Brisbane, Australia – 19th January 2023
Vela Software Group, trading through its subsidiary Vela Asia Pacific, has today announced the acquisition of the business assets of NTT Data FA Insurance Systems (NDFS) and their General (P&C) Insurance Solutions FirstGen and FirstRe.
FirstGen is a new-age insurance solution with extensive operational capability, from Point of Sale (POS) right through to General Ledger (GL), including both Outward Reinsurance booking and Claims Settlement.
Masahiro Kashibe, CEO of NDFS, stated, “We are delighted to have finalised the transfer of the NDFS business to the safe hands of Vela. It was important for us to find an acquirer with the experience and capacity to support the business’s valued customer base, someone to support the growth of our customers, staff and products. Vela, with its undeniable pedigree in vertical market software solutions and commitment to excellence and continued learning, is the perfect match. We believe that the NDFS team and customers will benefit substantially from Vela’s wealth of experience and best practices, its global footprint, financial stability and corporate governance. The whole team is excited to gain access to a new pool of ideas and talent, and to deploy those to deliver even greater value to our customers.”
“With existing experience in insurance and claims management systems through our current portfolio, the addition of NDFS business to our group offering builds further on Vela’s expertise and offering across the Asia Pacific Region and beyond ,” said Ian Whiting, CEO of Vela Asia Pacific. “it also provides us a fantastic springboard into the South and Central Asian markets with a tried, tested and trusted business in NDFS. The team are highly regarded by their customers and we are confident that our unique model of connected autonomy will give them the capacity to continue to grow and achieve new levels of success.”
About Vela Asia Pacific:
Vela Asia Pacific, as part of Vela Software Group acquires, manages, and builds mission-critical vertical market software businesses. We are a portfolio of Wholesale, Distribution, Fashion, General Retail, Light Manufacturing, and Government software businesses that have a presence in Australia, New Zealand and Asia-Pacific. We provide vertical market software expertise, operational support and capital to help our businesses grow.
Vela is an operating group of Constellation Software Inc. (TSX: CSU), a public company listed on the Toronto Stock Exchange.
Further information about Vela Asia Pacific may be obtained through their website at www.velasoftwaregroup.com.au