Northern Ireland tech and consulting trailblazer acquires London firm for undisclosed sum

Northern Ireland tech and consulting trailblazer, Alchemy Technology Services has acquired London management consultancy firm r10 Consulting for an undisclosed sum.

Under the deal, r10 Consulting will be integrated into the Londonderry-based firm and together will launch a new brand, Alchemy London Market which will be based in the Lloyd’s of London building from where it will be able to offer a comprehensive suite of services to the insurance sector.

Alchemy said the acquisition will create a number of synergies for the business, including an expanded service portfolio, access to broader markets and the ability to leverage combined technology solutions.

Alchemy Technology Services was founded in 2018 and has since grown to become a key provider of technology and consulting services to the global insurance sector. It employs more than 200 people locally.

Alchemy London Market will provide consulting services that focus on growth, operations, and technology for leading (re)insurers, syndicates, brokers, MGAs, Insurtech, and service and software providers.

Amechi Pierce Howe, head of global speciality, Alchemy London Market, said: "This is a transformative time as we embrace our new identity as Alchemy London Market. The amalgamation of r10 Consulting symbolises our integrated approach and commitment to providing innovative solutions to the London insurance market. Our presence at Lloyd’s is not just about a change of address; it’s a reflection of our ambition to be closer to the heart of the insurance industry, where we can directly contribute to and shape its future.”

By integrating the teams from both organisations, Alchemy London Market said it is poised to deliver even greater insights, drive innovation, and offer a more comprehensive suite of services to the insurance sector.

John Harkin, CEO, added: "Opening an office at Lloyd's of London is a major milestone for us. It's a testament to our growth, the hard work of our team, and our unwavering ambition to make a lasting impact on the insurance industry.

"Lloyd’s has long been a symbol of global excellence, and being part of this vibrant ecosystem allows us to contribute to and benefit from the dynamism and innovation that define the London Market."

Alchemy said it is excited to embark on this new chapter, further solidifying its position as a trusted partner in the insurance industry. The company said it looks forward to leveraging the opportunities that the Lloyd’s of London location and the integration offer, driving forward with innovation, growth, and an unwavering commitment to client success.