers in the various verticals. Customers will benefit from access to broader resources and availability of assets as we join forces with Novidea.”
Novidea was represented by Yael Shimon-Many, partner at Pearl Cohen law firm. Docomotion was represented by Oded Levy, partner at Arnon, Tadmor- Levy.
The terms of the deal were not disclosed.
