Milwaukee-based TechCanary, a tech company that makes insurance software for Salesforce, has been acquired by Applied Systems, a University Park, Ill.-based insurance software company.
Terms of the deal, which was announced Wednesday, were not disclosed.
TechCanary, one of Wisconsin’s fastest-growing companies, was founded in 2011 by Christopher Philips and Reid Holzworth. The startup developed a customer-relationship management system for insurance agencies, brokerages, carriers and wholesalers on the Salesforce platform.
In 2018, the startup was listed on the Inc. 5000, ranking No. 393 out of 5,000 companies. TechCanary was also named one of Wisconsin Inno’s 50 on Fire winners last year. In 2017, the company reported revenue of $2.7 million.
According to Crunchbase, TechCanary had raised $200,000 in venture capital. And as of September, TechCanary had 50 employees, according to the Milwaukee Business Journal.
Applied Systems says the acquisition will allow them to expand their sales and marketing offerings since TechCanary’s software will be integrated into Applied Systems’ management system, Applied Epic.
“As the demand for sales and marketing automation is increasing at a rapid pace, we recognized an opportunity with Applied for our customers to benefit from the broader, more global product portfolio, as well as Applied’s technical resources and support services,” said Holzworth, TechCanary’s CEO, in a statement. “This acquisition provides our customers with access to new innovation and scale to further accelerate the growth of their businesses.”
This is the second Milwaukee startup Applied Systems has acquired. Last year, it bought benefits software company Dynamis Software, which was founded in 2012 by Milwaukee tech entrepreneur Andy Nunemaker. Dynamis raised $6.4 million in venture capital funding before the acquisition, according to Crunchbase.
