Haven Capital Partners, in collaboration with Altaline Capital Management, has acquired Saratoga Compliance Solutions, a next-generation insurance compliance platform.
Financial details of the deal have not been disclosed.
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Saratoga Compliance Solutions has been formed via the combination of 3H Compliance Group (3HCG) and National Licensing Compliance Group (NLCG).
With the unification of two entities providing compliance software and services for the insurance sector, Saratoga is claimed to have a comprehensive solution suite in the industry with over 300 combined clients.
Haven Capital Partners’ partner David Bainbridge said: “We see tremendous opportunity to help Saratoga accelerate product innovation and grow its mission-critical software platform.
“The company is well positioned to strengthen customer relationships, build on its growth momentum and pursue strategic acquisitions to further expand its platform.”
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By GlobalData3H Compliance Group’s previous founder and CEO Gary Harker will lead the new combined organisation, based in Saratoga Springs, New York.
The board of directors has been strengthened with the addition of OneShield operating chairman Cameron Parker and BriteCore founder and chairman Phil Reynolds.
Gary Harker said: “I am proud of the success that 3HCG has achieved since 2003, including serving nearly 100 of the nation’s largest, most innovative and fastest-growing insurance agencies.
“Together with NLCG, we look forward to delivering more value through new products and solutions while serving an ever-growing list of insurance industry clients nationwide.”
Fredrikson & Byron and Winston & Strawn served as legal advisors to Haven Capital Partners on this transaction.
BakerHostetler served as legal, D.A. Davidson & Co. as financial, Payne Enterprises as commercial, and Crosslake Technologies as technical advisors to Altaline.
White & Case served as legal and Cherry Bekaert as accounting & tax advisors to 3HCG, while Jeffrey M. Engle served as advisor to NLCG.
Haven Capital Partners’ partner Yash Kandoi said: “We are thrilled to partner with Gary, Cameron, Phil, and the entire Saratoga team.
“Together, we look forward to building the leading AI-enabled compliance software platform serving the complex regulatory needs of the insurance industry.
“Saratoga represents a continuation of our strategy to partner with exceptional founders and support them as they scale their businesses to the next stage of growth.”
