RPC offloads insurance software business RPC Tyche to Aon
Tyche originally became part of RPC when the firm acquired Marriott Sinclair in 2015
Top 40 UK law firm RPC has sold its global insurance software business RPC Tyche to Aon, exiting the company it jointly owned with software and consultancy firm Marriott Sinclair.
The deal – the terms of which were not disclosed – ends the firm’s seven-year association with the business, having originally purchased it as part of its acquisition of Marriott Sinclair in 2015. RPC Tyche provides software modelling and consulting services to the insurance market and has offices in London, Paris, Chicago and Cambridge. RPC said it would re-invest the proceeds of the sale into the firm.
James Miller, managing partner at RPC, said: “RPC Tyche is a tech success story; the fact that it has been bought by such a significant global player as Aon is testament to that. It's been a fantastic experience for all of us at RPC to be involved in the successful incubation of an InsurTech business.”
He added: “The focus with RPC Tyche was always to support it as far as we could to achieve the potential we always knew it had. This sale follows that strategy through to its natural conclusion. Now is the right time – and Aon the right home – for Tyche to move on to the next phase of its impressive growth trajectory.”
The sale of RPC Tyche follows the launch in November of RPC's ESG-focused tech accelerator programme RPC Tectonic which is offering up to £100,000 of legal advice for early and mid-stage startups. The programme will recruit two companies under a subscription model, with successful applicants paying a fee of between £500 and £2000 a month in return for legal advice worth five times that monthly fee.
Also in November, Slaughter and May selected five climate tech start-ups for its latest tech incubator programme Fast Forward. The five companies include biofertiliser producer BIO-F, carbon scoring and net-zero verification tool Construction Carbon and tech developers Solaris Offgrid, Treeconomy and Carbon Infinity.
Slaughters also joined Tech Nation’s Future Fifty Campaign in September to provide mentorship and support to 50 of the most promising late-stage tech startups in the UK.