NTT Data builds insurtech capability with purchase of Derry-based Alchemy

NTT Data Expands Insurtech Footprint with Alchemy Acquisition

NTT Data, a global IT service provider, has recently acquired Derry-based insurtech company Alchemy Technology Services. While the financial details of the deal remain undisclosed, this acquisition is viewed as an important step in NTT Data's efforts to enhance its digital capabilities in the insurance sector, which boasts a substantial market size of approximately $230.7 billion.

Focus on Digital Reinvention

The primary aim of this acquisition is to spearhead the digital transformation within the insurance industry. NTT Data sees Alchemy as a pivotal addition to its strategy, enabling the company to deliver innovative solutions tailored to the evolving needs of insurance clients.

Alchemy's New Role

Following the acquisition, the Alchemy team will be positioned as a global center of excellence. They are expected to help shape future offerings and deliver specialized services in the insurtech landscape. This aligns well with NTT Data's broader vision to enhance its market position and drive growth in digital solutions.

Potential Impact

The acquisition could bring about significant changes for both NTT Data and Alchemy. For NTT Data, it represents an expanded capability to better serve existing clients and attract new ones. For Alchemy, it opens doors for greater resources and support from a larger entity while maintaining its innovative spirit. Overall, the deal underscores the ongoing trend of consolidation in the insurtech sector as companies aim to stay competitive and meet the demands of modern insurance.

Original Source: https://www.techcentral.ie/ntt-data-builds-insurtech-capability-with-purchase-of-derry-based-alchemy/