Global Technology, provider of IT solutions to the banking, insurance and financial services industries, today announced a merger with Brolink. Brolink specialises in the servicing of insurance companies and brokers in the short-term insurance industry.
In a deal valuing Brolink at R26 million, Global Technology will initially hold a 51% stake in the company, with the option to increase to 100 % by the end of next financial year.
Ray Leonard, CEO of Global Technology, says that Brolink enjoys a unique position in its industry. "Brolink is the link between insurance companies and individual brokers. Brolink uses our software to service the brokers, while automating the claims and administration activities of the insurance companies. Brolink`s relationship with the two parties takes us a step closer to the core of the insurance industry," he says.
Leonard continues, "The insurance industry is a key focus area for Global Technology. This acquisition will add strong management experience and in-depth industry knowledge to our existing technical skills. Brolink is a dynamic company that we are proud to have on board, and we believe that this move will allow us to deliver superior service in Global Technology Insurance Systems."
Clipstone Webber, MD of Brolink, says the deal opens new doors for the company. "Global Technology has built a solid reputation in the banking, insurance and financial services industries. The prospect of combining our expertise and client base is exciting and bodes well for the company`s performance," he says.
Global Technology listed on the JSE in November 1998.
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