Sedgwick Acquires Bottomline’s Legal Spend Management Division

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News Summary

In a significant move in the property and casualty insurance sector, Sedgwick has announced the acquisition of Bottomline’s legal spend management division. This acquisition is set to enhance Sedgwick’s services, allowing them to offer specialized legal bill review solutions and advanced technology to streamline litigation management. The deal is expected to create synergy between the two companies, promising improved efficiency and better support for clients. With plans to transition key employees from Bottomline, Sedgwick aims for a seamless integration of knowledge and expertise.

Exciting News in Claims Management: Sedgwick Joins Forces with Bottomline

In a big shakeup for the property and casualty insurance sector, Sedgwick, a top-tier claims management provider, has just made a splash by signing a deal to acquire the legal spend management division of Bottomline. This strategic move emphasizes Sedgwick’s recipe for success as they enhance their offerings in the rapidly evolving world of claims management.

The Big Picture

For those who may not be familiar, Sedgwick is known for their comprehensive range of services that include everything from claims management to loss adjusting and technology-enable solutions. By bringing Bottomline’s specialized legal spend management (LSM) division under their umbrella, they’re gearing up to provide even better service geared specifically towards the property and casualty insurance industry.

What Does Bottomline Bring to the Table?

Bottomline’s expertise lies in providing cloud-based software applications and legal bill review solutions that are essential for carriers, third-party administrators, self-insured entities, and corporate legal departments. The acquisition allows Sedgwick to tap into this extensive legal technology, creating a synergy that could streamline processes and improve efficiency. With the aim of enhancing clients’ ability to make data-driven litigation management decisions, this partnership promises to be a game changer.

What’s Next?

Of course, any acquisition comes with its fair share of conditions and regulatory approvals that need to be met before it can fully take effect. Once that’s taken care of, Sedgwick plans to operate the LSM division as a standalone unit. This means that as they integrate Bottomline’s technology infrastructure—including powerful platforms like Legal-X and Legal eXchange—clients can expect to see improvements in controlling litigation costs.

Benefits for Clients

What’s particularly exciting is that Sedgwick plans to provide enhanced features such as end-to-end legal bill review solutions that are specifically designed for their casualty clients. Transitioning to more streamlined e-billing, effective case management, top-notch reporting, compelling analytics, and sophisticated vendor management tools will certainly boost productivity and keep costs in check.

Employee Transition and Future Growth

To maintain the quality of service that clients depend on, Sedgwick is looking to transition approximately 300 LSM colleagues into their existing workforce. This ensures that the wealth of knowledge and talent from the Bottomline team integrates smoothly into Sedgwick’s operations. With both companies boasting impressive backgrounds—Sedgwick’s workforce spans over 33,000 colleagues globally and Bottomline has over 35 years of experience in business payments and cash management—the combined expertise promises potential growth for everyone involved.

A Strong Support Team

The deal is being supported by a roster of financial advisors. Sedgwick is working with Morgan Stanley & Co. LLC and BofA Securities, while Bottomline’s financial advisory comes from Deutsche Bank Securities Inc. The legalities are being handled by the respected firms of Simpson, Thatcher & Bartlett LLP for Sedgwick, and Kirkland & Ellis LLP for Bottomline. This committed team adds a reassuring layer of confidence to the transaction.

Looking Forward

As the landscape for claims management continues to shift, Sedgwick’s acquisition of Bottomline’s legal spend management division is a bold step that aims to refine and enhance the services provided to clients. With a focus on utilizing advanced technology to manage litigation and cost efficiency, this partnership could very well set new industry standards. For anyone in the property and casualty insurance realm, it’s a time to watch and wait as things unfold!