Insurance technology company Zywaveacquired global insurance data provider Advisenin a deal expected to spur international growth for the Wauwatosa-based company.
Zywave chief executive officer Jason Liu says the acquisition will increase product diversity while expanding the company’s presence internationally. The deal marks Zywave’s largest acquisition to date and fourth in just over two years.
"We are thrilled to make this announcement, which signifies one of the most powerful partnerships in the commercial space," Liu said in a statement. "Not only does the Advisen acquisition further broaden and deepen our product portfolio, but it also significantly bolsters our ongoing expansion into both the P&C and international markets."
With offices in United Kingdom and the Philippines, New York-based Advisen serves more than 300 enterprises across the commercial insurance value chain. Under the direction of Zywave, Advisen expects its business to grow as the two companies leverage their synergistic data sets and insurance technology solutions.
"The combination of Zywave's existing database with Advisen's loss and policy data will offer insurance professionals the most unique corporate risk profiles available," Zywave product management senior vice president Eric Rentsch said in a statement. "These insights will help inform smarter, more strategic business decisions."
Financial terms of the transaction were not disclosed.
Advisen’s three business segments include data, media and Web Connectivity Ltd. The company’s proprietary data base offers nearly 1 million low-frequency, high-severity loss records across major property and casualty lines of business for all industries and geographies.
Advisen’s media business includes a content platform called “Front Page News,” which offers commercial insurance industry news to more than 175,000 readers. Zywave plans to integrate the platform into its Content Cloud.
Over the next several months, Zywave and Advisen leadership teams will work to integrate their operations. With the acquisition, Zywave will significantly increase its footprint and technology solutions in the United Kingdom and Europe and has subsequently named a new vice president of international operations, Jon Maury, who alongside Jeff Cohen, president of Advisen, and James Willison, managing director of WCL and executive vice president of Advisen, will lead international growth efforts.
The deal coincides with the announcement of Zywave’s new investor relationship with Clearlake Capital Group, L.P. and their vision to invest in the long-term strategic growth of the company, both organically and through M&A.
Launched in 1995, Zywave provides products and services including cloud-based sales management, client delivery, content and analytics solutions for the insurance industry. The company has more than 6,000 carriers, Human Capital Management service providers, agencies and brokers as clients worldwide, according to a press release.