Verisk expands Canadian footprint with latest acquisition

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Data analytics provider Verisk, based in Jersey City, announced March 1 that it acquired Canadian company Opta.

Verisk said the deal was an upfront purchase price of $275 million Canadian, or approximately $215.7 million. The move to acquire Opta, a leading provider of property intelligence and technology solutions, further expands Verisk’s footprint in the Canadian market.

Opta has served the Canadian insurance industry for more than 100 years and is owned by SCM Insurance Services, a Warburg Pincus and TorQuest Partners portfolio company. It provides its customers with data, analytical insights and solutions to help them market more efficiently, underwrite policies and manage their risk.

According to Verisk’s announcement, Opta is also Canada’s leading source for community fire protection data through its Fire Underwriter Survey.

“Verisk and Opta share similar roots, an intense focus on our customers’ needs, and a passion to serve as key partners that anticipate the needs of a critical industry,” Mark Anquillare, Verisk’s chief operating officer and group president, said in a statement. “Together, we’ll accelerate our customers’ innovation agendas and create news ways to add value to their business and the insurance ecosystem.”

Morgan Stanley & Co. LLC acted as a financial advisor to SCM Co-Invest Limited Partnership. Stikeman Elliott LLP served as legal advisor to SCM Co-Invest LP in connection with the transaction, and Osler, Hoskin & Harcourt LLP served as legal advisor to Verisk in connection with the transaction.

In other recent moves, Verisk announced Feb. 22 that it sold Verisk Financial Services, its financial services business unit, to TransUnion for $515 million, and on Feb. 24 it announced that it acquired Infutor, a leading provider of identity resolution and consumer intelligence data, for $225 million, plus a payment of up to $25 million subject to performance targets.