Riskonnect, a risk management solutions company, has agreed to acquire insurance software provider Marsh ClearSight for an undisclosed price.
Marsh ClearSight is a business unit of Marsh which provides risk, safety, and claims software and services.
Riskonnect, which is a portfolio company of private equity firm Thoma Bravo, said that the acquisition will help it expand its offerings.
The company added that the transaction will enable it to offer customers a comprehensive, end-to-end technology suite to manage and control risk.
Riskonnect believes that its combination with Marsh ClearSight will create a single provider that will offer more choices, deeper value and an expanded global presence of over 500 professionals catering to more than 900 customers.
Riskonnect CEO Jim Wetekamp said: “Today’s organizations face intensified and increasing risks from internal and external sources and need a visionary partner to help them tackle this challenge strategically and cost-effectively.
“As Riskonnect looks to deepen customer engagement and expand our value to our customers, acquiring Marsh ClearSight’s deep industry expertise, technology and global scale was a clear choice. Together, we’ll deliver a comprehensive, integrated risk management solution suite unmatched by any other vendor.”
Post-acquisition, Riskonnect expects to continue to provide services to Marsh’s customers, making sure that they get the best risk management advice and insurance solutions along with access to its enterprise risk management software.
Marsh ClearSight CEO Kevin Tobin said that the established and leading capabilities of Riskonnect across the full risk management spectrum complement the company’s deep industry expertise and global scale.
Tobin added that the combined business is well placed to meet the current needs and offer the next wave of innovative software solutions to clients.
The transaction is anticipated to be completed in the third quarter.
Riskonnect’s proposed acquisition of Marsh ClearSight, follows its December 2017 agreement to acquire California-based Aruvio, which offers cloud-based governance, risk and compliance (GRC) solutions.
Prior to that, in June 2017, Thoma Bravo completed acquisition of a majority stake in Riskonnect for an undisclosed price with the latter’s three founders retaining a significant minority stake in it.