TIA Technology is the leading supplier of standard software systems for the insurance industry in Europe. The Company offers the industry's most flexible & comprehensive integrated suite of core insurance applications for Property & Casualty (“P&C”) and composite insurers.
TIA was founded in 1996 through a management buyout from TopDanmark, a Danish insurance company, and today has 50+ customers and 30,000 daily users in 30 countries.
The Company offers a unique customer centric end-to-end standard software solution which is well tested and internationally scalable with zero failed implementation projects. Additionally, TIA has a strong partner network which together with TIA professional services provide system implementation, support and quality assurance assignments, etc. Through its complete solutions offering, TIA helps insurers across the globe to get closer to customers through operational excellence, superior sales and service and exceptional product leadership. The Company has an international “blue-chip” customer base and stronghold within the mid-market segment.
EQT Mid Market acquired TIA from DKA Capital, a Danish private equity fund, and the founders in June 2014.
Market trends and drivers
TIA addresses a large growing market with increased focus on technology spending and modernization of IT systems. More than 75% of the European P&C insurance companies currently run on legacy systems and there is a continued migration trend towards standardized systems in order to enhance efficiency, competitiveness and to comply with increasing customer demands and regulations. Furthermore, the sector is characterized by its mission critical nature since IT systems sits at the heart of an insurer’s organization.
TIA is well positioned to leverage its market leading position in a large addressable and growing market supported by sustainable long term trends. The business model is highly scalable and internationally proven providing vast growth potential through new and existing clients on a global basis. Furthermore, the competitive landscape is highly fragmented providing consolidation opportunities.
The development plan includes i) ramp-up of sales force to drive sales to new customers, ii) continued rollout and development of the core system and innovative modules such as business intelligence and mobile applications, and iii) utilize product knowledge in professional services to further improve the implementation process. Additional value creation initiatives include M&A and further developing the partner strategy to accelerate global expansion.
With EQT as an owner, TIA will have access to capital and industrial network to further propel its growth strategy.