US-based Duck Creek Technologies has agreed to acquire Imburse Payments, a cloud-based payments platform.
Switzerland-headquartered Imburse’s software-as-a-service payments solution is designed for the insurance industry.
Imburse claims the platform brings greater ease and efficiency into end-to-end insurance transactions, as it enables insurance carriers to connect to the payments ecosystem at a lower cost, integrate with existing finance infrastructure and processes, and manage multiple partners for collections and disbursements, all in one place.
Imburse’s platform will still be available on a standalone basis and will also be fully integrated with Duck Creek’s solutions.
Mike Jackowski, chief executive officer of Duck Creek Technologies, said: “Imburse has developed a great product for the global insurance industry that is not only easy to integrate and implement, but also gives carriers incredible flexibility and payment choices.
“Imburse has a strong team that embodies Duck Creek’s core values. They have deep expertise across the payments ecosystem and will help to broaden Duck Creek’s insurance industry leadership.”
As part of Duck Creek, Imburse plans to expand across Europe and into North America and the Asia Pacific.
Oliver Werneyer, chief executive officer of Imburse, added: “Being part of Duck Creek will further accelerate our mission to simplify how businesses around the world access the global payments ecosystem.
“We are excited to be part of Duck Creek and to work jointly to deliver modern technology innovations that transform the insurance industry for the future.”
The acquisition is expected to close in the second fiscal quarter of 2023.
In August last year, Imburse struck an integration partnership with insurance software firm Sapiens International.
The partnership enabled insurers that work with Sapiens to connect to the global payments ecosystem through a single connection, giving them more choice in how they pay, and their policyholders receive, claims payouts.
Image: Duck Creek