Zywave to Sell Insurance Solutions Division to Aurora Capital Group
MILWAUKEE, WI and LOS ANGELES, CA, NOV 4, 2013 – Zywave, Inc., the leading provider of insurance and financial planning software solutions, today announced that it has signed a definitive agreement to sell its Insurance Solutions Division to Aurora Capital Group ("Aurora"), a Los Angeles-based private equity firm. Vista Equity Partners ("Vista"), a U.S.-based private equity firm with offices in San Francisco, Chicago and Austin, will retain ownership of Zywave's Financial Solutions Division. The transaction is expected to close in the next 30 days. Terms of the transaction were not disclosed.
Recognizing the strong value and legacy of its brand in the insurance brokerage marketplace, Zywave has agreed to sell its brand name with the transaction. After closing, Zywave's Insurance Solutions Division will simply be known as Zywave, Inc. Zywave's current Financial Solutions Division will continue under the ownership of Vista, but will take on a new name, Advicent Solutions ("Advicent"), to emphasize its focus on the financial planning and advisory market.
The leadership teams for both Zywave's Insurance Solutions Division and Advicent will remain in their respective roles. The headquarters for each company will also remain in Milwaukee.
Commenting on Aurora's investment in Zywave, Bill Haack, Zywave's CEO, commented, "Each business is very well served by a strong management team, an impressive group of employees, and each continues to see tremendous opportunities for growth. We've had a great run with Vista as our partner and investor over the past 5 years, more than doubling our Insurance Solutions revenue, customer base and employment. Aurora has an excellent track record of helping companies like ours to reach their full potential, and I feel fortunate to have them as a partner for our Insurance Solutions business."
Josh Klinefelter, Partner of Aurora, added, "Zywave is well known for its innovative approach to marketing and retention solutions, and fits squarely within our strategy to invest in insurance services businesses with significant growth potential. We have been impressed with the Company's performance over the last several years and look forward to working with Zywave's management team to build on this momentum. Together, we will leverage Aurora's resources and capabilities to support the Company's continued growth and expansion through the development and acquisition of leading technology-enabled solutions for the insurance brokerage marketplace."
Financial Technology Partners LP and FTP Securities LLC (together, "FT Partners") served as exclusive financial and strategic advisor to Zywave.
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.
About Advicent Solutions
Advicent Solutions is the leading provider of software-as-a-service (SaaS) technology solutions for the financial services industry. The company's products include Web-enabled marketing communications, needs-assessment and financial planning tools. More than 250,000 financial professionals, including dozens of the world's largest financial institutions, use Advicent's solutions to help them grow their business, create exit barriers and stay top of mind. To learn more, visit www.AdvicentSolutions.com.