The largest software company in the Milwaukee area announced its eighth acquisition in two years as it races to become a global leader in the insurance technology space.
Zywave Inc. bought Santa Barbara, California-based ClarionDoor, which makes insurance product distribution software for the property and casualty market, Zywave said Tuesday. The terms of the deal were not disclosed.
Founded in the 1990s, Zywave has grown rapidly in recent years under its current CEO Jason Liu. It offers cloud-based sales management, client delivery, content and analytics solutions for the insurance industry, serving more than 15,000 carriers, agencies and brokerages globally.
Zywave will integrate ClarionDoor's technology into its existing configure, price, quote (CPQ) solutions in order to offer end-to-end CPQ technology from rating and quoting to binding and issuance, the company said.
“Digital quoting is one of the fastest-growing categories within the insurance industry,” Liu said in a statement. “Zywave has doubled down in this space, becoming the first insurtech provider to offer CPQ solutions across all lines of business. With the acquisition of ClarionDoor, we also gain an exclusive distribution technology for carriers.”
Founded in 2010, ClarionDoor has more than 70 customers worldwide. Its CEO is Michael DeGusta.
“For far too long, typical insurance systems focused entirely on the back office and neglected the insurer’s needs of developing innovative products and getting them out to the marketplace,” DeGusta said in a statement. “ClarionDoor and Zywave share a more open, collaborative and tech-enabled vision for insurance distribution. Together, we will fundamentally transform the way insurance organizations do business.”
Zywave plans to continue buying a few companies a year as it strives to become a full-service insurance technology provider worldwide, Liu recently told the Business Journal.
Headquartered in Wauwatosa, Zywave is the largest software product company in the seven-county Milwaukee area when ranked by the number of professional software engineers working locally, according to Business Journal research. The company had nearly 100 local software engineers and a total local staff of 322, according to the list published in July.
