Aurora Capital Group Completes Acquisition of Zywave's Insurance Solutions Division
LOS ANGELES, CA, DEC 2, 2013 – Aurora Capital Group ("Aurora"), a Los Angeles-based private equity firm with over $2 billion of assets under management, today announced that it has completed the previously announced acquisition of the Insurance Solutions Division of Zywave, Inc. ("Zywave"), a leading provider of insurance software solutions, from Vista Equity Partners. Financial terms of the transaction were not disclosed.
"We look forward to partnering with Bill Haack, Dave O'Brien, Joe Gibson and the entire Zywave team," said Josh Klinefelter, Partner and head of Aurora's Software & Information Services practice. "Zywave is a clear market leader in the insurance software vertical and we are excited to add another strong SaaS platform to our portfolio. We have been impressed by Zywave's deep customer relationships, strong track record of product innovation and proprietary content development engine. As is our practice with our portfolio companies, we plan to support the Company's growth strategies going forward by leveraging Aurora's unique governance resources."
Dave O'Brien, CEO of Zywave, said, "Zywave has long been an industry-leading provider of insurance solutions for an increasingly diverse network of clients, and has experienced tremendous growth, both through organic investment and strategic acquisitions. I'm excited to work with the Zywave team to continue unlocking the Company's full potential, and look forward to partnering with Aurora, which has a long track record of enabling growth for industry-leading companies like ours."
Zywave's Founder, Bill Haack, will become Vice Chairman of the Company, and Dave O'Brien, formerly the President of Zywave's Insurance Solutions Division, has been named the Chief Executive Officer of Zywave. The Company's headquarters will remain in Milwaukee. Zywave's leading technology solutions are used by more than 2,700 insurance brokerages around the world.
Financial Technology Partners LP and FTP Securities LLC (together, "FT Partners") served as exclusive financial and strategic advisor to Zywave. Gibson, Dunn & Crutcher LLP served as legal counsel to Aurora Capital Group.
Zywave is the leading provider of software-as-a-service (SaaS) technology solutions for the employee benefits and P&C insurance distribution industry. The company's solutions include technology-enabled content and communication, agency automation, and business intelligence and analytics, designed to help insurance brokers of all sizes gain profitable market share. More than 2,700 clients, including 93 of the top 100 U.S. insurance firms, use Zywave's proven solutions to help them differentiate from the competition, enhance client services, improve efficiencies and achieve organic growth. To learn more, visit www.zywave.com.