Wauwatosa-based insurance brokerage software company Zywaveacquired Carrollton, Texas-based company Insurance Technologies Corp. marking its fifth acquisition in just over two years.
ITC specializes in marketing, rating and management software and services for the insurance industry, including independent agents and insurance carriers.
The company is the largest provider of insurance agency websites in the United States and powers more than 2 million monthly auto and home quotes through its comparative rater TurboRater, according to a press release.
ITC serves more than 250 insurance companies and more than 9,000 agencies. In combination with Zywave’s client base, the ITC acquisition means the joint entity will serve more than 15,000 insurance organizations globally.
Zywave plans to integrate ITC’s products with its Sales Cloud offering, which includes multiple front-of-office solutions that streamline workflows and strengthen organic growth.
Zywave chief executive officer Jason Liu says the acquisition will allow the company to provide the most expansive set of innovative tools to any agency selling any type of coverage including benefits, commercial or personal lines.
"Zywave is committed to bringing industry's best tech to our partners, empowering them with the tools they need to grow their business," Liu said in a statement. "We will continue to both invest in our existing products, while also enhancing our product portfolio with new acquisitions.”
Financial terms of the transaction were not disclosed.
Earlier this month, Zywave announced the acquisition of Advisen, a provider of data, media and technology solutions for the commercial property and casualty insurance market. The deal is expected to increase product diversity while expanding the company’s presence internationally.
The acquisition coincided 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.