(Image source: I-Engineering homepage.)
XDimensional Technologies, Inc. (XDTI, Boston), an insurance technology provider backed by Serent Capital, announced today its acquisition of Shelton, Conn.-based insurance software firm I-Engineering. The combined talent, experience, and products of the organizations will enable both organizations to deliver more value to existing and new customers while increasing the strength of their implementation, support, product, and technology teams, according to a statement from XDTI. Terms of the acquisition were not disclosed.
The companies offer complementary products and services that address the needs of retail agencies, wholesalers, MGAs, program administrators, and carriers. With the acquisition, XDTI will be able to enhance its capabilities to address the growing MGA space.
“We are excited to become part of the XDTI organization and see this as a tremendous opportunity for our team, our customers, and the industry overall,” comments Naval Kapoor, Founder, Chairman & CEO, I-Engineering. “Combining both companies will provide a broad range of products and services with strong support to Retailers, MGAs, MGUs, Program Administrators, and Wholesalers nationwide.”
More Robust Portfolio of Insurance Solutions
Lani Cathey, CEO, XDimensional Technologies
“This acquisition enables us to offer a more robust portfolio of insurance solutions to offer the market,” says Lani Cathey, CEO of XDTI. “Adding the product suite from I-Engineering, along with their talented team, allows us to grow the combined company and better serve our customer base of over 400 entities focused on the insurance sector.”
Sherman & Company advised I-Engineering on the transaction.
Lincoln International served as the sole financial advisor to Serent Capital and XDTI in its acquisition of I-Engineering.