Market Herald logo


Be the first with the news that moves the market
  • Veriluma has entered an agreement to acquire Prometheus Information for up to $675,000
  • Prometheus is an analytical Canberra based business working on quality fraud detection and identification products to help insurance members and providers
  • Veriluma plans to use Prometheus’ health care client base to leverage its software
  • Together, the companies will deliver better solutions and a higher quality customer experience
  • Veriluma’s share price is up 9.52 per cent today, trading at 4.6 cents apiece as at 4:10 pm AEST

Veriluma has entered an agreement to acquire Prometheus Information.

The acquisition is for a $0.6 million cash and share consideration and a performance cash payment of up to $0.075 million.

Prometheus is a Canberra-based, business and analytical services business. It primarily works in the health insurance sector in relation to the identification of fraud, waste and claim abuse by providers and members.

Prometheus has 21 clients and annual revenues of approximately $670,000 – both of which Veriluma aims to tap into.

Veriluma is an Australian software company who has developed an advanced algorithmic approach to give decision makers decisive insight.

Despite its software having wide application across multiple industries such as banking, insurance, defence, national security, legal and health, it sees Prometheus as a complementary partner.

“We see the Prometheus acquisition as a complementary partner to the Veriluma offering. Our combined team will work together on the same problems to help deliver better solutions to our clients and partners,” CEO Elizabeth Whitelock said.

The acquisition gives Veriluma the opportunity to leverage its software and Prometheus’ fraud detection and identification products in the insurance industry.

“Deloitte research shows insurer spending on cognitive and artificial intelligence is expected to reach $1.4 billion globally by 2021,” Elizabeth said.

“Combining Veriluma’s AI with the Prometheus analytical platform, will create compelling benefits and insights not only for health insurers but also for clients and prospects facing similar challenges in other industries,” she added.

The company has acknowledged that having a competitive advantage in the insurance industry is no longer necessarily driven by products, but by providing a quality customer experience.

Veriluma’s share price is up 9.52 per cent today, trading at 4.6 cents apiece as at 4:10 pm AEST.

VRI by the numbers
More From The Market Herald
ClearVue Technologies (ASX:CPV) - Non Executive Director, John Downes

" ClearVue Technologies (ASX:CPV) appoints LendLease’s John Downes to board

Smart building materials company ClearVue Technologies (CPV) has appointed LendLease’s (LLC) John Downes as Non-Executive Director.
ELMO Software (ASX:ELO) - CEO, Danny Lessem

" ELMO Software (ASX:ELO) launches new COVID-19 tracking module

ELMO Software (ELO) has launched a new module, enabling businesses to track employee’s COVID-19 vaccination and test status.

" Vection Technologies (ASX:VR1) launches upgraded virtual reality design tool

Vection Technologies (VR1) shares are trading in the green after launching an upgrade to its virtual reality design application MinDesk.
Damstra (ASX:DTC) - Chairman, Johannes Risseeuw

" Damstra (ASX:DTC) completes $18m TIKS Solutions buy

Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.