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Alchemy founder John Harkin said the deal will reinforce the company’s presence in the London market and boost its ability to offer ‘comprehensive services’.
Digital transformation firm Alchemy Technology Services has acquired R10 Consulting to expand its services and boost its UK presence.
The two companies have been in partnership since 2018 and said the new deal is a “significant milestone” that will enhance their services for the insurance sector.
Founded in Derry in 2018, Alchemy provides specialised IT services to the insurance and financial sectors, along with insurance software implementation services to companies across Europe.
The company was founded by Derry-native John Harkin, who saw a demand for specialist skills to help the insurance industry through digital transformation. Harkin said the acquisition will reinforce Alchemy’s presence in the London market and bolster its ability to offer “comprehensive services”.
“With our shared synergies and history of collaboration, this acquisition perfectly aligns with our mission to provide exceptional value to our clients,” Harkin said.
Founded in 2012, R10 Consulting is a management consultancy focused on helping the global insurance market embrace change through business and tech transformation. Its founder and CEO Amechi Peirce-Howe said Alchemy shares the company’s “people-first strategy and ethos”.
“Joining forces with Alchemy represents an incredibly positive step for R10’s clients, team and partners,” Peirce-Howe said. “This acquisition opens substantial opportunities for the combined group to develop innovative solutions and explore new global markets.”
In 2018, Alchemy shared plans to set up a European centre of excellence in Derry to provide software implementation and technology consultancy to the UK and European insurance sectors. At the time, Harkin said there was a “real shortage of specialist skills to respond to this upsurge in digital transformation projects across the insurance industry”.
Earlier this year, an Aon report looked at the top “megatrend opportunities” in tech that could lead to billions of dollars in premiums for insurers.
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