Insurtech Zywave has wrapped up the purchase of Insurance Technologies (ITC), a Texas-based firm that offers marketing, rating, and agency management software solutions to the insurance sector.
The seller is Accel-KKR. The deal value was not made public.
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Zywave will integrate ITC products within its Sales Cloud proposition that includes various front-of-office software solutions.
The personal lines rating solution of ITC is said to serve as a “natural complement” to Sales Cloud’s suite of CPQ offerings, which automate accurate quoting and proposals for employee benefits as well as commercial lines policies.
Clearlake Capital Group and Aurora Capital Partners-backed Zywave believes that the takeover will strengthen its position as a solutions provider for carriers and independent insurance agencies in the P&C and benefits space.
ITC CEO Laird Rixford said: “The combination of the two companies creates the undisputed leader in front-of-office technology solutions for the insurance industry.
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By GlobalData“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.”
Set up in 1983, ITC offers agency management software, comparative rating and quoting tools, and marketing automation solutions.
The firm caters to more than 9,000 agencies as well as 250 insurance carriers.
Zywave CEO Jason Liu said that the two companies share various synergies.
Liu stated: “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.”
In December 2019, Zywave acquired miEdge, a provider of lead generation, data analytics and prospecting solutions for the insurance industry.
Earlier in 2019, Zywave purchased insurance rating engine RateFactory.
