LA-based private equity firm Aurora Capital Group has completed the acquisition of the insurance solutions division of Zywave from Vista Equity Partners.
Financial terms of the transaction have not been disclosed.
"We look forward to partnering with Bill Haack, Dave O'Brien, Joe Gibson and the entire Zywave team," says Josh Klinefelter (pictured), partner and head of Aurora's software & information services practice. "Zywave is a clear market leader in the insurance software vertical and we are excited to add another strong SaaS platform to our portfolio."
Dave O'Brien, CEO of Zywave, says: "Zywave has long been an industry-leading provider of insurance solutions for an increasingly diverse network of clients, and has experienced tremendous growth, both through organic investment and strategic acquisitions. I'm excited to work with the Zywave team to continue unlocking the Company's full potential, and look forward to partnering with Aurora, which has a long track record of enabling growth for industry-leading companies like ours."
Zywave's founder, Bill Haack, will become vice chairman of the company, and Dave O'Brien, formerly the president of Zywave's insurance solutions division, has been named the chief executive officer of Zywave. The company's headquarters will remain in Milwaukee.
Zywave's technology solutions are used by more than 2,700 insurance brokerages around the world.
Financial Technology Partners and FTP Securities served as exclusive financial and strategic advisor to Zywave. Gibson, Dunn & Crutcher served as legal counsel to Aurora Capital Group.
