Zywave Inc., a Wauwatosa-based software company that provides software as a service products for insurance brokers, will be acquired by Santa Monica, California-based private equity firm
Clearlake Capital Group, L.P., according to an announcement today.
Clearlake says it has signed a definitive agreement to acquire Zywave from Los Angeles-based private equity firm
Aurora Capital Partners.
Financial terms of the transaction were not disclosed.
Zywave will continue to be led by chief executive officer
Jason Liu and the company's current management team, who are investing alongside Clearlake Capital in the transaction, the firm said in its announcement.
"
Clearlake's investment in Zywave is a true game-changer," said Liu. "This move will enable us to both accelerate our growth organically and increase our pace of acquisitions moving forward. Zywave is already a proven InsurTech leader, delivering end-to-end solutions to insurance professionals globally, and now we will have the opportunity to further expand upon our leadership position with even more impactful developments."
Liu was
named CEO of Zywave in 2018. The company currently serves more than 6,000 insurance brokerages. It has acquired several other companies over the years including
New Hampshire-based miEdge and
California-based RateFactory in 2019. Zywave has about 300 local employees and about 400 employees globally.
"Zywave has a best-in-class software platform and an innovative portfolio of products that automate key revenue-generating activities at insurance brokerages. We have also been impressed by Zywave's accelerating momentum under Jason's leadership, and we share his and the management team's vision that the company will serve as an excellent platform for both organic and inorganic growth initiatives," said
Behdad Eghbali, co-founder and managing partner, and
Prashant Mehrotra, partner, of
Clearlake, said in a news release. "We are pleased to partner with Zywave and look forward to leveraging our proprietary
O.P.S. framework to support the management team and its many talented and passionate employees to continue to grow the company."
