Milwaukee-area insurance software provider Zywave Inc. said Thursday it acquired Modgic, a Bend, Oregon-based provider of workers’ compensation and mod analysis software for the commercial insurance industry. Zywave did not disclose the terms of the deal.
Zywave in Wauwatosa plans to incorporate Modgic’s reporting and analysis features into its existing Analytics Cloud product and mod analysis tool, ModMaster, according to a news release from Zywave. Founded in 2013, Modgic's CEO is Scott Knowles.
“...Zywave continues to consolidate the insurtech marketplace and (expand) its footprint, both in the U.S. and internationally,” Zywave CEO Jason Liu said in a statement. “By combining the best aspects of the two solutions together, we look forward to bringing a superior product to our shared customers.”
The global insurance technology market was valued at $2.7 billion in 2020 and is expected to grow to $3.8 billion this year, according to estimates from San Francisco-based market research firm Grand View Research Inc.
Modgic is the latest in a string of Zywave's acquisitions throughout the last two years:
- April 2021: Zywave announced its acquisition of Enquiron, a Boston-based risk management solutions provider.
- November 2020: Zywave announced its acquisition of Insurance Technologies Corp., a computer software company in Carrollton, Texas.
- November 2020: Zywave announced its acquisition of Advisen, a New York City-based insurance data provider.
- December 2019: Zywave announced its acquisition of miEdge, a New Hampshire-based data analytics and lead generation company.
- June 2019: Zywave announced its acquisition of RateFactory, an Idaho-based group rating engine.
This slew of acquisitions is in line with what Liu, who joined Zywave as CEO in May 2018, planned. Liu told the Business Journal in January 2020 he expected to double Zywave within three to four years, including by making two to three acquisitions a year moving forward.
With 91 locally based software engineers and more than 300 total employees, Zywave is the largest employer of software engineers in the seven-county Milwaukee area, according to July 2020 Business Journal research.
Zywave is owned by Clearlake Capital Group, a private investment firm based in Santa Monica, California. Founded in 1995, Zywave has more than 15,000 customers worldwide, according to the company, including insurance carriers, agencies and brokerages.
