Indianapolis-based Professional Data Management Again, Inc. (PDMA), has acquired LifePRO's intellectual property, staff, clients and all other assets from IBM (Armonk, NY) for an undisclosed sum. LifePRO-a life insurance administration system for individual life, health and annuities-was a Professional Data Management (PDM) product, developed by the company in 1988. LifePRO was acquired by IBM after PDM was merged into IBM in 1996.
PDMA is headed by Tim Wagner, who was president of the former PDM when IBM acquired it and is now president and sole owner of the new company. IBM sold LifePRO because the product no longer strategically fit within the IBM organization, he says. "In the past year, IBM shifted its package application software strategy so that it favors alliance partnerships with independent software vendors," explains Wagner. "Given this shift in strategy LifePRO would have suffered from lack of investment, had it remained within IBM. As such, it was determined that LifePRO would be more successful on a long-term basis as the property of an independent company."
Wagner adds, "I am excited about the acquisition of LifePRO. There is a lot that can be done in the marketplace today with a product like this," he says. "An independent software company can be much more entrepreneurial in its approach. It can produce high-quality, lower-cost software and be more responsive to customer needs."
According to Wagner, PDMA will be focusing on insurance market niches where the company expects significant growth. "We will be focusing on long term care insurance products, work site marketing products and administration and continued replacement of legacy mainframe systems," Wagner explains