Acquisition further strengthens Zywave’s position as the leading provider of SaaS solutions for the insurance industry
SANTA MONICA, Calif. and MILWAUKEE — Zywave, Inc. (“Zywave”), the leading provider of front office distribution SaaS solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Aurora Capital Partners (“Aurora”), today announced that it has signed a definitive agreement to acquire Insurance Technologies Corporation (“ITC”), a leading provider of marketing, rating and agency management software solutions to the insurance industry, from Accel-KKR. Financial terms were not disclosed.
Founded in 1983 and headquartered in Carrollton, Texas, ITC serves more than 9,000 agencies and 250 insurance carriers. ITC’s solutions include agency management software, comparative rating and quoting tools, and marketing automation solutions, which help manage the entire client lifecycle in the property & casualty (P&C) insurance market. ITC’s solutions provide a single source of truth for insurance brokerages and carriers helping to improve topline performance and overall business efficiency. Laird Rixford, CEO of ITC, will remain with the company.
The acquisition of ITC solidifies Zywave’s position as the leading provider of solutions for carriers and independent insurance agencies in the P&C and benefits markets helping to facilitate seamless insurance interactions. Zywave plans to align and integrate ITC’s products within its Sales Cloud offering, which includes multiple front-of-office software solutions that streamline mission-critical workflows that are core to growing insurance businesses’ operations. ITC’s personal lines rating solution will be a natural complement to Sales Cloud’s exclusive suite of market-leading CPQ offerings that automate efficient and accurate quoting and proposals for employee benefits and commercial lines policies.
“Zywave’s acquisition of ITC is a significant move forward towards delivering the most comprehensive suite of software solutions to the insurance industry,” said Jason Liu, CEO of Zywave. “ITC’s robust comparative rating solution accompanied by agency management and sales enablement tools will drive tremendous value for current and future Zywave customers. We are excited to partner with Laird and the broader ITC team during this next phase of growth.”
“ITC has done a tremendous job providing best-in-class software solutions to a large customer base of independent insurance agents and carriers,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake. “We believe that ITC’s recent business momentum will be further accelerated by integrating their core offerings into Zywave’s Sales Cloud which has a proven track record of delivering significant value within the broader insurance value chain.”
“Our partnership with Zywave marks a truly monumental moment for our joint businesses,” said Mr. Rixford. “Combined, our solutions have the potential to not only help insurance providers compete in the digital marketplace, but thrive in all aspects of selling and servicing the insurance consumer. ITC takes pride in the high level of support we offer our clients and remain committed to that support as we enter the next chapter.”
Raymond James served as financial advisor to ITC.