INSURANCE TECHNOLOGIES CORPORATION
April 4, 2018 - Newton, MA
Morgan Partners is pleased to announce that it has acted as exclusive financial advisor to insurance software provider Insurance Technologies Corporation (“ITC”) in its majority investment from Accel-KKR. ITC is a provider of comparative rating, agency management, and website SaaS software to over 6,000 independent insurance agencies and 200 property/casualty insurance carriers. ITC is a pioneer in comparative rating software innovation, and their TurboRater product is one of the leading national comparative raters with coverage spanning auto, home, renters, and motorcycle lines of business.
“The team at Morgan Partners was instrumental in sourcing, structuring, negotiating, and closing our investment from Accel-KKR”, said Laird Rixford, CEO of ITC. “Their leadership throughout the process was essential to delivering a successful outcome for our shareholders, and I look forward to working with them on future transactions.”
“Utilizing its proprietary software offerings and with a talented management team, ITC has proven its ability to deliver significant value to its broker and carrier clients alike,” said Joe Savig, Principal at Accel-KKR. “We are thrilled to be partnering with the entire ITC team, and we look forward to leveraging our deep experience to help the company accelerate its growth.”
Marc Maselli, Founder and Managing Director at Morgan Partners, added: “Combining ITC’s market leading software with Accel-KKR’s technology domain experience, resources, and network makes a powerful combination. Morgan Partners is proud to have played a role in bringing these two organizations together. This transaction further demonstrates our deep expertise in the InsureTech segment and with SaaS software businesses.”
Further details about the transaction can be found here.
About Insurance Technologies Corporation
Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, rating and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC helps its customers across the United States grow their businesses and become more efficient through the philosophy of providing quality software and services. Currently, ITC serves more than 200 insurance companies and more than 6,000 agencies. For more information, visit us online at GetITC.com or follow ITC on Twitter.
Accel-KKR is a technology-focused investment firm with $4.3 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 through 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. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.