Charles Taylor purchases insurance technology consultancy Inworx

11 May 2018

The insurance services provider Charles Taylor InsureTech announced earlier this week their intention to purchase Inworx, an insurance technology consulting firm. Inworx operates in 15 countries in Latin America and has offices in Argentina, Mexico, Peru and the US. 

The acquisition of the company will make Charles Taylor InsureTech one of the biggest technology consultancies providing business change advice and implementation providers to clients. The deal will see Inworx’s current 270 professional staff members added to with a further 200 staff across the continent. 

According to sources, the deal is worth a total of $22.5 million, but could be as high as $50.5 million if including performance related deferred payments. The initial sum will consist of just under $20 million in cash payments and the rest in Charles Taylor shares. Inworx posted a profit of $3.7 million in the year to September 2017 out of a total revenue of $14.7 million.

Included in the purchase of Inworx is the company’s insurance broking software which is called InBroker. The market-leading system is used by some of Latin America’s top-tier brokers including Willis Towers Watson, Marsh, and AJ Gallagher.

Inworx’s business network across Latin America gives Charles Taylor the opportunity to expand its reach throughout the region. Both companies will benefit with Charles Taylor’s size and global reach whilst Inworx’s knowledge of local markets will be advantageous to the new duo. 

Leonardo Mato, the Chief Executive Officer at Inworx said: “Inworx is already a provider of choice to many of the world’s leading insurance brokers in Latin America and has established relationships across the regional insurance market. Becoming part of Charles Taylor InsureTech gives us the perfect platform to internationalise our portfolio and provide solutions to brokers and insurance providers on a global basis.”

The position of Latin American Managing Director will go to Charles Taylor’s Carlos Romeu. Romeu currently serves as Charles Taylor’s Client Delivery Director and will relocate from the company’s head office in London to the Latin America region. Prior to InsureTech, Romeu led multiple high-profile systems integration and BPO engagements for Atos and CSG as Director and Head of Strategy and Change.

Charles Taylor purchases insurance technology consultancy Inworx

The deal is conditional on Charles Taylor raising the capital, which it will attempt to do via the placing of over 6.7 million shares on the London Stock Exchange. As of Thursday, 3rd of May, the firm had raised over £17.6 million ($23.8 million), selling the shares at 260.00 pence. The initial placing was enacted via accelerated bookbuild run by Liberum Capital Ltd. 

Admittance for the main market of the London Stock Exchange is expected this week and shares are already up at 4.3% at 272.12 pence after the announcement. 

Charles Taylor Chief Executive David Marock said in relation to the share placing: "It will enable us to complete the acquisition of Inworx and drive forward the development of Charles Taylor InsureTech which aims to become a global insurance technology player, and has secured major, multi-year technology contracts in recent months."

"This acquisition marks another major step in delivering Charles Taylor's growth strategy. I am looking forward to welcoming the team from Inworx to the Charles Taylor family,” Marock said.

"Technology is transforming the way that insurance is underwritten and transacted globally. The acquisition of Inworx is one of the largest we have undertaken as a group. It demonstrates our commitment to growing our insurance technology capability, both as an enabler for the industry and to deliver the group's services. These support every stage of the insurance lifecycle and every aspect of the insurance operating model,” Marock continued.

Charles Taylor InsureTech is a part of Charles Taylor plc, the global network of professional services and consultancy providers for the insurance market. Charles Taylor has been active since the late 1800’s and employs just under 2,000 professionals in 28 countries worldwide.

BDO adds professional services firm in Bolivia to network

11 February 2019

Global professional services firm BDO has expanded its footprint in Latin America with the addition of a new member firm in Bolivia. 

The firm, trading as KPI Auditores y Consultores, was founded in 2010 and is managed by a team of seven partners, with managing partner Marcelo Berthin at the helm. Six of the new firm’s seven partners have a background at BDO, while the group also bring experience at tier-one accounting and consulting firms including EY, PKF and PwC to its new parent. KPI, previously affiliated with rival network Antea, which it joined in 2014, has been rebranded as BDO Bolivia. 

“BDO Bolivia’s goal is to deliver outstanding audit, financial advisory, tax, consulting, and digital services to clients,” said Berthin, who has been leading the firm since 2014, after serving a large bank, the United States Agency for International Development (USAID; a US agency that battles extreme global poverty) and EY, where he spent a decade in the firm’s audit department. While the firm works for clients across a range of sectors, its focus lies on clients in manufacturing, mining, not-for-profit, investment services and agriculture.

BDO adds professional services firm in Bolivia to network

According to Berthin, formerly KPI Auditores y Consultores will be able to benefit from BDO’s global reach – the world’s fifth largest accounting group has over 80,000 employees in 160+ countries – and the cross-border work which flows out of the network. “The recent increase in business enquiries from the UK, Germany, Panama, Chile and Brazil that we’ve received through BDO’s global organisation confirm this and points to further expansion for BDO in Bolivia.”

He added that the local teams based in La Paz (headquarter) and Santa Cruz will also be able to tap into BDO’s deep industry and functional expertise.

Commenting on the expansion in Bolivia, Albert Lopez, BDO’s Regional CEO for the Americas, said: “I am very pleased to welcome a leading firm in Bolivia to BDO. With significant experience in Bolivia, servicing national and international companies and institutions, the team have an established reputation that will launch BDO onto new paths of growth in Bolivia. The new firm’s ability to provide integrated solutions to its clients in the country will, when combined with BDO’s global reach, see business coming in from the wider Latin American region and beyond.”

Across Latin America, BDO has more than 5,100 professionals working from 63 offices in 23 countries. The firm’s largest offices are located in economic hotspots such as Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru and Uruguay. 

Late last year, professional services firm Andersen Global touched in Bolivia with the addition of Tufiño Villegas to its network. The tax and legal advisory was founded in 1995 and has offices in capital city La Paz, Santa Cruz and Cochabamba.