Bothell, Wash. — Vertafore Inc., a provider of market-leading software and services to the insurance industry, has signed an agreement to acquire Sircon Corp., Okemos, Mich. Sircon connects carriers, agencies and brokers, agents, education providers and state regulators through a suite of online services designed to enable companies to manage compliance and producer information and helps agents get licensed and appointed faster.
"As a leading provider of producer lifecycle management solutions for the insurance industry, Sircon benefits the entire distribution chain by streamlining and expediting the producer license and contracting process, decreasing costs and increasing revenue by allowing producers to begin to sell sooner," says Euan Menzies, president and CEO of Bothell, Wash.-based Vertafore. "Our acquisition of Sircon will further expand Vertafore’s solutions to help companies and individual producers in the insurance industry keep track of requirements needed to sell insurance in all 50 states. Sircon fits perfectly with our mission of improving channel productivity, and we believe Sircon’s offering will be valuable for our broker and carrier customers."
Sircon Corp. provides an industry-wide solution to automate demanding licensing and compliance requirements. Serving the producer management needs of both the insurance industry and state government regulators, the company offers a complete suite of integrated, end-to-end insurance compliance products and services. Sircon's solutions provide essential industry services by eliminating paper and automating manual compliance processes for carriers, agencies and brokers, producers (agents) and state regulators. “Since both Sircon and Vertafore are focused on solving business needs across the insurance marketplace, we feel this is an extremely positive move for us and the industry as a whole," said Bob Nero, president and CEO of Sircon Corp. “Sircon complements Vertafore’s current solutions, and its strong presence in the agency and broker markets will drive producer adoption, which will in turn be especially valuable for carriers. I believe that the acquisition will result in significant synergies that will expand the services we can provide to our customers and accelerate Sircon and Vertafore’s growth.” The deal is expected to close prior to July 30, 2008, and is subject to customary closing conditions.
"This acquisition strengthens Vertafore's position in the distribution end of the insurance technology market, expanding their presence beyond the P&C independent agent channel into life/annuity and captives as well,” says Matthew Josefowicz, director of the insurance practice at Novarica. “Coming on the heels of the Oracle/AdminServer acquisition, this is another good example of the continuing wave of consolidation in the insurance technology marketplace that Novarica expects this year."
Source: Vertafore Inc.
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