Insurance technology firm Vertafore said it has acquired RiskMatch, a Connecticut-based business intelligence and analytics company that provides portfolio management and placement services to insurance brokers and carriers.
Founded in 2013, RiskMatch delivers web-based services, analytics, internal and external benchmarking capabilities, reporting, and information management services to help agents and carriers reduce costs, grow and improve client service.
RiskMatch’s services allow brokers and insurers to better understand their book of business and their relationships across the insurance distribution chain, the company said.
RiskMatch will operate as a separate business unit within Vertafore with founder and CEO Kabir Syed joining the Vertafore executive team.
Financial terms of the transaction were not disclosed.
The acquisition puts Vertafore on track to compete with the analytics and risk placement services of one of its competitors, Applied Systems, which owns IVANS. IVANS recently launched a suite that promises to help carriers meet new agents and help agents better appreciate carriers and their changing appetites.
Vertafore serves a network of more than 25,000 agencies and 1,000 carriers.
Bain Capital Private Equity and Vista Equity Partners acquired Vertafore from TPG Capital last May. At the time, the parties did not disclose terms of the transaction but Reuters, citing anonymous sources, said it was for $2.7 billion.
Vertafore’s product portfolio includes the AMS360 and Sagitta management systems, ImageRight, and Sircon agency and carrier solutions.
Last October, Amy Zupon took over as chief executive officer, succeeding Jeff Hawn who had been chairman and CEO since April 2015. Zupon joined Vertafore from P2 Energy Solutions where she has served as CEO. P2 provides software and analytics for the oil and gas industry.
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