DAVID Corporation, provider of risk management and insurance software and services, has been acquired by Phoenix Asset Management, a private equity firm focused on investing in middle-market companies.

California-based DAVID Corporation is a provider of software and services to commercial and alternative P&C insurance markets .

As a part of this aqusition, DAVID plans to expand to parallel markets with a strategic growth strategy to accelerate time to market with new and enhanced products designed to help its clients improve their bottom line and maintain their business edge.

DAVID Corporation president and CEO Alex Aminian said over the coming months, in addition to rolling out the latest version of NavRisk software, the firm will rapidly accelerate the investment in R&D, Marketing and M&A activity to better serve rapidly expanding client portfolio and market share.