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Non-public-equity organization Clearlake Capital is getting Zywave from Aurora Money Partners, the most recent sale of an insurance plan technological innovation organization.
The offer is valued at $800 to $900 million, people today familiar with the transaction reported. Zywave’s administration is investing in the offer, a assertion reported. Jason Liu, Zywave’s CEO, will go on to direct the corporation.
Founded in 1995, Zywave provides cloud-centered insurance policy distribution program for worker positive aspects and property and casualty companies. Zywave’s engineering helps prospects streamline their gross sales and renewal procedures, quote supply, material era, as nicely as their info tracking and analytics.
Clearlake’s financial commitment “will allow us to each speed up our advancement organically and increase our rate of acquisitions transferring forward,” Liu explained in the assertion.
Clearlake invests in sectors together with software and technological know-how-enabled corporations, industrial and strength, as properly as buyer firms. The Zywave deal follows Clearlake’s acquisition of ePreop, which features cloud software for hospitals and surgery facilities, on Wednesday and its invest in of Baril Corp, a professional medical solutions maker, in August.
“Zywave has a finest-in-class application platform and an revolutionary portfolio of goods that automate essential income-generating functions at insurance plan brokerages,” said Behdad Eghbali, a Clearlake co-founder and managing associate, in the assertion.
The sale represents a in the vicinity of seven-12 months maintain for Aurora Funds, which acquired Zywave in December 2013 from Vista Fairness Partners. Aurora could not immediately be attained for comment.
The sale of Zywave is the most current in a string of insurtech bargains. Insurtech refers to organizations that use engineering, like artificial intelligence and machine mastering, to upend the insurance policy design.
A single of the largest insurtech offers arrived in August, when
(Ticker: ROP) agreed to invest in Vertafore, which offers cloud-centered software program for the property and casualty insurance market, for $5.35 billion. PE firm Thoma Bravo last thirty day period boosted its acquire of
(MJCO), which provides cloud-primarily based insurance plan application that helps other insurers modernize and innovate, to $729 million.
(LMND), which delivers rental coverage,went community in July and saw their shares far more than double in their debut. Before this week, Thomas H. Lee Companions agreed to acquire Insurance policies Systems, which provides gross sales and regulatory automation alternatives for the insurance policy and economic companies industries.
Dan Connolly, Peter Dalrymple and Evan Brainerd of William Blair offered economic assistance to Zywave.
Create to Luisa Beltran at [email protected]