Insurance technology provider Zywave has acquired Modgic, an Oregon-based provider of workers’ compensation and experience modification analysis software for the commercial insurance industry.
Financial terms were not disclosed.
Zywave, based in Wisconsin, said the combination will help strengthen its market offerings. Zywave provides cloud-based sales management, client delivery, content and analytics products and services.
Modgic, founded in 2013, calculates mods nationwide in seconds, providing a view of existing and future mods. It also offers access to markets, claims services and captive programs.
The Modgic acquisition marks Zywave’s sixth in less than two years.
“The acquisition of Modgic is an exciting step as Zywave continues to consolidate the insurtech marketplace and expands its footprint, both in the U.S. and internationally,” Jason Liu, the Zywave CEO, said in prepared remarks.
Zywave acquired Enquiron in April 2021 – a provider of risk management and consultative business products and services, and the company bought consultant Advisen and Insurance Technologies Corp., which offers marketing, rating and managing software, in November 2020.
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