Accel-KKR Completes Sale of Insurance Technologies Corporation (ITC)
Insurance Technologies Corporation (ITC), Accel-KKR, Zywave | December 28, 2020
Accel-KKR, a leading technology-focused investment firm with over $10 billion in capital responsibilities, today declared that it has finished the offer of Insurance Technologies Corporation, a leading supplier of marketing, rating, and management software and services to the insurance industry, to Zywave, Inc.
Accel-KKR originally invested in ITC in April 2018 when the firm obtained a greater part interest in the organization from its originator. Through ensuing investment in natural and inorganic development methodologies, ITC changed itself from an independent venture with an innovative item into a scaled business with huge topline development and operating proficiency.
"The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential," said Tom Barnds, Co-Managing Partner of Accel-KKR. "We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision."
During Accel-KKR's holding period, ITC made a progression of vital acquisitions to expand its item suite and geographic inclusion. In November 2018, ITC procured AccuAgency to strength its situation as a relative rating arrangement supplier. In August 2019, ITC procured SmartHarbor to expand its offering in insurance office marketing arrangements. Finally, in January 2020 ITC procured AgencyMatrix to reinforce its office management software offering.
"Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x," said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. "We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field." ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to "PE 50 – The Best Private Equity Firms for Entrepreneurs", its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, comparative rating, and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC is the largest provider of insurance agency websites in the United States and powers more than two million monthly auto and home quotes through its comparative rater TurboRater. Currently, ITC serves more than 250 insurance companies and more than 9,000 agencies.