Aurora Capital Group, a Los Angeles-based private equity firm, has purchased Insurance Solutions Division of Zywave, an insurance software technology provider, from Vista Equity Partners, for an undisclosed sum.
Aurora’s Software & Information Services practice partner and head Josh Klinefelter said that they are excited to add another strong SaaS platform to its portfolio.
"As is our practice with our portfolio companies, we plan to support the Company’s growth strategies going forward by leveraging Aurora’s unique governance resources," Klinefelter added.
Under the terms of the agreement, Zywave founder Bill Haack will assume the designation of vice chairman of the company, and Dave O’Brien, former president of Zywave’s Insurance Solutions Division, will become CEO of Zywave.
The company’s headquarters will remain in Milwaukee.
FT Partners acted as exclusive financial and strategic advisor to Zywave, while Gibson, Dunn & Crutcher served as legal counsel to Aurora Capital.
With over $2bn of capital across several private equity funds, Aurora Capital serves public and corporate pension funds, endowments and foundations active in private equity investing.