Zywave, Inc., a leading provider of cloud-based sales management, client delivery, content and analytics solutions for the insurance industry, has entered into a definitive agreement to acquire Insurance Technologies Corporation, known widely in the industry as ITC. Zywave is backed by Clearlake Capital Group, L.P. and Aurora Capital Partners, who have agreed to purchase ITC for an undisclosed sum from Accel-KKR.
Founded in 1983 and headquartered in Carrollton, Texas, ITC provides agency management software, comparative rating and quoting tools, and marketing automation solutions for its clientele of more than 9,000 insurance agencies and 250 carriers. Its suite of solutions manages the entire client lifecycle in the property & casualty (P&C) insurance market, with the aim of helping brokerages and carriers to improve topline performance and overall business efficiency. ITC chief executive Laird Rixford will remain with the company following the deal.
For Zywave, the acquisition of ITC strengthens its position as a leading provider of solutions for carriers and independent insurance agencies in the P&C and benefits markets. The firm plans to integrate ITC's products within the Zywave Sales Cloud offering, which includes multiple front- office software solutions that streamline critical workflows that are core to growing insurance businesses' operations. It will also incorporate ITC’s personal lines rating solution into Sales Cloud’s suite of CPQ offerings that automate quoting and proposals for employee benefits and commercial lines policies.
“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.”
Jason Liu, CEO of Zywave, commented: “Zywave's acquisition of ITC is a significant move forward towards delivering the most comprehensive suite of software solutions to the insurance industry. 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’re excited to partner with Laird and the broader ITC team during this next phase of growth.”
ITC leader Rixford said the new partnership with Zywave “marks a truly monumental moment” for the joint businesses. He added: “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.”
