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IT specialist Covernet to double staff after £500k investment

Excited: Lee Stuart

A local software company is planning to more than double its workforce after investing £500,000 to upgrade its IT infrastructure.

As part of this investment, Covernet will seek to fill between 20 and 30 more positions at its Coleraine headquarters.

And the firm has also embarked on a series of research projects to further develop its products for new and existing clients.

Covernet has been developing specialist software for the insurance industry for 25 years, with a client list including Axa, Allianz and RSA.

The company has built over 200 insurance products, processing annual premiums in excess of £300m.

Covernet said US global private equity firm Capital Z Partners Management LLC will support the company in its growth plans.

Capital Z Partners Management already has a major footprint in Northern Ireland after taking a majority share in Prestige Insurance Holdings, owner of Abbey Insurance, two years ago.

Covernet said it aims to expand in the UK before entering new markets in the US and Canada.

Managing director Lee Stuart said: "Our clients are some of the leaders in the global insurance industry and our products deliver a real depth of functionality.

"We are excited to continue to deliver this, enrich our platforms further and expand into new markets with our recent significant investment."

Covernet has also received Investors in People accreditation, following investment in workplace culture and skills.

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