The deal makes Idiom a wholly owned subsidiary of the Aquila Heywood group
Hudson Gavin Martin (HGM) has advised the shareholders of Idiom Limited on the software company’s sale to UK-based Heywood Pension Technologies.
The deal was completed on 30 September. The NZ Herald reported that the transaction reached eight figures.
According to HGM, the acquisition saw Idiom become a wholly owned subsidiary within the Aquila Heywood group owned by Black Rock Long Term Private Capital. Nonetheless, Idiom’s current staff will continue to maintain operations from the company’s New Zealand base, the Australian Associated Press reported.
Heywood said in a press release that the acquisition bolsters the company’s capabilities and accelerates the programming of benefits calculations. It also improves the company’s service delivery in terms of buy-ins or buy-outs, GMP rectification projects, and data and benefit audits.
Idiom CEO and founder Mark Norton added that the Heywood platform complemented its business rules and data management solutions.
“Our new owner has given us a footprint in the UK and Europe, and the backing of a larger corporate entity,” he said in a statement published by the Herald. “This will help us expand our traditional market which spans insurance, finance, pensions, health administration and clinical health, and government at all levels. As our client base expands, we will expand our NZ team to service them, particularly in Asia/Pacific where most of our current customers are located.”
The HGM team that advised Idiom was led by partner Edwin Lim and special counsel Sarah Weersing. Senior associate Calvin Luo and solicitor Alicia Green assisted them. Meanwhile, Eversheds Sutherlands (UK) acted for Heywood.
Idiom developed and licenced the Idiom Decision Manager business rules engine used in complex commercial projects.
