Risk management services company Riskonnect said it has agreed to acquire Marsh ClearSight, a risk, safety, and claims software and services and a business unit of insurance broker Marsh.
Terms of the transaction, which is expected to close in the third quarter, were not disclosed.
Upon completion of the transaction, Riskonnect said it will expand its offerings to provide an end-to-end technology suite to manage and control risk, according to Jim Wetekamp, CEO of Riskonnect.
Georgia-based Riskonnect will continue to serve Marsh customers with risk management advice and software.
“By combining ClearSight with Riskonnect, clients will have access to a single provider for all of their integrated risk management software needs and can expect more frequent upgrades to keep pace with the evolving risk landscape,” said John Drzik, president, Global Risk & Digital, Marsh.
Riskonnect is backed by private equity firm Thoma Bravo.
Riskonnect will continue to be led by Wetekamp and will continue to operate from its headquarters in Atlanta, Georgia.
In 2015, Marsh rebranded its STARS software unit as Marsh ClearSight as part of a broadening of its business intelligence capabilities.
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