Friday, 06 November, 2020
Uwe Reuter, CEO VHV: “Meaningful entry into a new, forward-looking field of expertise in data management and digital processing and an important step in our digitalization strategy”
Sven Krüger, CEO Eucon: “We could not have hoped for a better new buyer – ensuring sustainable access to platform solutions for our customers”
VHV Vereinigte Hannoversche Versicherung a. G, Hanover is acquiring a majority shareholding in Eucon Group, headquartered in Münster. In a bidding process, VHV prevailed over strong competition. VHV will acquire a share of greater than 75 per cent, while the company founders, Marcel and Maurice Oosenbrugh, shall retain a holding. The VHV Group is thus tapping into an additional and forward-looking field of competence, taking another important step in its comprehensive digitalization strategy, with synergy effects for the entire VHV Group. Eucon, in turn, will gain a strong partner and can continue its international growth path.
Eucon is one of the world’s leading providers of best-in-class market information and data-based systems for efficient product management in the automotive aftermarket. Customers include all relevant car manufacturers and suppliers, as well as a variety of workshop chains. For insurers, Eucon digitalizes claims management and is one of the market leaders for digital platform solutions for data and document processing. In addition, Eucon offers digital solutions for the real estate industry for efficient and transparent invoice management.
The Eucon Group will remain as an independent company headquartered in Münster. The current leadership team headed by Sven Krüger has agreed to continue to manage the company in the long run in order to ensure the continuation of business policies. Both parties have agreed to keep the purchase price confidential.
Uwe Reuter, CEO of VHV Group, on the acquisition: “We are pleased that Eucon’s owners have chosen us as their buyer. We are thus establishing a further field of competence with the brightest future prospects in an increasingly digital world. Operating in the automotive industry, Eucon Group is an excellent fit with our strong motor vehicle insurance business. At the same time, our activities as one of Europe’s leading specialist insurers in the construction industry perfectly complement Eucon’s business in the real estate sector. In addition, Eucon possesses the expertise and the technologies required to take our comprehensive digitalization strategy – which we initiated early on – to the next level. The acquisition is a key step in this strategy that will benefit not only our customers and the group as a whole, but also Eucon. Uwe Reuter continued by saying that the acquisition also fit in perfectly into VHV’s strategy of expanding business with insurance-related services.
Reuter added: “Eucon has unique knowledge and expertise when it comes to data management and digital processes, which it makes available to companies in the automotive, insurance and real estate sectors. This is where we are considering future partnership approaches with Eucon’s customers. As an unlisted company – and VHV is a mutual insurance company by conviction – we are known for partnership approaches and are not bound to shareholders or capital markets, but rather to our customers and business partners.”
Sven Krüger, CEO of the Eucon Group, said: “Together with our previous main shareholder Hg, we have written a great success story over the last five years. We would like to express our gratitude for the partnership and trustful cooperation. We have been successfully cooperating with the VHV Group for some time now and therefore could not have hoped for a better buyer. By providing platform solutions, we help our customers tap the digital potential of their industry and ensure sustainable access to the key technologies they require. With VHV as a robust, powerful and innovative partner, we can achieve this goal more effectively and ensure that this open platform strategy will be available to our customers in the long run.”
Maurice and Marcel Oosenbrugh, the founders of the Eucon Group also commented on the sale of shares: “Today, Eucon can look back on a great corporate development. We look forward to continuing this growth path together with VHV as the buyer”.
Benedikt Joeris, Director at Hg, says: "It has been a real privilege to work with Sven, the founders and entire team at Eucon. Today we part ways after five very productive years of working together. Eucon's business sits at the intersection of two growth drivers: the value of big data in the automotive sector and the increasing digitalization of the insurance and real estate industry – and together we have built a great business in these areas. We are delighted that the team will be able to continue this journey with VHV, a true leader in insurance across Germany. We're also pleased to see the strength of our networks and our track record continue to drive value in small and medium enterprises across Germany."
About VHV Group
VHV Group – with its core companies VHV Allgemeine Versicherung AG and Hannoversche Lebensversicherungs AG – is a competent and reliable partner in the insurance, pension and asset management sectors. The company is strongly based on a robust business policy that builds on tradition and experience on the one hand, and sets itself new forward-looking goals on the other. The companies of the VHV Group are specialized experts operating independently in clearly defined sub-markets. VHV Allgemeine Versicherung AG is a long-established specialist building insurer (founded in 1919) and one of the largest German motor and liability insurers. The main sales channel is based on cooperation with around 14,000 qualified independent insurance brokers. The company employs around 3,200 employees at various locations and serves some 4.7 million customers. The gross premium revenue earned amounts to EUR 3.24 billion. The company is headquartered in Hanover. More information is available at: www.vhv-gruppe.de
Eucon is a digital pioneer for data and process intelligence. As a trailblazer for digital change, Eucon has been supporting companies in the automotive, insurance and real estate industries since 1997 in digitalizing their processes, leveraging data treasures and implementing digital business models. Eucon has comprehensive market data and in-depth expert knowledge and combines this expertise with cutting-edge technologies such as Artificial Intelligence and Robotic Process Automation to create intelligent automation solutions. With around 400 employees, the company serves 250 customers in more than 80 countries from offices in Europe, North and Latin America and Asia-Pacific. The digitalization expert has received numerous awards for its data-driven platform solutions and corporate culture. More information is available at: www.eucon.com
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Written by Eucon Group