Redwood Shores, Calif. — Policy administration solutions provider AdminServer is about to become a business unit of Redwood Shores, Calif.-based Oracle Corp. In the latest in a series of insurance industry M&A activities, the business software giant said Tuesday it agreed to buy the Chester, Pa., insurance policy software supplier. The companies did not disclose the terms of the deal, which they expect to close in the first half of 2008.
The Chester, Penn.-based AdminServer had sales of $25 million in 2007 and employs 250 people. Most recently, the policy administration solution provider bolstered its sales team with the addition of two industry veterans, Roger Soppe and John Connell. Soppe was hired to lead the AdminServer sales team, and brings two decades of industry experience, most recently spending 12 years with Brookfield, Wis.-based Fiserv Insurance Solutions. Early in his career, Soppe was with Newark, N.J.-based Prudential Financial where he gained experience in field marketing. Prior to joining AdminServer as the company's director of sales, John Connell accumulated 29 years of industry experience, including 18 years serving in a variety of management and sales positions with El Segundo, Calif.-based Computer Sciences Corp. (CSC) and its acquired companies Continuum and Vantage Computer Systems. Connell's career spans both the life and property/casualty market segments.
Oracle has been on an acquisition mission: Oracle recently completed its acquisition of San Jose, Calif.-based BEA Systems. Seen as an enhancement to Oracle’s Fusion middleware software suite, the goal of the transaction is to accelerate the adoption of Java-based middleware technologies and SOA; advance innovation in enterprise applications infrastructure software.
Sources: Associated Press, INN archives, AdminServer
