McDermott advises LLCP-backed cleversoft group on its acquisition of FS Assist

McDermott Will & Schulte has advised Levine Leichtman Capital Partners-backed cleversoft group on its acquisition of UK-based FS Assist, a specialist in regulatory reporting software for insurers and pension providers.

The acquisition further strengthens cleversoft’s existing portfolio in insurance reporting, expands its presence in the UK market and adds a highly complementary customer base of around 350 European insurers to its existing supervisory reporting business.

The transaction is subject to customary regulatory approvals and is expected to close later this month.

Headquartered in Munich, Germany, and with offices in Frankfurt, Luxembourg, Amsterdam, The Hague, Malta, Sofia, Seville, Istanbul, Dubai, and Kuwait, cleversoft provides more than 1,200 financial institutions worldwide with automated solutions to optimize business-critical compliance processes.

Founded in 1998, UK-based FS Assist is a leading supplier of regulatory reporting software to the insurance industry. The company is best known for its SII Assist Solvency II reporting package, which is used to produce XBRL submissions for firms in the UK and in 18 countries across the EEA.

The cross-border McDermott team was led by Holger H. Ebersberger, Jason Zemmel, Daniel Weston and Thomas Diekmann and included partner Alex Jupp, counsel Manuel Weiß and Elizabeth Spencer, as well as associates Arjun Sehgal, Gracey Farquharson, Julia Külzer and Parsin Walsi.