Terms of the transaction were not disclosed
NexPhase Capital, LP (“NexPhase” or the “Firm”), an operationally focused private equity firm and sub-advisor to the Moelis Capital Partners (“MCP”) Opportunity Funds, today announced that it has entered into a definitive agreement to sell Insurance Technologies, LLC (“Insurance Technologies” or “InsTech” or the “Company”), a provider of sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners (“THL”).
Founded in 1995 and headquartered in Colorado Springs, CO, Insurance Technologies has helped transform the insurance and financial services industries through its innovative sales and regulatory sales automation solutions, which have helped financial professionals and advisors better serve their customers. The Company’s carriers and distributors benefit from InsTech’s technological innovation, speed to market delivery, and excellent customer service. The unique architecture and flexibility of InsTech’s sales solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth, and evolve with regulatory changes.
Through investments in people, processes, and products, NexPhase has worked closely with InsTech’s management team to drive dynamic advancement of a truly digital sales lifecycle solution within a single platform. NexPhase has also supported the Company’s efforts to further expand both the FireLight and ForeSight solutions, which have provided and continue to provide value to InsTech’s clients and the insurance and financial services industries. Since partnering with the NexPhase team in 2014, the Company has experienced significant growth by expanding its carrier and distributor client bases.
“In NexPhase, we found a partner who not only recognized the enormous potential of our company, but also brought the strategic, operational, and industry expertise needed to elevate our position as a partner the financial services and insurance industries can count on,” said David Fenimore, Chief Executive Officer of Insurance Technologies. “NexPhase’s insight and guidance has been instrumental in the results we have delivered to our clients and our ability to meet increased demand in recent months as more clients recognize how impactful our solutions can be in driving the efficiency of remote work. We look forward to building on this momentum as we partner with THL to capitalize on the many opportunities ahead.”
“With an unwavering focus towards continuous improvement and an ongoing commitment to delivering high-quality products and service, the InsTech team has established itself as a leading provider of digital sales solutions in the insurance and financial services industries,” said Joel Killion, a Partner at NexPhase. “We are proud of what we have accomplished together over the course of our partnership and are confident that the Company is well positioned for continued success.”
“We saw an opportunity to propel a strong team and impressive company forward as they help modernize the antiquated systems across the insurance industry,” added Bob Gartland, a Principal at NexPhase. “Throughout our partnership, InsTech has further enhanced its commitment to its core business performance across development, implementation services, and relationship management to successfully support its clients’ strategic initiatives and progress in digitization. We are very happy with this transaction and believe it represents a terrific outcome for Insurance Technologies, THL and NexPhase.”
Terms of the transaction were not disclosed. The transaction is subject to the completion of customary closing conditions and any regulatory approvals.
The NexPhase team has significant experience investing in software and services companies. Current and previous investments include, among others, KnowFully Learning Group, DealerOn, Brandt Information Services, OmniSYS, FAST, Inside Real Estate, SwipeClock, and Mxi Technologies.
William Blair & Company is acting as exclusive financial advisor to NexPhase and the Company on this transaction, and Lowenstein Sandler LLP is acting as legal advisor.
Source: Company Press Release