Insurance Technologies, LLC (“InsTech” or the “Company”), a provider of sales and regulatory automation solutions for the insurance and financial services industries, and Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, today announced that they have entered into a definitive agreement under which THL will acquire a majority stake in Insurance Technologies from NexPhase Capital, LP, an operationally-focused private equity firm and sub-advisor to the Moelis Capital Partners (“MCP”) Opportunity Funds. InsTech will continue to be led by its Chief Executive Officer, David Fenimore and the other members of its senior management team.
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“We are thrilled to partner with THL, whose deep insurance experience and track record of investing in growth financial technology businesses will be invaluable as we enter the next chapter of the Company’s growth,“ said Fenimore. “We believe this partnership with THL will allow us to continue our aggressive investment in technological innovation, speed to market delivery, and building a SaaS cloud-based product suite, enabling us to achieve our strategic plan.”
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“David and the Insurance Technologies management team have done a tremendous job building an innovative, client-centric platform that provides a flexible set of sales and automation services and solutions and is driving the financial services sector forward. We believe this platform has tremendous potential, and we fully support David and the management team’s plan to continue investing in the development of differentiated solutions for their clients and pursuing strategic acquisitions that will further enhance their talent and technology platform,” said Ganesh Rao, Managing Director and Head of Financial Services, and Edward Shahnasarian, Principal, at THL.
Founded in 1995 and headquartered in Colorado Springs, CO, Insurance Technologies has helped transform the life insurance and annuities industry through providing powerful sales automation solutions and empowering advisors to better serve their customers. The Company’s carriers and distributors benefit from InsTech’s market leading technology, robust distribution network, and depth of experience in life insurance and annuities. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth, and evolve with regulatory changes.
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