Lumera, a leading software company dedicated to the digital transformation of the European Life and Pensions industry, has acquired AxyWare, a well-established systems provider to Dutch pension funds, pension fund administrators, and life insurers. Based in Utrecht, AxyWare is a privately held company with 30 employees.
With its flexible administration software, AxyWare actively supports implementation of the Dutch pension reform, involving occupational pension schemes and set to be completed by 2027. This carries major implications for the pensions administration market, and the union of AxyWare and Lumera will have outstanding capabilities to address new customer needs brought about by the reform.
“The way we combine technology leadership with a solid understanding of our customers and their business has always made Lumera stand out. By teaming up with AxyWare, we know that the same success factors will apply in the Netherlands. Supported by their local customer partnerships, outstanding team of professionals and market expertise, we are perfectly positioned to serve Dutch customers and ensure their smooth transition to the new pension framework,” says Mats Lillienberg, CEO, Lumera.
From the outset in the early 2000s, Lumera has built solutions for Nordic insurers which facilitate transition from Defined Benefit (DB) to Defined Contribution (DC) pension plans. The ensuing, fundamental changes to the market and its stakeholders, are now in many ways echoed in the Netherlands. The Dutch pension market has entered a phase of significant change, expected to continue beyond the current transition period.
“We are uniting with Lumera at the right time, and there is a perfect logic to this agreement. Lumera stands on the same ground as we do and brings relevant experience from Defined Contribution markets while adding vital resources. This helps us better address the needs and requirements of all customers – present and future – that follow from fundamental changes to our market,” says Jeroen Elbertse, CEO, AxyWare.
From an engineering and integration perspective, Lumera and AxyWare are an excellent fit, as the product portfolios are highly complementary. Lumera also views AxyWare’s offering as an asset when addressing other international markets and product niches where modern DB solutions are in demand.
The AxyWare acquisition demonstrates a long-term commitment to the Dutch pensions market by Lumera, along with a significant investment. Upon completion of this transaction, AxyWare will be carefully integrated with Lumera’s organization in the local subsidiary Lumera BV. Lumera will honor all commitments to current AxyWare customers.
