iOM acquires insurance software firm ATLAS,

iOM, one of Asia’s pioneering IT companies which has been in the industry for over 25 years and led by Sri Lankans, recently announced the expansion of its financial services software product line with the acquisition of ATLAS, a policy administration system for life insurance companies, unit trusts and investment managers.

This coincides with the opening of the Australian arm of iOM, namely iOM Australia Pty. Ltd, iOM said in a press release.

Mohan Wijeyekoon, Group Chairman of iOM International said the company was pleased to acquire a high quality and proven life insurance policy administration product which iOM can now market in Sri Lanka and other markets in South East Asia, the Middle East and Africa.

The acquisition of ATLAS marks the first step in iOM’s expansion into financial services software technology.

“We will shortly announce a distribution arrangement with a major European firm to sell their life insurance product illustrations and sales channel administration systems in Sri Lanka, Australia and throughout Asia.

We are also negotiating to acquire or distribute technology for general insurance policy administration in both commercial and personal lines, wholesale funds management, retail asset management and stock brokerage, pension fund administration, corporate and bank treasury, and certain aspects of bank payments processing,” he said.

Over the next two years iOM will become a major player in Asia, Middle East and Africa in technologies for insurance, pensions and wealth management, “while beginning the establishment of our business in banking and payments technology,” Wijeyekoon added.

ATLAS is a complete life assurance and financial services administration application designed to operate in the most dynamic insurance and fund management environments.

iOM said two consultants from iOM Australia will be in Sri Lanka next month to take part in a series of product briefings and customer demonstrations.