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Deal Announcement: Codebase8 sold to Davies Group.

Symmetry Corporate Finance have advised the shareholders of Codebase8 Ltd on the sale of the business to Davies Group Ltd.

Codebase8 are a leading automation, modernisation and digital solutions provider and consultancy firm, based in Llanelli, Wales, specialising in robotic process automation (RPA), legacy platform modernisation and product development for clients in the insurance and other highly regulated markets. 

Davies has operating centres across the UK, Ireland, Bermuda, the US and Canada, delivering professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation & change management. 

The deal, which completed at the end of March, will see the firm’s team of technology experts join Davies’ Consulting & Technology business, led by CEO Mark Grocott, creating a new Automation capability to offer to Davies global insurance clients.  The Codebase8 team will work alongside Davies’ Customer Experience practice, Ember, led by David Leedham. Liz Callaghan, Managing Director of Codebase8, will continue to lead the business, supported by Technical Director and Head of Operations, Craig John. 

The insurance market is undergoing significant transformation, with participants seeking to harness the power of automation and digital transformation to provide: competitive edge, to streamline their delivery and service, and to manage operating costs. 

In recent years Davies has increased its annual investments in innovation and digital transformation more than four-fold, including in its CQ claims processing platform, its video and drone claims handling solutions, as well as investing in automation, speech analytics and virtual reality training solutions.   

Dan Saulter, Group Chief Executive of Davies said: “I’m delighted to welcome Liz, Craig and the wider team to Davies.  The acquisition brings new digital capability for Davies as we continue our strategy of investing in technology and innovation, a focus that is even more important as we think ahead following COVID-19.  Digital transformation and automation presents a huge opportunity for the insurance industry and for our clients as they seek to maintain competitive advantage, streamline their operations, and deliver service excellence.” 

Liz Callaghan, Managing Director of Codebase8 added: “I’m really pleased Codebase8 is becoming part of Davies which has a shared focus on digital transformation and innovation. I look forward to working with Dan, Mark and the wider Davies team to develop and strengthen our Automation solutions for our clients.” 

“I am especially grateful to Jonathan and the Symmetry team for their work on this transaction. The whole sale process is very challenging for anyone who still has a business to run. Even more so if it is not something you have done before as there are so many complexities & technical points involved. But I had the comfort of knowing I had a trusted advisor who took the weight off my shoulders and who I honestly don't know if I would have managed to complete the deal without. Everything Jonathan said he could do for myself, Craig and all at Codebase8, he did.”

Jonathan Tate, Managing Director of Symmetry Corporate Finance comments “We are delighted for Liz & Craig. It was clear from the outset that Davies Group was the right acquirer for Codebase8 and we look forward to seeing the team continue to grow the business as part of the group and deliver on all the opportunity arising. As advisor, the key to success has been supporting the shareholders at every stage of the transaction process, from initial preparation to thorough integration planning”

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