Insurance technology company Zywave snatched up Advisen, a global insurance data provider, in a deal expected to fuel more rapid international growth.
The acquisition includes WCL, a UK-based Advisen subsidiary whose technology supports the electronic placement of risks. Zywave is based in Milwaukee with offices in California and Canada. Advisen’s headquarters is in New York, with an additional presence in the UK and Philippines.
Neither side disclosed financial terms.
Zywave CEO Jason Liu said that the acquisition will fuel both his company’s international expansion and its push for more product diversity.
“We are thrilled to make this announcement, which signifies one of the most powerful partnerships in the commercial space,” Liu said in prepared remarks. “Not only does the Advisen acquisition further broaden and deepen our product portfolio, but it also significantly bolsters our ongoing expansion into both the P/C and international markets.”
Advisen, in turn, said it expects to grow more substantially as part of Zywave and also achieve synergies M&A deals are meant to accomplish.
“On behalf of the Advisen board and senior management, I would like to convey our excitement and enthusiasm about joining forces with Zywave,” Ron Adiel, Advisen’s CEO, said in prepared remarks. “I’m confident this is the right move for our company for all the right reasons, in particular, the strategic synergies across all our businesses. We look forward to achieving even greater growth as a combined entity.”
Zywave, launched in 1995, provides products and services including cloud-based sales management, client delivery, content and analytics. The company claims to have more than 6,000 carriers, HCM (human capital management) service providers, agencies and brokers as clients worldwide, “including all of the top 100 U.S. insurance firms.”
Advisen debuted in 2000. The company provides data, media and technology products and services for the commercial property/casualty market. Its proprietary datasets and applications focus on large specialty risks. As well, Advisen connects more than 200,000 professionals through daily newsletters, conferences and webinars.
WCL, acquired by Advisen in 2011, allows firms to connect to and integrate with multiple placing platforms. They can also implement electronic accountant and settlement and claims products, which are designed to speed up premium and claims payments. As well, the software provides links to bank statements to automate the movement of money.
Why WCL Also Matters
Zywave also wants to put WCL to good use, with plans to expand its model and technology platform and also broaden and serve more global markets.
Zywave said that WCL will give it a much bigger footprint in the United Kingdom and Europe. With that in mind, international growth efforts will be led by John Maury, its new vice president of international operations; Advisen President Jeff Cohen; and James Willison, managing director of WCL and executive vice president of Advisen.
Zywave said the Advisen acquisition is its largest to date and the fourth in a little over two years. It coincides with the announcement of Zywave’s new investor relationship with Clearlake Capital Group L.P. and their shared vision to invest in the long-term strategic growth of the company, both organically and through M&A.
Zywave and Advisen leadership teams will work on integrating operations over the next several months.
Source: Zywave