Target Group acquires insurance systems provider

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TAR022
Issue date: 8th February 2007

Target Group, the financial software and services organisation which operates in the consumer and commercial loan markets, has acquired Harlosh Ltd, the general insurance administration software specialist. The enlarged Target Group will now be one of the largest privately-owned systems and services providers in the financial sector, with over 200 staff and consolidated turnover of over £20m.

Harlosh is a well-established insurance systems provider, with clients including NFU Mutual, St Pauls Travelers, Portman Building Society and Quinn-direct Insurance. Founded in 1993 by its current managing director Richard Gordon, it is based in Cirencester, Gloucestershire, and has an office in Queensland, Australia. It featured in the 2006 Sunday Times™ Tech Track of fastest growing privately-owned technology companies. Recent successes include implementing its InsuranceFaces policy administration solution for Medical Assurance Society (MAS), based in Wellington, New Zealand.

James Snow, Strategy Director of Target Group, commented: “The acquisition of Harlosh will enable Target Group to offer its expertise, solutions and services to a wider range of clients in financial and general insurance markets in the UK, EU and Asia Pacific. Harlosh will continue to trade as a separate limited company with the same senior management team, but will benefit from extended management and administrative support for its rapid growth as well as significantly increased opportunities in technical and product development, consultancy and IT services.”

Grant Hawkins, Chairman and CEO of Target Group, commented: “We recognised immediately that Target and Harlosh hold remarkably similar values and we will undoubtedly complement each other very well. We are both passionate about contributing ideas, processes and solutions that give our clients a competitive edge. In addition, Target and Harlosh share similar views on technical strategy and product development. I look forward to joining forces with Richard Gordon and his colleagues.”

Richard Gordon, Managing Director of Harlosh, commented: “By joining the Target Group, Harlosh will be able to continue and extend its rapid development in the general insurance market worldwide. Target’s long experience in similar markets will enable our team to go for growth with reduced demands on management, finance and other resources.”

Target Group has been consistently profitable and cash generative for over 15 years; Harlosh has been fast growing, profitable and cash generative (turnover of £5.2m to September 06). Target expects the acquisition to be earnings enhancing from year one.

For further information contact
Sarah Griffiths, Marketing Manager - Tel: 029 20 301401
Target, Target House, Cowbridge Road East, Cardiff, CF11 9AU
email: sarah.griffiths@targetgroup.net
Website: http://www.targetgroup.net