Chicago - Aon Corp., Chicago, completed its acquisition of Valley Oak Systems, San Ramon, Calif. The terms of the transaction were not disclosed.
Valley Oak Systems (VOS), a provider of claims management software, services and support for the insurance industry, will operate under the Aon eSolutions Group as an independent subsidiary. Its flagship product, iVOS, the "one-system" claims management solution, will integrate with RiskConsole, Aon's risk management information system (RMIS), to share information and provide a comprehensive analysis of claims, policy and exposure data.
"We selected Valley Oak Systems due to our similar business philosophies and the strategic fit of our market-leading systems," says Greg Case, Aon president and CEO. "Our mutual focus on delivering service, expertise, and business value will enable a synchronized effort toward building a comprehensive RMIS that offers a 360-degree view of risk and cost-containment at the individual claims level."
Kathy Burns, eSolutions' Managing Director, says, "Independently, Valley Oak Systems and Aon eSolutions will continue to operate as the leading providers in their respective markets, but together we'll provide an integrated offering that addresses a currently overlooked need in the market—the need for an end-to-end, browser-based solution that manages complex claims and controls the total cost of risk. This combined iVOS and RiskConsole suite will be the only solution of its kind in the global market."
Randy Wheeler, founder and CEO of Valley Oak Systems, says, "The acquisition will expand our capabilities in meeting the needs of our existing client base, by offering Aon's risk management expertise and systems. At the same time, we plan to leverage Aon's premier distribution network and existing relationships with insurance carriers and TPAs to accelerate our growth, globalize the iVOS solution, and explore ongoing synergies between our organizations."
Source: PR Newswire
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