Guidewire To Buy ISCS
Guidewire Software has agreed in principal to buy ISCS in a deal involving two of the industry’s major core software providers.
The deal, for an undisclosed amount, will enhance Guidewire’s ability to provide cloud-based hosting of its technology platforms to P&C carriers, it said.
In a conference call, Guidewire execs said the goal of the buy is to expand its own customer base to include smaller insurers, a market segment that it doesn't currently serve. That includes international small carriers, which ISCS had been less equipped to reach.
“Like Guidewire, ISCS is a software company focused exclusively on serving P&C insurers,” said Marcus Ryu, chief executive officer, Guidewire Software, in a statement. “Their technology and expertise will enable us to provide a new option to our customers and augment our progress in delivering cloud-based products.”
Guidewire’s acquisition of ISCS rounds out an eventful year for the vendor on the M&A trail. The company acquired EagleEye Analytics in March and underwriting management software supplier FirstBest Systems this summer. Additionally, Guidewire has added a number of its peers to its PartnerConnect consulting community, including Verisk Insurance Solutions and Intelligent Mechatronic Systems (IMS).
“We look forward to joining Guidewire and continuing our mission of serving P&C insurers,” said Andy Scurto, CEO and founder, ISCS. “The breadth of Guidewire’s offerings and the scale of its organization will enable us to provide additional value to our customers.”
This transaction is expected to close in approximately 60 days, according to the companies.