Business

Coleraine software firm to expand after US private equity investment

L-R: Covernet managing director, Lee Stuart with the firm's business development manager, Jim Campbell

COLERAINE software company Covernet has said it will double its workforce after investing £500,000 in IT infrastructure.

The tech-firm, which currently employs 20 people at its headquarters, has been developing specialist software for the insurance industry for 25 years.

To date, it has built around 200 bespoke insurance products on its ‘software-as-a-service' platform ISMIS. Its clients include Axa, Allianz and RSA.

Covernet is now seeking to fill 20 more positions for jobs including software development, quality assurance, business development and sales.

The expansion, which will initially target the UK market, has been backed by US private equity firm Capital Z Partners Management LLC.

Covernet says it will soon seek to enter new markets in the US and Canada.

Managing director Lee Stuart said the firm has increased its investment in research and development, with a focus on artificial intelligence and machine learning.

“We are really proud to have been working in the area of innovative insurance product development for 25 years,” he said.

“Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality. We are excited to continue to deliver this, enrich our platforms further, and expand into new markets with our recent significant investment.”

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