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Sedgwick Acquires Bottomline’s Legal Spend Management Division

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News Summary

Sedgwick has announced its acquisition of Bottomline’s Legal Spend Management (LSM) division, aimed at enhancing claims management services in the P&C insurance industry. This move introduces advanced cloud-based software and specialized legal bill review solutions, helping clients manage litigation costs more effectively. The standalone LSM division will operate to streamline processes and improve client service, ensuring a smooth transition with the retention of key personnel. The partnership promises a transformative approach to legal spend management, leveraging technology for better operational efficiencies.

Sedgwick Expands Its Reach with Bottomline’s Legal Spend Management Division

In a significant move to enhance its offerings in the insurance sector, Sedgwick has confirmed an agreement to acquire Bottomline’s legal spend management (LSM) division. This exciting acquisition is set to revolutionize the way claims management services are provided, especially for the property and casualty (P&C) insurance industry.

What’s on the Table?

The LSM division from Bottomline comes packed with cloud-based software applications and specialized legal bill review solutions designed to assist carriers, third-party administrators (TPAs), self-insured entities, and corporate legal departments in navigating the complex world of litigation costs. As companies become increasingly reliant on technology to streamline operations and improve efficiency, Sedgwick’s latest acquisition stands as a testament to its commitment to providing top-notch service to its clients.

Enhancing Client Experience

Once the acquisition is finalized, which is currently pending customary conditions and regulatory approvals, Sedgwick intends to operate the LSM business as a standalone division. The goal? To improve the assistance offered to clients, enabling them to make more informed, data-driven decisions when it comes to managing litigation. By incorporating Bottomline’s advanced technology infrastructure, including their well-regarded Legal-X and Legal eXchange web platforms, Sedgwick is gearing up to help its clients better control their litigation costs.

Streamlining Processes

One of the standout features of this acquisition is the introduction of end-to-end legal bill review solutions. This will be particularly beneficial for clients in Sedgwick’s casualty division, who will now enjoy streamlined processes for e-billing, case management, analytics, reporting, and vendor management. By simplifying these complex tasks, Sedgwick aims to provide a more efficient and cost-effective service.

A Transformative Partnership

The acquisition is not just about technology; it’s about creating value for clients. Both Sedgwick and Bottomline are optimistic that this partnership will be transformative, ushering in a new era of efficiency and effectiveness in legal spend management. With Sedgwick currently employing over 33,000 colleagues across 80 countries and Bottomline boasting over 35 years of expertise in business payments and cash management, this merger is a powerhouse of talent and technology.

Left in Good Hands

In the transition phase, Sedgwick plans to retain approximately 300 LSM colleagues from Bottomline to ensure that clients continue receiving top-quality service. This thoughtful approach aims to maintain the quality and consistency that clients have come to expect over the years.

The Financial Side

When it comes to the financial backing of this major acquisition, Sedgwick received valuable advice from Morgan Stanley & Co. LLC and BofA Securities, while also being supported by legal counsel from Simpson, Thatcher & Bartlett LLP. Meanwhile, Bottomline leaned on Deutsche Bank Securities Inc. for financial advice and Kirkland & Ellis LLP for legal guidance. This level of expertise ensures that everything is being handled with the utmost professionalism and care.

Wrapping Up

In conclusion, the acquisition of Bottomline’s legal spend management division is set to greatly enhance Sedgwick’s capabilities in the insurance industry. With a new focus on utilizing advanced technology and improving operational efficiencies, clients can expect a better experience overall. As this exciting development unfolds, many will be watching to see how this integration takes shape and what new possibilities it brings for clients in the P&C insurance space.

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