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Aon P.L.C. said Wednesday that it has agreed to sell its risk management information systems business unit, Aon eSolutions Inc., to an affiliate of Palo Alto-based Symphony Technology Group.
Financial terms of the transaction were not disclosed.
Under terms of the deal, Aon's risk management business, Aon Risk Solutions, will act as the exclusive reseller of eSolutions' iVOS and RiskConsole RMIS offerings to its clients pursuant to a multi-year distribution agreement.
In a statement, Aon Risk Solutions CEO Michael O'Connor said the deal with Symphony, a private equity firm that specializes in acquiring and investing in software companies, would ensure the ongoing evolution of the eSolutions risk and claims management software platform.
“As the risk management technology space evolves and integration with enterprise software systems continues to expand, it made sense to transition the eSolutions business to owners that focus exclusively on the unique aspects of the software sector in order to continue to empower the best results for our clients,” Mr. O'Connor said.
In addition to approximately 300 employees eSolutions has globally, Symphony also has offered to acquire the portion of Aon Risk Solutions' business in France that has historically supported eSolutions.
“With investment from a partner focused on software solutions, we expect to accelerate our innovation and business growth,” eSolutions CEO Kathleen Burns said in the statement.
William Chisholm, managing director of Symphony Technology Group, said his company's experience in the technology sector would complement the risk management software experience of the eSolutions team.
“eSolutions has created a market-leading risk and claims management software platform serving a majority of the enterprises in the Fortune 1000,” Mr. Chisholm said. “We believe the market for the company's products is large and growing due to the increasing importance of managing and analyzing global risk exposure across large and medium-sized enterprises.”
CHICAGO — The present and future of risk management information systems dominated a meeting of the Chicago chapter of the Risk & Insurance Management Society Inc.