Wauwatosa-based insurance technology provider Zywave continued its string of acquisitions Thursday, announcing a deal to acquire Oregon-based Modgic.
Terms of the deal were not disclosed. It is Zywave’s sixth acquisition in less than two years.
"The acquisition of Modgic is an exciting step as Zywave continues to consolidate the insurtech marketplace and expands its footprint, both in the U.S. and internationally," said Jason Liu, chief executive officer of Zywave. "By combining the best aspects of the two solutions together, we look forward to bringing a superior product to our shared customers."
Modgic was started in 2013 and is a provider of workers’ compensation and modification factor analysis software for the commercial insurance industry. Zywave plans to incorporate Modgic products into its analytics and existing modification analysis tools.
"We are thrilled about the opportunity to work with a successful, established player in the industry to further enhance our solutions and bring a truly unsurpassed, robust offering to the marketplace," said Scott Knowles, chief executive officer of Modgic.
Other recent Zywave acquisitions include Enquiron, a provider of risk management and consultative business solutions, Advisen, a provider of data, media and technology for commercial property and casualty insurance markets, and ITC, a provider of marketing, rating and management software and services.
"Zywave continues to invest in growth—both in our product portfolio and in our service and support team—to help ensure our customers have the best technology available, are using it to their full potential and feel empowered with the tools they need to grow their business,” Liu said.