Transformation of founder-led business into insurance tech leader
Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital commitments, today announced that it has completed the sale of Insurance Technologies Corporation (“ITC”), a leading provider of marketing, rating, and management software and services to the insurance industry, to Zywave, Inc.
Accel-KKR first invested in ITC in April 2018 when the firm acquired a majority interest in the company from its founder. Through subsequent investment in organic and inorganic growth strategies, ITC transformed itself from a small business with an innovative product into a scaled business with significant topline growth and operating efficiency.
“The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential,” said Tom Barnds, Co-Managing Partner of Accel-KKR. “We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision.”
During Accel-KKR’s holding period, ITC made a series of strategic acquisitions to expand its product suite and geographic coverage. In November 2018, ITC acquired AccuAgency to strength its position as a comparative rating solution provider. In August 2019, ITC acquired SmartHarbor to expand its offering in insurance agency marketing solutions. Finally, in January 2020 ITC acquired AgencyMatrix to bolster its agency management software offering.
“Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x,” said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. “We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field.” ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years.
“We couldn’t be happier for ITC as they complete this phase of their journey. We wish them and Zywave the very best in their next phase of growth,” said Rob Palumbo, Co-Managing Partner of Accel-KKR.
Source: Company Press Release