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Personal-fairness agency Clearlake Cash is shopping for Zywave from Aurora Capital Associates, the most up-to-date sale of an insurance policies technology business.
The offer is valued at $800 to $900 million, persons acquainted with the transaction reported. Zywave’s management is investing in the offer, a statement stated. Jason Liu, Zywave’s CEO, will keep on to direct the company.
Founded in 1995, Zywave offers cloud-primarily based insurance plan distribution computer software for personnel advantages and assets and casualty providers. Zywave’s technology aids customers streamline their revenue and renewal procedures, estimate shipping and delivery, information technology, as well as their details monitoring and analytics.
Clearlake’s investment “will allow us to the two accelerate our advancement organically and raise our speed of acquisitions shifting ahead,” Liu explained in the statement.
Clearlake invests in sectors which include computer software and engineering-enabled corporations, industrial and strength, as nicely as purchaser firms. The Zywave offer follows Clearlake’s acquisition of ePreop, which provides cloud application for hospitals and surgery facilities, on Wednesday and its acquire of Baril Corp, a clinical merchandise maker, in August.
“Zywave has a best-in-course application system and an modern portfolio of products and solutions that automate crucial earnings-building pursuits at insurance plan brokerages,” reported Behdad Eghbali, a Clearlake co-founder and managing husband or wife, in the assertion.
The sale represents a close to 7-yr hold for Aurora Cash, which acquired Zywave in December 2013 from Vista Fairness Companions. Aurora could not quickly be achieved for comment.
The sale of Zywave is the newest in a string of insurtech offers. Insurtech refers to providers that use technology, like artificial intelligence and equipment finding out, to upend the insurance plan design.
A person of the major insurtech specials came in August, when
(Ticker: ROP) agreed to obtain Vertafore, which delivers cloud-based program for the home and casualty insurance policy current market, for $5.35 billion. PE agency Thoma Bravo past thirty day period boosted its get of
(MJCO), which features cloud-dependent insurance policies program that aids other insurers modernize and innovate, to $729 million.
(LMND), which provides rental insurance,went public in July and noticed their shares far more than double in their debut. Earlier this week, Thomas H. Lee Companions agreed to purchase Insurance policies Technologies, which provides gross sales and regulatory automation methods for the coverage and fiscal services industries.
Dan Connolly, Peter Dalrymple and Evan Brainerd of William Blair furnished financial guidance to Zywave.
Publish to Luisa Beltran at [email protected]