Insurance technology company Vertafore, backed by Bain Capital Private Equity, has acquired RiskMatch, a business intelligence and analytics software firm. Financial terms of the deal were not disclosed.
RiskMatch provides metric and analytic insights for insurance intermediaries and underwriting partners throughout the U.S. Founded in 2013, the target’s platform offers portfolio management and placement capabilities, including: internal and external benchmarking tools, analytics, and information management services. RiskMatch is headquartered in Greenwich, Connecticut. As part of the deal, RiskMatch will operate as a separate business unit within Vertafore.
Vertafore offers insurance management software for agencies and carriers to process customer claims. The Bothell, Washington-based buyer develops technology for companies in the insurance industry to scale their business. Vertafore’s network consists of more than 25,000 agencies and 1,000 carriers who seek in-depth reporting and benchmark services. In June 2016, Vertafore was acquired by funds affiliated with Bain Capital Private Equity and Vista Equity Partners.
Bain Capital is a Boston-based private equity firm that has made more than 270 investments since its inception in 1984. The firm’s investment portfolio consists of companies across a variety of industries, including: consumer and retail, financial services, business services, healthcare, industrials, and technology media and telecommunications. Bain Capital recently backed retail marketerDaymon Worldwide and also sold Apple Leisure Group, a vacation hospitality conglomerate for the Caribbean and Mexico region, to private equity firms KKR & Co. (NYSE: KKR) and KSL Capital Partners LLC.
The insurance industry has seen had its share of upgrades due to advancements in technology. One of the PE firms leading the charge in this trend is HGGC, with its recent backing of London-based insurance claims provider Davies Group. Other middle-market deals involving data analytics and software technology providers include: Blackstone Group LP (NYSE: BX) and New Mountain Capital’s $570 million investment in JDA Software Group Inc; WalmartLabs, a unit of Wal-Mart Stores Inc. (NYSE: WMT), acquired PunchTab Inc.; HGGC’s acquisition of Instantly Inc.; Harland Clarke Holdings Corp.'s $630 million deal to purchase RetailMeNot Inc. (Nasdaq: SALE) in order to leverage with its digital analytics portfolio company Valassis Communications Inc.; Nuance Communications Inc.’s (Nasdaq: NUAN) purchase of TouchCommerce; Tyco International plc’s (NYSE: TYC) buying of ShopperTrak; FactSet Research Systems Inc.'s (NYSE: FDS) purchase of Bisam Technologies S.A.; and WPP plc deal to buy Conexance.