Zywave, a fast-growing insurance tech company in the Milwaukee area, said Thursday it purchased Columbus, Ohio-based Strategic Insurance Software.
Zywave, which is based in Wauwatosa, has acquired its ninth business in three years with the purchase of Strategic Insurance Software (SIS). Most recently, the insurtech purchased ClarionDoor last fall.
The insurance software organization was backed by Clearlake Capital Group LP and Aurora Capital. Clearlake made headlines earlier this year after being a part of a buyout of Premier League team Chelsea F.C. in May.
Zywave, which was started in the 1990s, works to create a platform for insurance professionals worldwide, giving them a space to solve problems regarding cloud-based sales management, client delivery, content and analytics.
Integration will be key, Zywave CEO Jason Liu made clear, as SIS will allow for Zywave to work with more commercial insurance providers. SIS also provides agency management systems (AMS) and customer relationship management (CRM) solutions for property and casualty insurance agencies, according to the press release.
“The acquisition of SIS will not only accelerate the ability for our commercial insurance customers to do just that,” Liu said on their customers’ ability to connect on all aspects of digital insurance distribution through Zywave’s platform. “But it will also further transform the way our industry views the traditional AMS.”
Liu spoke to Milwaukee Business Journal last fall and mentioned then how he wasn’t planning to stop acquiring companies.
“As it relates to Zywave as a company … we’ve gone from 350 employees a year ago to over 900, and we want to get to double that over the next 24 to 36 months,” Liu said, last year.
That goal is still very much apparent moving forward; Liu said Zywave will continue to look for potential acquisitions.
“We have identified the key areas that we need to add to our product portfolio to drive this transformation and lead and add value to our customers,” Liu said of the SIS acquisition.
Liu also spoke about digital quoting, data and developing products for carrier customers; key areas where the insurance tech giant will be looking as it continues to round out its portfolio.
As of today, Zywave has over 1,000 employees, adding just under 100 with the SIS acquisition.
SIS, formed in 1995, is led by executive chairman Greg Tillar and CEO Alex Deak. One of Zywave’s only acquisitions from the Midwest, SIS brings over more than 800 broker customers.
Zywave provides for more than 15,000 carriers, agencies and brokerages worldwide — including all of the top 100 U.S. insurance brokerages, according to the company.
