ITC Receives Majority Equity Investment from Accel-KKR
CARROLLTON, Texas, April 4, 2018-- ITC, a provider of websites, agency marketing, comparative rating and management software and services, announced today that it has received a majority equity investment from Accel-KKR, a leading technology-focused private equity firm. The new partnership will provide resources and capital to accelerate product innovation and allow ITC to expand its leadership position in the insurance industry.
“For 35 years, ITC has grown by focusing on making the best software for the insurance industry and providing great service," said Scott Upfield, founder of ITC. "Today marks the next chapter in ITC's history, and we couldn't have a better partner for this new chapter than Accel-KKR."
Laird Rixford, formerly president of ITC, will serve as the company’s CEO. Upfield will remain with the business following the transaction.
"We're excited about the partnership with Accel-KKR and the opportunity it presents ITC as we look forward to future growth and expansion," said Rixford. "By combining ITC’s long-time commitment to the insurance industry, continual innovation, and customer service with the experience and resources of Accel-KKR, we will be able to help our customers, partners, and employees with their continued growth and success, now and into the future."
"ITC has built a deep competitive position with strong growth, a dedicated customer base, and a history of providing quality technology that helps insurance agents become more productive and effective," said Joe Savig, Principal at Accel-KKR.
"We're excited to help ITC achieve its vision, expand its leadership position as an insuretech firm, and continue to bring the best in technology to the insurance industry," added Phil Cunningham, Operating Executive at Accel-KKR.
Investment banking firm Morgan Partners represented ITC in the deal.
Insurance Technologies Corporation (ITC), founded in 1983, provides websites, agency marketing, comparative rating and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC helps its customers across the United States grow their businesses and become more efficient through the philosophy of providing quality software and services. Currently, ITC serves more than 200 insurance companies and more than 6,000 agencies. For more information, visit us online at GetITC.com or follow ITC on Twitter.
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
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