Hellman & Friedman buys insurance software company for £198m

The San Francisco-based firm will pay 190p per share to take SSP Holdings private.

US private equity firm Hellman & Friedman has purchased software company SSP Holdings for GBP198 million (€252 million, $396 million).

The San Francisco-based firm has agreed to pay 190 pence per share for the London-based company, which provides software and other IT solutions to insurance and financial services businesses.

Hellman & Friedman will add SSP Holdings to its growing financial services software portfolio, which includes IRIS software group and Vertafore. The firm also holds a controlling stake in Texas-based Activant Solutions, a provider of vertical business management solutions for small and medium-sized retail companies, in 2006.

The deal price includes the assumption of SSP Holdings’ existing debt.

In February, Hellman & Friedman made waves with a $2.4 billion purchase of digital media creator and distributor Getty Images.

Founded in 1984, Hellman & Friedman is currently investing its sixth fund, with $8.4 billion in capital commitments. The firm has offices in San Francisco, New York and London.