Vertafore Acquires Document Management Firm, ImageRight

April 13, 2007

Vertafore, Inc., a provider of software and services solutions to the insurance industry, has acquired ImageRight from Advanced Solutions Inc.

Financial details of the transaction were not disclosed. The acquisition closed on April 5, 2007.

ImageRight is an insurance-specific document management and workflow solutions and was selected the top IT vendor for document solutions in the 2006 U.S. Insurer Technology Survey. ImageRight joins Vertafore’s family of providers that currently includes AMS Services, BenefitPoint and SilverPlume.

“This is a rare business opportunity to add a successful company with excellent customer relationships, outstanding products and a talented employee and management team to the Vertafore family,” said Euan Menzies, president and CEO of Vertafore. “We have grown to admire the business created by the founders, Mike Jansen and Don Elias, during the past several years and are excited about the future potential for this terrific business. While ImageRight will operate as an independent business unit, we are exploring a number of interesting opportunities where we can leverage our collective strengths within the insurance markets.”

Vertifore reports that the current ImageRight office in Conyers, Ga., will continue to exist with its estimated 200 employees. No layoffs are expected at either company, according to a statement.

The ImageRight document management system was designed specifically for the insurance industry and fully supports all insurance lines. ImageRight allows users to scan, import or fax documents into an integrated repository and then read, annotate, e-mail, fax, and print documents as necessary. ImageRight currently has more than 350 retail agent and carrier customers, including Penn National Insurance Group, Sobieski & Bradley, Professional Governmental Underwriters, Founders Insurance and North Star Mutual Insurance Company.

“I am very confident that this combination of ImageRight and Vertafore will be beneficial for our customers,” said Don Elias, co-founder and principal of ImageRight. “We are excited about the next chapter in our future.”

Source: Vertafore, Inc.

Topics Mergers

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