Cover-All has struck a deal through its wholly owned subsidiary, Cover-All Systems Inc., to acquire substantially all of Moore Stephens Business Systems’ (MSBS) assets (excluding working capital) for an aggregate purchase price of approximately $2.4 million, with no assumed indebtedness. Approximately 96% of the purchase price consists of cash and a promissory note, and the remaining approximately 4% consists of Cover-All’s common stock.
MSBS currently serves the insurance industry exclusively, providing business intelligence and advanced analytics solutions. Leveraging their Insurance Analytic Framework (IAF), which delivers accurate, available and actionable key metrics and dimensions specific to the insurance industry, MSBS has established a dominant presence in an otherwise underserved market. With the integration of these capabilities into the Cover-All portfolio, the combined company will be well positioned to deliver additional value to the existing customers of both companies, as well as benefit from an unrivaled and unique competitive advantage in its combined offerings.
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