(Image credit: Ann Neilsen.)
Zywave (Milwaukee, Wisc.), a provider of front-office distribution SaaS solutions, backed by Clearlake Capital Group, L.P. (Santa Monica, Calif.) and Aurora Capital Partners (Los Angeles), announced that it has completed the acquisition of Insurance Technologies Corporation (ITC, Carrollton, Texas), a provider of marketing, rating, and agency management software solutions to the insurance industry, from Accel-KKR (Menlo Park, Calif.). The parties declined to disclose financial terms of the deal, which was first announced in late November 2020.
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 insurance market. ITC’s solutions offer to provide a single source of truth for insurance brokerages and carriers helping to improve topline performance and overall business efficiency.
The acquisition of ITC solidifies Zywave characterizes its acquisition of ITC as positioning the company as leading provider of solutions for carriers and independent insurance agencies in the property/casualty and benefits markets helping to facilitate seamless insurance interactions. Zywave reports that it plans to align and integrate ITC’s products within its Sales Cloud offering, which includes multiple front-of-office software solutions designed to streamline mission-critical workflows core to growing insurance businesses’ operations. Zywave calls ITC’s personal lines rating solution a natural complement to Sales Cloud’s suite of CPQ offerings that automate quoting and proposals for employee benefits and commercial lines policies.
“Zywave and ITC share numerous synergies, including the same overarching goal, which is to provide the absolute best tech solutions to help insurance professionals succeed in the modern marketplace,” comments Jason Liu, CEO of Zywave. “With the combined offerings of our two companies, we are highly motivated to bring the most expansive and innovative tools to any agency selling any type of coverage—benefits, commercial or personal lines.”
“We are excited to support the Zywave management team as they continue to execute on the buy-and-build strategy and drive significant value for both agencies and carriers in the insurance ecosystem,” says a joint statement issued by Prashant Mehrotra, Partner of Clearlake, and Josh Klinefelter, Partner of Aurora. “The addition of ITC meaningfully expands the breadth and depth of Zywave’s P&C solutions, resulting in a significant increase in the company’s total addressable market.”
“Individually, ITC and Zywave’s momentum within the InsurTech industry has been undeniable,” asserts Laird Rixford, CEO, ITC. “The combination of the two companies creates the undisputed leader in front-of-office technology solutions for the insurance industry. With that leadership position and a culture built upon a growth mindset, Zywave will continue to serve and delight our collective clients with solutions that power the modern insurance agency growth story.”
William Blair & Company (Chicago) served as financial advisor to Zywave. Raymond James served as financial advisor to ITC.