02 September 2004
By Jonathan Russell
Sirius left outside software firm deals as Acturis finalises terms
Software provider Acturis is on the verge of agreeing final terms to join the imarket insurance portal, according to market sources.
The deal will see Acturis join Misys, Software Solutions Partners, insure-com and CDL, as agreed software partners to the Polaris scheme.
Sirius would be the last major software firm to reach an agreement.
Sirius UK systems chief executive Mike Dodd said: "We are slightly frustrated that we have not been able to reach agreement. They (Polaris) are saying they will have to be able to mitigate the costs".
"They have gone on a transaction-based model. We will have to be able to cover our costs to reach the agreement".
But both Sirius and Acturis confirmed they were keen to join the rest of the market in working with Polaris.
A source close to Acturis said: "Imarket makes a lot of sense to us and we are discussing terms with them to join. We hope to agree terms pretty soon".
"We agree with the idea in principle, but we must have terms that are reasonable to both parties".
The sticking point in negotiations is thought to be who pays for integration. The software houses are looking to share in the millions invested in the project, most of which has gone to IBM.
Until now, Polaris is thought to be holding firm on not paying any money up front, relying on software companies to make a return on transaction fees.
Polaris confirmed it was hopeful of reaching an agreement with Acturis in the next few days.
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