A South West tech company has acquired a majority stake in a business that provides weather data for insurances firms.
Synergy Cloud, which is part of the Claims Consortium Group based in Taunton, Somerset, has announced a deal has been completed with WeatherNet for an undisclosed sum.
WeatherNet was set up in 1995 to provide weather information to 海角视频 insurers looking to verify storm, freeze and flood claims. It also provides services to the legal, forecasting and construction industries.
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The move represents an expansion of the Claims Consortium Group’s tech and data arm, as it seeks to build upon its growth within the insurance market.
Established in 1996, Claims Consortium Group has grown from three to over 270 employees to become one of the industry’s leading providers of property claims handling and claims workflow technologies.
Chief executive and founder of Claims Consortium Group, Jeremy Hyams said: “We are thrilled to welcome WeatherNet to Synergy Cloud and the Group.
"As one of the most recognised and respected technology brands in the industry, the WeatherNet team have been pioneering claims data for over 25 years.
"The acquisition supports the group’s wider growth strategy, enabling us to add a new dimension to our technology portfolio."
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The move comes as Synergy Cloud prepares to launch a new product which builds upon its existing workflow technology that offers end-to-end solutions for claims management.
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Mr Hyams explained: "We’re harnessing the mass of technology and data talent we have within the business to revolutionise the way claims, and other services, are managed.
"The acquisition of WeatherNet, coupled with our product launch, adds to the growing cluster of exciting technology businesses around the Taunton and wider South West region."
Synergy Cloud's software was previously recognised when Claims Consortium Group received The Queen's Award for Enterprise and Innovation in 2017.